Q: Insurance doesn’t cover auto loan in settlement of accident. No gap insurance. Can i sue the other party for remainder?
I’m not at fault, other party is at fault. Can i take other party to small claims for the remaining value of my auto loan?
I owe $29k on loan, settlement is $21k. Can i sue for remaining $8k?
A: In terms of a total loss vehicle settlement, you are entitled up to the fair market value of your vehicle. You're not entitled to anything more than that - meaning you are hosed if you didn't buy gap insurance. It's a hard lesson. It's possible the same dealer will let you roll that into your next loan on a vehicle purchased through them. But, be sure to buy gap insurance this time.
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