What to do If my car was involved in a total loss accident but my car insurance did not cover all of the remaining car loan balance?

Asked on January 22, 2013 under Accident Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Based upon the facts of your question it seems that you are unfortunately on the hook for paying off the balance of the loan on your vehicle that was totaled. Such is the problem with buying a new car in that they depreciate faster than paying off any loan.


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