I know my insurace covers car and.property damage but how much more money should I get

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I know my insurace covers car and.property damage but how much more money should I get

A deer ran out in front of me so I
went to miss him and ended up off
the road into a barbed wire fence.
The car is total loss. I owed
13000 left on note. But how much
more could I get ?? I have the gap
insurance through my policy as well
as through the dealership. There
are currently two recalls on 2013
KIA forte lx.

Asked on March 2, 2019 under Accident Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If the remaining balance on the note is more than your car's fair market value at the time it was totalled and you have GAP insurance, you will have the full note paid off, so you will not owe anything, but will not get anything in excess of that--GAP insurance takes care of your obligations when the note is more than the car was worth, but that's it. If you did not have GAP insurance (but had collision), then you'd only get the fair market value, and if the note was more than the fair market value, not only would all the insurance go towards the note, but you'd have to pay off the balance (after applying the insurance) yourself, out of pocket.
The only way you'd come out with some money in your pocket would be if the fair market value of your car when totalled exceeded the balance of the note. In that case, you'd have whatever was left after paying off the note.
If you had personal property insurance (e.g. through your homeowner's policy), that would not give you any more for the car, but would cover any possessions of yours (e.g. a phone, laptop, videoplayer, etc.) in the car lost or destroyed due to the crash.


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