What to do if I recently totaled my car which has a $12000 loan still on it but I don’t have comprehnsive insurane?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if I recently totaled my car which has a $12000 loan still on it but I don’t have comprehnsive insurane?

Asked on February 6, 2013 under Accident Law, New York

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you do not have comprehensive insurance to cover the balance of the note and there is not another policy to supplement (like from another driver who was responsible), then you have a limited number of options-- but you still have a couple.

First, look at your paperwork relating to when you purchased the vehicle.  They may have purchased a policy for you to cover gaps in coverage that you've been paying for, but just didn't realize it was there.

Your second option is to get an estimate on the repair.  Sometimes people "buy back" their vehicles and use the funds from the insurance company to repair the "totaled" vehicle.  What is totaled for an insurance company and what is totaled for some mechanics can often be two different things.

If you can't repair the vehicle (or just don't want to) and there is no other coverage, then you will have to pay the balance of whatever your insurance company did not pay.  Your best bet to is to work out some type of modified payment plan with the finance company.  They should be a little bit more helpful now that their collateral is gone-- i.e. the car. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption