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  #1  
Old 06-24-2005, 06:53 AM
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Join Date: May 2005
Posts: 12

How much should the insurance pay?

Indiana

I had a car stolen and it was totaled, the insurance isn't going to pay what is fully owned, are they required to?

They are $3,000 sort of full payment.
  #2  
Old 06-24-2005, 07:08 AM
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Join Date: Sep 2004
Posts: 1,923
By "owned" I assume you mean "owed" on the car loan. The insurance company is only responsible for paying FMV (fair market value) for the car. If your loan balance is $3000 more than that, and you don't have gap insurance, you're out $3000.
  #3  
Old 06-24-2005, 07:26 AM
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Join Date: Jun 2000
Location: Somnambulist University
Posts: 39,559
Yep.
The insurance company wasn't involved in your purchase, doesn't know if you made a good deal or not, your financing terms, etc., so is NOT obligated to pay off the note that you agreed to. The insurance company is only expected to pay the FMV of the vehicle at its condition (mileage, dents, etc.) IMMEDIATELY prior to the accident.
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  #4  
Old 06-24-2005, 07:28 AM
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Join Date: May 2005
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Thanks!

Actaully the Ins. payed full retail so that was really pretty good.
  #5  
Old 06-24-2005, 07:31 AM
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Join Date: May 2005
Posts: 12
"IMMEDIATELY" that is funny, it took AIG 10 weeks, I had to beg and borrow transportation.
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