Insurance Company Deceit

[ME0880]

What is the name of your state? TN

After determining that my car is "totaled". My insurance company has now decided that they'll also only give me 66% of the loan balance (variance of actual car value to loan payoff was about
-10%).

What are my options?

 

[knotcops]

The insurance company is only going to pay the "book" value of the vehicle. If there is a difference between that value and what you owe on a loan, then your on the hook for the rest. You should have purchased "loan gap" insurance with your policy.

 

[ME0880]

I've never heard of loan gap coverage. Sounds like I've been screwed again... live and learn I guess. Thanks.

 

[lwpat]

Before you accept their offer you need to determine the value of your car. There are several sites on the internet. Also check your newspaper and car trader magazines at the local convenience store.

If you can show the adjuster that your car was worth more than they are offering then he may revise the offer. If the offer is fair then that is all that you are due. Sorry.