Insurance claim question

What is the name of your state (only U.S. law)? Wisconsin
my boyfriend was involved in a hit and run accident. He has a 2001 Saab. The person who hit him drove away but was apprehended about an hour later by police and was super intoxicated. The offender has insurance.

My boyfriend has geico insurance and filed a claim almost immediately after the accident because how often do they catch the person in this situation. like this. Geico deemed the car a total loss. He still owes the bank on his loan. So the insurance co. is going to pay off his loan approx 5,000.00 which is less than it's worth. So he is now left without a vehicle or money to purchase another one. It doesn't seem right that he was a victim if a hit and run and is now left with nothing. Is there anything we can do? Please help

Your boyfriend shouldn't have had a loan bigger then the cars worth.

Neither of the two companies are going to give you more then the car is worth, and there not both going to pay you.

Sorry thats the way it goes when you don't cover the gap!

actually she said the loan was less than the car was worth and they only paid off the loan.

OP if that is true, he is entitled to the value of the car, the loan amount has nothing to do with it.

Oh, so often it is the other way around.

So the car is paid and OP gets the difference (what $300.00 lol)

Doesn't the paid off car, allow them the chance to finance another car?

Whats the problem?

Charchar said:

My boyfriend has geico insurance and filed a claim almost immediately after the accident because how often do they catch the person in this situation. like this. Geico deemed the car a total loss. He still owes the bank on his loan. So the insurance co. is going to pay off his loan approx 5,000.00 which is less than it's worth. So he is now left without a vehicle or money to purchase another one. It doesn't seem right that he was a victim if a hit and run and is now left with nothing. Is there anything we can do? Please help

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when he takes whatever he gets in cash and borrows whatever the insurance company pays on the loan and buys another car, he will be in exactly the same position as he was before the accident. He will be out nothing.

you are ignoring the fact he is in debt for the car right now. He is not due to get the loan paid for plus whatever equity he has in the car and then still get another car. The loan and the equity is his car and he is getting the loaned paid off and the remainder of the value in cash.

How do you calculate he is losing somewhere?