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If your loan is bigger than value of car and you total it on purpose but make up a story will it be covered in full?
Wiki User
∙ 8y ago
UH? haha if your story is lagitament then obviously it will be covered by your insurance, just don't count on those nice low rates and pray they don't find out cuz you'd be sol pal, that's jail time and having a hard time getting insurance from another carrier! So, think about what your consequences will be before you do something stupid like fraud.
Sorry, but even if you're lucky and don't get caught for the fraud, you will only collect the value of the car minus your deductable. The check will go to the LOAN COMPANY, and you will still owe the remainder of the loan. Plus, they will want that remainder NOW since there is no longer any collateral on the loan.
Wiki User
∙ 8y ago
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