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This is not an uncommon occurrence. You might be stuck with a loan balance on a car that you can't drive. The next time you finance a car with little or no down payment you might consider getting "gap" insurance to cover the difference between the vehicles "actual cash value" and the amount you owe on it. This is an especially big problem when dealers offer to "pay off your trade no matter what you owe" when buying a new car from them. You can try to make your case by getting evidence that the car was really worth more than what the insurance company is offering or you can get a lawyer. Good luck.

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Q: What are your options when your financed car was totaled and you are not at fault but your insurance isn't offering you enough money to pay off the loan?
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What are your options on a totaled 2005 financed car that had no insurance coverage?

You have no options! Should have got insurance There are none. You have the joy of paying off a car you no longer have. Best thing to do is try and sell it for parts.


What does the lender do when a financed car is totaled and there is no insurance?

Sue the owner of the car, since the owner was likely required to carry insurance as part of the financing deal.


If your car has been totaled what are your options while waiting for the other drivers insurance company to handle the situation?

you can go ahead and contact the other drivers insurance company and determine the status of the claim.


Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?

Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.


What happens if you have no insurance and you totaled your car?

you will have to pay a debt and GET CAR INSURANCE


What is the definition of totaled?

used of automobiles; completely demolished; "the insurance adjuster declared the automobile totaled"


How do you determine if vehicle is totaled when burned?

A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.


Is it legal for your insurance company to deny a loss for a car that was totaled?

It would depend on why the car was totaled and who's fault the accident was and what time of insurance do you have PLPD or Full Coverage


Why would an insurance company declare a vehicle totaled?

An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.


What happens to a totaled car after the insurance co pays you for it?

Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.


What is the difference between full coverage auto insurance and liability only insurance?

Full coverage auto insurance covers everything. If the car is totaled they will will replace it. Liability auto insurance will only cover medical bills, and not the car if it is totaled.


My car was totaled. it already has a salvaged title. what will the insurance pay?

It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn't already have a salvaged title. Your insurance company should be able to give you specifics as to why they are offering what they do.