My friend was involved in a rear end collision. Her vehicle was deemed a total loss. The unfortunate part is there was no gap coverage on the vehicle. When insurance did their part, the vehicle was worth less then what was owed on the loan. Insurance will pay what the vehicle was worth but there will be a $10,000 balance once that is done. Can we go after the person at fault in small claims court for that difference?
That’s all you’re entitled to—fair market value less depreciation. If you have no gap coverage,you’re out of luck. Sorry.
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