Can I sue if I have no gap and insurance won’t pay the remainder of my loan?
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Can I sue if I have no gap and insurance won’t pay the remainder of my loan?
I was not at fault person that hit was 100%. My car was totaled.
Asked on March 25, 2019 under Accident Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You are only entitled to the then-current (when it was totalled) fair market or blue book value of your car--i.e. what it was worth when hit. The law doesn't care about what you paid or what is remaining on your loan: all it gives you is the car's value. So if you have received the fair value for your car, you are not entitled to anything else. This is exact.y why it is critical to have GAP insurance.
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