Hit and Run Incident
Unfortunately, my car was involved in a hit-and-run, and I was unable to gather any information about the driver. I currently owe $15,000 on my car, but its market value is only around $4,000 to $5,000. I do have full coverage insurance and gap coverage. If the car is deemed a total loss, will I be responsible for any payments?
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I’m sorry to hear about the hit and run; that’s definitely a frustrating situation. Since you have full coverage insurance and gap insurance, here’s how it typically works:
Full Coverage Insurance: This covers damages to your vehicle, so if it’s deemed a total loss, your insurance should cover the vehicle’s market value, which seems to be around $4-5k.
Gap Insurance: Since you owe $15k on the car, your gap insurance will cover the difference between what your primary insurance pays out and what you still owe on the loan. You should not have to pay anything out of pocket if both your full coverage and gap insurance processes are handled smoothly.
However, it’s essential to contact your insurance company as soon as possible to report the accident, and they can guide you on the next steps. They may also need any evidence you might have, like photos or witness statements. Good luck, and I hope everything gets resolved quickly!