car insurance

[reddawg66]

my car was in an accident and now the insurance company is writting it off as a total loss but I still owe on the car what happens now

[WoWo]

You need to pay the money back. Most loans on cars offer an insurance premium which will pay out any extra money that the insurance doesn't cover. However as you don't seem to know of this I doubt you have it.

[number8]

If the market value at the time of the accident is greater than the amount owed on finance, your insurance company will settle the finance and pay the balance to you. If, however, the amount owed is greater than the market value, your insurance company will pay your finance company the market value of your car and then you will need to make up the balance to your finance company.

[Oneeyedvic]

It depends on your finance agreement. If it was a HP agreement then the finance company probably have an interest noted on the car. The insurance company will probably talk direct with the finance company and be settled with any money before you get any extra (if applicable). If it was a loan agreement, then you do not need to do anything. You can take the money and since this is just a loan you can still carry on paying the money off monthly. Yhe insurance that WoWo refers to is known as GAP insurance. If you want any more information - get out the original agreement, see if it is marked as a loan or hp agreement and it is a regulated or non-regulated agreeement. Also see if there is any reference to GAP insurance. Come back if you need more help