So, Your Car Has Been Totaled, But It Hasn’t Been Paid Off

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When you total your car, it can ruin your whole year, especially if you still owe money on it. Nowadays, it has been an increasingly common issue since there are more people who need to take out longer car loans in order to afford a vehicle. According to, around 44% of American adults depend on an auto loan to pay for a car.

If your vehicle is totaled and you owe more money on it than what it is actually worth, your car insurance company will only pay for the actual cash value (ACV). The ACV is the fair market value of your vehicle before it was in an auto accident. The money from your insurance wouldn’t even go directly to you.

Since your car is financed, it will most likely go straight to the bank. Another scenario is that you would get a check made out to you, which you will need to sign and send to your finance company.

The car accident attorneys at One Law Group in Beverly Hills are available to help you gather the information you need in order to file a claim against the at-fault driver. They can even approach the insurance company on your behalf to try and get a better offer. If you end up needing to go to court, our attorneys will be there for you and provide the evidence you need to make your case in court.

When you buy a car, most dealerships will suggest that you get gap insurance. Gap insurance is always recommended just in case you ended up owning more than the car is worth. This insurance pays the difference between the ACV of your vehicle and what you still owe. Some gap insurance policies might even cover your collision deductible.

Unfortunately, even if you have a gap insurance to pay off the rest of your loan, you won’t get any money to help pay for a replacement car. Since you still legally need to make your monthly loan payments until the loan is paid off, you can try to negotiate with the at-fault driver’s insurance to help pay for a replacement vehicle.

It’s frustrating to have your plans derailed and if accident was entirely the fault of the other driver, you could be entitled to payment for not only the damage your car has sustained, but a new car as well.

The personal injury attorneys at One Law Group are here to help you, the victim, focus on healing. More importantly, we are here to help you handle the legal aspect of car accident claims.

With our team of personal injury attorneys at One Law Group, we have an established and proven track record of helping victims receive reimbursement for their personal injuries. If you are suffering from injuries, the attorneys at One Law Group are here to fight for your rights and to ensure that you receive the justice you deserve. Call One Law Group at (844) 626-1529 today to speak with one of our experienced personal injury attorneys in your area.

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