What Happens When My Car is a Total Loss and I Owe More on it than it is Worth?
Car accidents are a reality of life when you live in Las Vegas, Nevada. If you have just bought the brand new car of your dreams and were just rear-ended in a car accident, you may be dealing with personal injuries, as well as the damage to your car. If your brand new car is totaled, you may owe more on your car, than it is worth. When the other driver’s insurance company is trying to determine what to pay for your car, they do not look at what you owe on it. Instead, the insurance company looks at what your car is actually worth. Kelly Blue Values are a good place to start, to figure out what your car is actually worth. The question your Las Vegas car accident Attorney gets asked, is what happens when the amount owed on the car is more than the value of their car. The answer is GAP insurance. GAP Insurance, is a shorthand name for Guaranteed Auto Protection. GAP insurance covers the difference between the value of your ca...