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How do I get reimbursed for the full value of my vehicle?
I recently purchased a vehicle for $20,000. It was totaled and the other driver's insurance is only going to pay out $17,000. I don't have gap insurance. Is there any way to make the insurance pay the full value of my vehicle since it was just purchased a week ago?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It isn’t common for insurance carriers to pay the full value of a vehicle due to depreciation. A brand-new vehicle depreciates about 20% within the first year.
Given your situation, you could try to negotiate with the insurance company. Since you purchased your vehicle last week, they may be willing to offer you more for it.
Be sure to provide your insurance company with all the documents related to your sale. While they won’t pay for any fees or taxes associated with your loan, you could get closer to the actual price you paid for your vehicle at signing.
If they don’t agree to a larger payout, you will need to pay the remaining balance left on your loan as you don’t have
gap insurance
.”View full answer
- Gregory R.
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