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Will I get my down payment back on a not-at-fault total loss?
I recently got into a car accident, and luckily, everyone is safe, but my truck is totaled. I just bought my brand new 2022 GMC 1500 Sierra six days before the accident (there’s not even 800 miles on it). I am concerned that I will lose my $10k down payment. I have gap insurance, but it only covers what I owe.
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your new truck, but I’m relieved to hear everyone is safe!
Unfortunately,
car loan
down payments are non-refundable. Your gap insurance
and the at-fault motorist’s insurance will give you the actual cash value of your vehicle. If the payout is more than your loan, the excess funds will go towards purchasing a new vehicle. Dealing with
car insurance
companies after an accident can undoubtedly be a hassle, and once the claim is settled and your rate has been adjusted, you should use Jerry
to ensure you’re not overpaying for coverage on your next vehicle. Jerry is an insurance comparison app that shops for low prices with over 50 top insurance companies, like Travelers, Nationwide, and Progressive, for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!
View full answer
- Gregory R.
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