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Dwayne B.
Dwayne B., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 32154
Experience:  Practicing for over 20 years and handled many cases and trials for consumers.
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Not sure if I have the correct catgory, but i will give it

This answer was rated:

Not sure if I have the correct catgory, but i will give it try.

My brother got in a car accident, his brakes failed, hios car is totaled. He had full coverage insurance because the car is financed. He has been making payment for about 4 years but I am not sure how much is owed still. My question is what is likeley to happen with the insurance? Will they jusy pay off the loan and leave him with nothing, or do they pay off what is owed and give him the equity he has on the loan? As far as I know, they are not upside down on the loan.

JD 1992 :

Hello, and thank you for contacting Just Answer. I am an expert here and and I look forward to assisting you today.

JD 1992 :

What the insurance company does is either repair the car or else they pay the "reasonable market value at the time of the collision".

JD 1992 :

That would be minus any deductible of course.

JD 1992 :

The payment would normally come in the form of a check made out to both the insured and the financing entity.

JD 1992 :

Did you have any additional questions?

JD 1992 :

I think the chat function may be having a problem so I'm going to switch this to a regular Q and A.

Customer: replied 3 years ago.

Yes, I think chat had a problem. But thanks for your reply. I do not have any more questions.

Best wishes to you and your brother. Sorry about the chat problem, sometimes it works fine and sometimes it doesn't.

Please ask any follow up questions in this thread. When all of your questions have been answered, then I would ask that you give a Positive Rating (of course I'd suggest Excellent) since that is the only way I get credit for my work and also please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. When looking at the answer I ask you to bear in mind I can’t control what the law is and whether it helps you, I can only tell you what it says, and I assume you want truthful information.

However, please do not issue a rating of any kind until all of your questions have been answered and please use the Reply button to ask additional questions or to provide answers to my questions.
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