If my insurance covers car and property damage, how much more money should I get?
Question Details: A deer ran out in front of me but in trying to miss him, I ended up off the road and into a barbed wire fence. The car is total loss. I owe $13,000 left on note but how much more could I get? I have the GAP insurance through my policy, as well as through the dealership. There are currently 2 recalls on my vehicle.
If the remaining balance on the note is more than your car's fair market value at the time it was totalled and you have GAP insurance, you will have the full note paid off, so you will not owe anything, but will not get anything in excess of that--GAP insurance takes care of your obligations when the note is more than the car was worth, but that's it. If you did not have GAP insurance (but had collision), then you'd only get the fair market value, and if the note was more than the fair market value, not only would all the insurance go towards the note, but you'd have to pay off the balance (after applying the insurance) yourself, out of pocket.
The only way you'd come out with some money in your pocket would be if the fair market value of your car when totalled exceeded the balance of the note. In that case, you'd have whatever was left after paying off the note.
If you had personal property insurance (e.g. through your homeowner's policy), that would not give you any more for the car, but would cover any possessions of yours (e.g. a phone, laptop, videoplayer, etc.) in the car lost or destroyed due to the crash.