Blog
News
FAQs
Library

Property Damage

Offices

Indianapolis Office:
2850 North Meridian Street
Indianapolis, IN 46208-4713
Phone: 317-926-1111
Fax: 317-926-1411

Toll Free: 800-253-5537

South Bend Office:
16658 Cleveland Rd
Granger, IN 46530-9186
Phone: 574-277-7773
Fax: 574-271-3337

Terre Haute Office:
1617 S 3rd St
Terre Haute, IN 47802-1013
Phone: 812-235-5600
Fax: 812-235-7800

Michigan Office:
814 Port Street
St. Joseph, MI 49085
Phone: 269-983-7333
Fax: 269-983-7377

New Mexico Office:
505 Marquette NW
Suite 1300
Albuquerque, NM 87102
Phone: 505-938-2300
Fax: 505-938-2301

Keller & Keller LLP on Facebook

I just bought my car and owe more than it's worth. What can I do?

Unless you have GAP coverage in your insurance policy, there may be little to nothing you can do. (If you're wondering what GAP coverage is, don't feel alone. Many accident victims are unaware of this type of insurance until it's too late.)

GAP coverage is designed to protect you in the event the value of your car is less than the balance of your loan.

Example:

The amount you owe on your auto loan - $12,500

Your car's fair market value at the time of loss - $7,500

Your insurance deductible - $500

The amount your insurance company pays you - $7000.

The gap between this amount and what you owe on your car - $5,500.

And it doesn't matter whether the accident was your fault or not, or whether you use your insurance company or go through the other person's insurance company. If you don't have GAP insurance, you will be responsible for the remaining $5,500.