If my insurer gave me an estimate for my totaled vehicle but I have a lienholder, will my insurance pay my loan off and give me the rest or will they only pay the loan?
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If my insurer gave me an estimate for my totaled vehicle but I have a lienholder, will my insurance pay my loan off and give me the rest or will they only pay the loan?
Asked on May 29, 2015 under Accident Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The insurer should pay the full value of the totalled vehicle, so if the lien is for less than that value, the lienholder should be paid off, then the remaining balance will go to the vehicle's owner (i.e., to you).
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