Does the negligent driver’s insurance company have to pay off the note on my car?

No. This is a common misconception. The insurance company is obligated to pay only the fair market value of your vehicle at the time of the wreck. Since it is possible that you owe more than the value of the vehicle, you may still owe the lien holder something after the car accident settlement.

The Law Offices of David E. Gordon

The Law Offices of David E. Gordon
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