Financed car and i got a cheque from insurance (for total loss claim) less than the total financed owing to the bank


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I just financed a car less than 3 months ago and got involved in an accident (not my fault). Insurance gave me a cheque (car is a total loss).

The cheque amount is less than the total financed balance. Bank saying i have to pay the $7k difference and apply for a new loan again to be able to buy another car. Is this my only option?
@jesustillheals Unless the vehicle was brand new at purchase, then replacement cost isn't covered. Only actual cash value.

If the vehicle was brand new, go back to your broker and find out why replacement cost wasn't included.

If it was a pre owned vehicle then unfortunately you are responsible for the difference. The dealership should have offered gap insurance. Which works like replacement cost.

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