Submitted by sakela t3_126kq9j in personalfinance
I was in a wreck. The other person was at fault so all of this is going through their insurance which is Farmers Insurance.
The car is a Chevy 2022 Bolt Euv premier. They tried to repair it but GM isn't making the part they need. So I got a call yesterday saying that the car is going to be totaled and to expect a phone call today for the payout.
When we got the car for about 47k we put 20k down payment on it making our monthly payments about $300ish.
The car is now worth 32k and we have 23k left on our loan.
If they pay us out 32k for the car 23k of that is going to have to pay off the loan leaving us with just 9k for a down payment on another similar priced Chevy bolt premier. Which is basically shorting us that additional 11k that we had in the Chevy bolt.
How can we get them to pay more to put us back in the same financial position as to before the wreck occured?