Hi, my car was wrecked in a hit and run accident a month ago. I only had liability on the car, what can I do?

Question

The sad thing is I only cancelled full comprehensive a week before the accident. I owe about 9k on the car. I've been told that some lenders put "VSI" insurance on the car in case of situations like this. Does anyone know anything about this? Am I going to get stuck with a 9K bill for a wreck? Thanks!

Answer 1

chances are.....yes

Answer 2

If all you had was Liability, you are SOL.  Contact your insurance company and see if you had any other coverage.   Seems your loan company would have required you to have collision insurance though ?   Most do because of just such a situation.

Answer 3

Just being honest but the uninsured motorist coverage that usually applies if you only have liability wouldn't apply in your case. Uninsured motorist coverage usually requires that the responsible party have no insurance, and without you carrier knowing for sure that the other party is uninsured, they may deny the claim. just a heads up but it worth trying to file the claim. there is no penalty for filing. also this uninsured motorist coverage only applies in certain states.

Answer 4

Here in the U.S. lenders usually have a 'vendors single intrest' policy to cover the cost of the vehicle if you fail to keep collision/comprehensive coverage and the unit is destroyed in a loss. It doesn't help your situation as your credit will be completely trashed if you surrender the wrecked vehicle to the bank. They will also sue you for any charges over and above what the insurance policy doesn't pay.

I suppose the cost of insurance doesn't sound too expensive NOW, does it?

Answer 5

Even if you just had liability coverage on the car - you may still have had "uninsured motorist" coverage. Call your insurance company to find out. If you do - then it will cover a hit & run event.

If not, then call your lender to see if they had your car covered that way.

BTW - I know this may vary from state to state... but here in NC if you have a loan on a vehicle it's state mandatory that you keep full coverage insurance on the car/truck.