Monty Cain
Transcript
Hey everybody, my name is Anthony Alfonso. I'm an attorney here at Cain Law. Some kind of other things that are really important when deciding what type of insurance do I need as it relates to property damage. There's a lot of situations out there that your car may be a total loss, and we know that cars cost a lot, but they also depreciate really quickly. So there are situations that you could be what we call upside down on your vehicle, where you owe more on your car note than what the fair market value of the vehicle is.
Unfortunately, in Oklahoma, the insurer is only required to pay the fair market value of the vehicle. So if the fair market value of the vehicle is less than what the car note is that you owe on the vehicle, you're gonna have to make up that difference because they may be paying you $15,000, but your car note's $20,000. So there's that $5,000 difference. So another piece of advice that I have for the Oklahomans that are looking at buying a vehicle and wanting to make sure that they're covering themselves Is look into what's called gap insurance. So that takes care of that difference between the fair market value and the amount that you owe on the note.
So then you're not having to come out of pocket, and you're not in a situation where you're worried, I lost my car, it wasn't my fault, how do I end up owing $5,000? So I'm just trying to provide you guys with the information so you can best protect yourself and your family and avoid some of the common pitfalls that I see.