Insurance is only required to pay fair market value of your car. If the retail value is 8,000 and you owe 12,000 on the vehicle, the insurance company will only cover the 8k If you take a loan on a car (especially one that depreciates fast) you can get GAP insurance which will cover the difference of what you owe and what your car is worth. This insurance usually costs betwee 50 and 200.00
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