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RV totaled and settlement didn't cover the loan balance

I had a 2008 brand new Travel Trailer. It was just "Totaled" by a hail storm. I was covered by GMAC. They claimed " FULL RV REPLACEMENT" without depreciation.

When I checked that route it wasn't what was promoted by them (long story), so I took the cash settlement instead. This went directly to the bank (Bank of the West)as they are the Lien holder.

Full original loan was $25,500, settlement was only $17,135. I was left with a $4,600 balance and nothing to show for it. Not to mention that this was used for business and now I have nothing. I feel like I got screwed and I'd like to know if I have any recourse?


Well, Replacement value is not the value of your loan. The cost to replace maybe less than what you owe, which could leave you making payments on something you do not have.

Check your pricing and see if the $17,135 is in fact fair. If you can make a good argument that it is not (maybe you are missing $5,000). Try that!

If you feel they are not giving you a straight answer or you think the are not using proper numbers, contact the office of the insurance commissioner and ask for help.

You are also advice to talk to local attorney.

Good Luck,

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