Overview
If your vehicle is damaged in an accident while under an Upstart Auto Refinance loan, it’s important to take immediate action to work with your insurance provider and loan servicer.
In the event of a total loss, your insurance provider will determine the estimated value of your vehicle and send payment directly to your lender to be applied toward your outstanding loan balance.
Steps to Take If Your Car Is in an Accident
- Contact Your Insurance Provider – Report the accident and begin the claims process.
- Check Your Insurance Coverage – Review your comprehensive and collision coverage to understand what costs may be covered.
- Notify Your Loan Servicer – If your vehicle has sustained major damage, log into My Account, select your auto refinance loan, and visit the Contact Us section to find the correct contact details for your auto refinance loan servicer.
💡 Tip: Your insurance provider will work directly with your loan servicer to review damage reports and process any applicable payments.
What Happens If Your Car Is Declared a Total Loss?
✔ Your insurance company will determine the current market value of your vehicle.
✔ The settlement amount will be sent directly to your lender to pay down your loan balance.
✔ If the insurance payout does not cover the full loan balance, you will be responsible for paying the remaining loan balance.
💡 Gap Insurance: If you purchased gap insurance, it may help cover any remaining loan balance after the insurance payout. Contact your gap insurance provider for details on filing a claim.
Next Steps
If your vehicle has been involved in an accident, take action promptly by contacting your insurance provider and loan servicer to ensure the claims and payment process is handled smoothly.
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