If you were the one at-fault in the accident then you will need to place a claim with your physical damage collision coverage. This coverage comes with a deductible which you would have chosen at the inception of your policy.

As part of the claims process an insurance adjuster will determine if your pre-owned 2006 vehicle can be repaired or if the damages sustained are so extensive that the vehicle is a total loss. If the car is determined to be a totaled then the insurance company will evaluate the vehicle and calculate the actual cash value (ACV).

After the ACV is declared, you then will see if this amount will cover your loan amount or not. If not then you would be responsible for the difference owed to the lien holder above the settlement amount since you stated you did not have GAP insurance.

If the car is not found to be a total loss then the insurance company will want to repair it. Your options regarding this will need to be discussed with your insurance provider.