Unfortunately it sounds like you did not have GAP insurance. GAP insurance would have covered the difference between the actual cash value of the car (which is what your collision or comprehensive insurance policy will pay) and the current outstanding balance due to the finance company for your loan or lease.

Without GAP insurance you are still held liable by the finance company for the difference between the actual cash value that the insurance company pays out and the amount due on your loan. If you feel that the amount that your insurance company is settling with you for is not accurate, than you should discuss your settlement amount with your claims representative.

Comment Update: We know that GAP insurance can be confusing. Physical damage coverage should pay the difference between the amount of loss and the market value. GAP coverage provides and/or loan/lease coverage will cover:

• Coverage when a policy providing comprehensive and collision coverage may be extended to provide coverage for the difference between the unpaid amount due on the loan or lease of a new vehicle and the actual cash value of the vehicle. A new vehicle, as used in this rule, is a vehicle that has not previously been titled by any state on the date that your customer purchased it.
• Typically, coverage applies only in the event of a premature termination of the loan or lease due to a total loss covered under comprehensive or collision. Coverage does not apply to overdue payments, penalty charges assessed for excessive mileage or excessive wear and tear, etc.