My fiancee was in a head on collisioon today, shes ok, just sore, but my jeep is probably totalled. The jeep is an 02 and only worth $8,700 according to blue book. We have full coverage through gieco, and the guy had liability only. Well if the insurance company only gives me 8 grand, i am upside down 2 grand on the jeep. Does his insurance pick that up or does it come out of my pocket... Anyone have any luck out of getting settlements from people who caused the accident and was driving on a suspened license? How much.....
2006-11-18 17:24:06 · 4 answers · asked by shawn f 1 in Cars & Transportation ➔ Insurance & Registration
Its an 02 jeep liberty, with about 65,000 miles on it
2006-11-18 17:34:42 · update #1
It comes out of your pocket. But, why is it worth only 8000.00? I have a 02 liberty wagoner and it is worth $14,035 in KBB? I would get several appraisals. Do not let them take advantage of you.
2006-11-18 17:32:40 · answer #1 · answered by Common Sense 5 · 0⤊ 0⤋
It doesn't matter if the other person has liability only. Liability pays for damages to another when you are at fault. So you can make a claim directly against the other person's carrier. However, the value of the vehicle won't differ and you'll be upside down either way. It's not a matter of which company pays under what coverage. Whether you use his liability coverage or your collision insurance companies pay the same way. I don't know if the 8k you mentioned it hypothetical, but if that happens, you owe the rest on your loan. You can't get the balance from anyone else. And if you tried to get the other person to pay it himself, you'd have to sue him, and you won't be able to prove that he owes you what you're upside down.
2006-11-19 15:29:55 · answer #2 · answered by Chris 5 · 0⤊ 0⤋
The insurance will give you what the car is worth at the time of the collision..... If they determine that your vehicle is worth 8700.00 then that is what you will get..... If you owe an aditional 2 grand then you will be responsible for that amount.... So if you do indeed get what it is worth that along with the 2 grand you owe a total of 10,700.00 to the finance company..... Technically you will only have to come up with 2000.00 to pay off your vehicle.....
2006-11-19 01:38:25 · answer #3 · answered by turmoilwithin 2 · 0⤊ 0⤋
this is a perfect example of why you should purchase GAP coverage, either on your insurance policy or from the car dealership
you paid too much for your car and now you can get stuck
owing above and beyond the value of your vehicle
be nice and polite to the adjuster, talk to him, maybe he can
up his numbers a little
good luck
2006-11-19 04:00:55 · answer #4 · answered by Loollea 6 · 0⤊ 0⤋