Sorry my question isnt the Best but a while back i wrecked my car and the insurance company managed to waive them selves out of it, meaning they are not going to pay for it or nothing, Now i still owe this car for it was fairly New is there anything i can do or anything i can write off some were, were they can lower the price or not have to pay off this car....Cuz not only am i paying for it now i can even purchase another one cuz i wont have enough to money to pay for it...ANy help Please...and thank you.
2007-01-29 09:41:28 · 5 answers · asked by alex o 1 in Cars & Transportation ➔ Insurance & Registration
Well it appears you may not understand what the insurance company did. I assume it was your fault and you are talking about YOUR insurance company. If not then you need to be dealing with them.
If it WAS your insurance company you need to get a full explaination from them as to why they are denying coverage. If you still disagree you might want to consult with an attorney to see if there are alternate steps that can be taken
As far as the debt goes, you owe the bank. You have a few really weak options
1) You can sell the wreck for a few $$ and apply that to the loan (the bank will likely have to sign off on that too so that might be a fly in the proverbial ointment).
2) You can contact the bank and see if they are willing to reduce the note in exchange for a quick payoff (and then you would have to come up with cash to meet that payoff).
Either way, you owe the bank and that is a completely separate matter from the accident, the same as if you loan money to a friend and then he breaks his leg. Broken leg or not, he still owes you money - right???
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2007-01-29 10:02:44 · answer #1 · answered by ca_surveyor 7 · 0⤊ 0⤋
if the insurance company wont pay for it then somewhere along the line you messed up. When you are paying for a car you signed a contract to the loan company that you will have full coverage insurance throughout the term of the loan. If you had full coverage insurance then the insurance company has to pay at least what the car is worth minus your deductible that is why the loan company makes you do this. So check all your insurance papers and be sure you had full coverage then take the insurance company to court. Im sure they would much rather handle it out of court.
2007-01-29 10:13:24 · answer #2 · answered by B 4 · 1⤊ 0⤋
I doubt your insurance 'waived' themselves out of paying your claim -- more details on this matter are needed. As for the car, you OWE the bank, etc. the entire value of the loan, wrecked car or not. If you don't pay it they will simply sue you and a judge will MAKE you pay it (plus court costs). My advice: get two jobs and get out from under this hell as fast as possible.
2007-01-29 09:51:23 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Yeah, what he said (CowboyBill).
It's called personal responsibility. It's your debt, and if somehow you messed up on the insurance coverage, you're on the hook.
Bummer.
Consider it a life lesson, and if you work hard, it'll soon be over.
2007-01-29 10:05:36 · answer #4 · answered by mattzcoz 5 · 1⤊ 0⤋
contact the insurance ombudsman and explain your plight to them
2007-01-29 10:31:27 · answer #5 · answered by James M 2 · 0⤊ 0⤋