The other person did not have insurance. My car to get repaired is more than its worth. So the auto insurance paid what I owe and keep the car and I am walking. They tell me its the law in the state of NC. I had full covrage.What can I do?
2007-03-26 09:42:53 · 10 answers · asked by spowejr1 2 in Cars & Transportation ➔ Insurance & Registration
I know NC has some very precarious insurance laws! I was down there taking care of my elderly mother and found that they only pay like $2500 in an accident and then your private health insurance is responsible unless you add some kind of rider to the policy! So I would say that's probably an accurate assessment!
2007-03-26 13:44:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-24 20:56:22 · answer #2 · answered by Millicent 3 · 0⤊ 0⤋
Nothing. That's standard practice industry wide. In some states you can buy the car back from the insurance company for the salvage value but the insurance company is not obligated to do so. Read your policy; it's all spelled out there in black and white.
You should consider yourself lucky that the insurance paid enough to pay off the note on the car. That's not always the case. Many folks are shocked to learn that the ACV on their car is less than what they owe the bank so they are left with a debt to pay and don't have a car.
2007-03-26 11:29:40 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
good lord. i wish people would get educated before they complain... dont you realize that insurance took your car because they paid you the actual cash value of the car? Why would you get to keep it when they paid for it?
Its not their problem that you still owed what the car was worth to the bank. They paid actual cash value to the bank.. and you are left even. So.. go get a loan worth what you still owed on the other car and youll be even.
You just expected them to both pay off your old car AND get you a new car? Then youd be better off then before the accident (no payment like before AND have a car). how is that fair?
haha they "stole your car"... classic.
2007-03-26 11:23:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not a thing. Isn't "insurance" great?
When you have a loan on a car and the loan is for more than the car is worth you're basically paying for insurance for the bank, not yourself.
In a way you're lucky that you don't still owe on the dead car.
2007-03-26 09:48:39 · answer #5 · answered by Ferret 4 · 1⤊ 1⤋
You used to owe a lot of money on a car, and now you don't. That's the way it works.
So go buy another car, and start owing a lot of money on a car again. Don't forget to buy insurance!
2007-03-26 09:58:32 · answer #6 · answered by Kasey C 7 · 1⤊ 0⤋
If you owe more to the bank than the car was worth at retail then they did just what they should do. If the car was worth more than what you owed the bank then you should have gotten some money.
2007-03-26 09:47:59 · answer #7 · answered by Tom B 2 · 1⤊ 0⤋
Insurance, will only pay you for the blue book value of your. Any money left on your car is up to pay it off.
2007-03-26 11:30:35 · answer #8 · answered by railroad_joe 3 · 0⤊ 0⤋
Thank your lucky stars the insurance company paid off your loan, doofus! When they pay for a totaled vehicle, it's THEIRS, not yours!
Damn...
2007-03-26 11:08:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋
It's unfortunate, but once the insurance Co. pays off
your loan they own the vehicle.
2007-03-26 10:51:55 · answer #10 · answered by jon 2 · 0⤊ 1⤋