I was involved ia car accident just recently where it was the fault of the other driver. He ran a red light and caused us to crash in the middle of the intersection and flipping my car over. He admitted to running the light. He was cited for the same. Now im not trying to get rich, i just want to be exactly where i was before the crash. Now my car is only 5 monthes old so im surely not going to get what i owe on it. What do i do?
2007-12-19 08:05:45 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
Well, you're NOT going to get what you owe on it, unless you owe less than what the car is worth.
The second you drive a car off a lot, it's depreciated, sometimes by as much as 10%. If you didn't put much down, and financed your sales tax & tags and such, you ARE going to owe more than the car is worth.
You get paid, what the car is worth. It does NOT get you off the loan.
What to do? Go ask YOUR AGENT for advice. None of us know if you're upside down or not on the car.
2007-12-19 08:10:18 · answer #1 · answered by Anonymous 7 · 0⤊ 2⤋
You should be able to see where you were before the accident. Then you should sue him and find out from the insurance company what the status of the car is. Since it's a new car if there's a sufficient amount the car might be considered salvage and they won't let you take it back. So the insurance companies returns what the value of the car is to what you owe.
2007-12-19 16:15:59 · answer #2 · answered by Jen 3 · 0⤊ 1⤋
That's the risk you take when you buy a vehicle. Other than taking out a "gap insurance", there is no recourse.
In some states, they allow you to claim "diminished value" which entitles you to a loss of value due to damage repairs. You might want to look into it.
I suggest you work with your insurance company. Since it wasn't your falut, your company will be more than willing to help you out, as they can simply bill the other party's insurance.
2007-12-19 16:11:26 · answer #3 · answered by tkquestion 7 · 0⤊ 1⤋
The insurance company will over you the actual cash value of the vehicle, nothing more.
The insurance company does not replace the vehicle for you.
If you want a new vehicle, its up to you to purchase it.
2007-12-19 18:34:12 · answer #4 · answered by ♥ Uwish ♥ 6 · 0⤊ 0⤋
well you need to make a claim with his insurance since it was his fault and they wil have to pay for all the damage. If he doesn't have insurance then you will make the claim under your insurance. if you have uninsured/underisured motorist than you will have no deductible and they will pay for the damage but if you dont have that than you have to file the claim under you collision deductible and have they will pay for everything that is over that deductible.
2007-12-19 16:09:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋