QUESTION
Am I going to be able to get the entire loan paid off by the other insurance company/driver if I go to court? Can we sue the other driver?
Asked on May 19th, 2013 on Personal Injury - Georgia
More details to this question:
I was going northbound on a straightaway, the other driver going southbound and he made a left handed turn in front of me only he didn't have the right away. I swerved right to miss him but we collided. My car ended up flipping 4 times, going high enough to hit the street sign that hangs from the light pole. I was taken to the hospital, but no serious damage had occurred and the other driver was alright as well. I've been back to the hospital since the accident (about a week ago) for nausea, headaches, chest pains and neck pains, all of which I understand are somewhat expected. The other insurance company says they'll pay the fair market value of the car, and medical expenses. But they're not willing to pay off the remaining loan balance, which isn't much more at all than the fair market value, we got a good deal. The car was in great shape, and there was also valuables inside but is totally ruined now. We don't have GAP insurance either. There was a police officer who was at the crossing where the accident happened and he saw part of it. He issued a court date for June 21st, since the other driver claimed he had the right away, but he was cited by the officer. The other insurance company even agreed that their driver was at fault.
14 ANSWERS
Ronald A. Steinberg
The question is: "What was your car worth at the time of the accident?" If you owed more than it was worth, then you are going to have to "eat" the part of your loss that is greater than the value of the car. When you make a claim against anyone, you are only entitled to the reasonable value of all necessary losses. So it is not what you paid, but what it is worth. If you paid $25,000 for a car that is worth $5,000, and if your car gets destroyed through the negligence of another person, you are only going to get the $5,000. The fact that you overpaid is not the other guy's fault nor is it his responsibility to reward you for overpaying.
Answered on May 22nd, 2013 at 12:11 AM
Car/Auto Accident Attorney serving Hacienda Heights, CA
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Gary Lee Platt
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Unfortunately, the answer to your question is no. The fair market value of the vehicle at the time and place of the accident is the proper measure of damages for property damaged/destroyed in an accident. Without "gap" insurance, which is designed to cover you for this particular situation, you are entitled only to the value of the vehicle, which is practically what you could fairly expect to get for the car if you sold it in the condition it was in before the accident. The contract you have for the purchase of the car has no bearing on the value of the car or what happens to it after you buy it, and you are still responsible for making the payments.
Answered on May 21st, 2013 at 11:52 PM
Animal & Dog Bites Attorney serving Draper, UT
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William R. Rawlings & Associates, LLC
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The Insurance Company is only obligated to pay the fair market value of the car. Some people owe more on their vehicles than their car is worth, which is referred to as being "upside down" on their loans. One option is to go through your own company and see if they will give you a better deal for your car. You can also attempt to gather other market evidence of the value of your car. Your personal items that were destroyed in the accident should also be reimbursed to you separate from your car. Remember, in addition to your car you should receive a settlement above and beyond your medical expenses and wage loss. This should help with any additional out of pocket expenses for which you feel entitled.
Answered on May 21st, 2013 at 9:10 PM
Personal Injury Attorney serving Beverly Hills, CA
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Hyp Law Group
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Yes. In the event you take the proper steps, you could be reimbursed in full.
Answered on May 21st, 2013 at 11:48 AM
Civil Litigation Attorney serving Van Nuys, CA
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Law Offices of Alexander Edward Gilburg
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It is difficult to definitively answer without additional information. However, your situation presents many issues, and you really need to hire an attorney to help you. Insurance companies have lawyers, and so should you.
Answered on May 21st, 2013 at 11:47 AM
John Hone
You're concern should be whether or not you suffered a closed head injury in the accident. The symptoms you describe are consistent with a closed head injury. You may be more seriously injured than you think. Follow up with the medical care and treatment that you need. Speak with an attorney.
Answered on May 21st, 2013 at 11:46 AM
Automobile Insurance Attorney serving Springfield, MO
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Tolbert Beadle LLC
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When a car is totaled the insurance company is only responsible for the Fair Market Value of the vehicle. They should also compensate for the loss of use of the vehicle, which is typically accomplished by providing you with a rental car. The insurance company should also provide you with a tax affidavit so that when you buy a replacement vehicle you will not have to pay state sales tax up to the amount you were paid for the totaled vehicle.
Answered on May 21st, 2013 at 11:45 AM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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You always get paid fair market value. It does not matter what the balance due is. it might be 10000 more than real value. But you need to make sure you know the value. Don't just rely on what they say. Check someone like Carfax or other sources. Also, you say you had property inside the car. Whatever it was they owe you for that if damaged. Get written proofs of such personal property.
Answered on May 21st, 2013 at 11:45 AM
Personal Injury Attorney serving Portland, OR
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Kaplan Law, LLC
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I can't say this enough. You need an attorney as soon as possible. Yes you can sue the other driver.
Answered on May 21st, 2013 at 11:45 AM
Airplane Crash Litigation Attorney serving Towson, MD
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This is an important case for you to get right. It is complicated but can work out to get the result you would like. As to the vehicle, the insurance company for the other driver is required to pay for the FMV for your car PLUS all of the additional damage to anything in the vehicle (items in the car or trunk that were destroyed, clothing of yours that may have been ripped or cut by paramedics as part of their treatment, etc.). Even though it seems that the amount owed on the car is only slightly more than the FMV it will leave you a balance to still be paid off for a car that is no longer usable for you. This is something to be figured out and possibly a stronger negotiation on the FMV can bring the total amount near or equal to the amount owed. Do not overlook the potential of the claim for your personal injuries. Though I am sure you and your family are grateful that you are pretty much OK, there are significant consequences from a crash this dramatic and forceful enough to make the car flip. You should be alert to possible additional physical injuries that you may have sustained that are not totally apparent to you yet. This is something that a lawyer would go over with you to assure that nothing is being overlooked. Even though you have had a relatively minimal amount of treatment to this point, only one week from the crash, there will be aspects of your physical and emotional damages that should be better explored and will provide value in the settlement or verdict. This is a case that we would like to discuss with you in greater detail and can accomplish considerably more than simply paying off your car. I hope you will be feeling better soon. In the meantime it is important for you to get the treatment that will help you recover fully and move on vigorously with the insurance company for the at fault driver.
Answered on May 21st, 2013 at 11:44 AM
Insurance Attorney serving Seattle, WA
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Lawrence Kahn Law Group
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There is much that you can do to cover the loss but get a lawyer right away.
Answered on May 21st, 2013 at 11:43 AM
You were in a serious accident. Engage counsel to deal with the adjusters and properly evaluate whether litigation is in your best interest.
Answered on May 21st, 2013 at 11:43 AM
James Eugene Hasser
In Alabama, the rule of damages says that the most they owe you is no more than the value of your vehicle, regardless of what you owe. Value is a matter of opinion. Perhaps your value is more than theirs?
Answered on May 21st, 2013 at 11:43 AM
Personal Injury Attorney serving Atlanta, GA
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Gregory S. Shurman, LLC
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The at fault party and/or his insurance is obligated to pay you for the fair market value of your vehicle, plus the fair market value of any other valuables that were lost/ruined as a consequence of the wreck. They are not obligated to pay you what you may owe on the car.
Answered on May 21st, 2013 at 11:38 AM