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I got into a car accident and was not at fault. The others person insurance deemed my car total loss. They are only giving me the value my car is worth. I owe more on my car than its worth, but they told me in the state of md, they are only required to give me what my car is worth. I am very upset because not only am I without a car, but am also having to pay for this car, I don't even have anymore, and on top of that get a new car. Is there anything I can do?
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The insurance company is correct. In Maryland (and it is my understanding that the law is the same in all states) the law only requires that the insurance company pay you the value of your vehicle and not what you owe the bank on the loan. You have the right to dispute the value of the vehicle if you can come up with proof that the vehicle is worth more money that what the insurance company claims is the value of the vehicle. Proof of the value of the vehicle can come from different sources (e.g. a used car dealership, the value of a similar vehicle listed in the newspaper or on the internet). Good luck with this matter.
Answered on Jul 17th, 2013 at 8:37 PM