QUESTION
I was rearended by an 18 wheeler and I had my insurance do the estimate for the repair. It was deemed a total loss.
Asked on Aug 10th, 2011 on Automobile Accidents - Georgia
More details to this question:
the lien holder does not want to accept the offer because I will be getting 1,000 deductable. Should I go ahead and give them this money? Do they have a right to my deductable? The total loss was about 12,000 they would get 11,000 and I would get 1,000. I am in the State of Georgia any advice would be very much appreciative.
1 ANSWER
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You are entitled to be paid the fair market value of your vehicle with no deductible. His liability insurance should pay 100% of the fair market value of the vehicle. If this is enough to pay the lienholder, then any overage would go to you. If there is a shortfall, you are unfortunately still obligated to make payments to the lienholder for the deficiency unless you have insurance which covers you for the gap in value.
Answered on Aug 19th, 2011 at 2:23 PM