QUESTION
What can I do if the party at faults insurance company wont give me enough money to pay off my totaled car and help get a new one.
Asked on Oct 03rd, 2012 on Automobile Accidents - Indiana
More details to this question:
Was rear ended by someone and my car was totaled. Now the insurance is not offering enough money for me to even pay off the totaled car, let alone start the process of getting a new car. The insurance company is from Illinois and she now lives in Indiana and they are stating that they shouldn't have to cover anything because she should have gotten new insurance. Is there something I can do to get what I deserve and not just what they are offering?
1 ANSWER
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Insurance companies are only required to pay the Fair Market Value of the vehicle that was damaged. In this case, it sounds like they are trying to say that your car was worth less than you owed the bank on your loan. Unfortunately, this is an all too common occurrence. It may be that you can negotiate with your lender for them to accept the insurance proceeds as payment in full of your loan. However, if the lender will not agree, then you could end up having debt collectors calling you for the balance of your loan. You could even get sued for payment of the loan balance. If you were injured in the accident, you may be entitled to compensation for your medical expenses, lost wages and pain and suffering. If you have specific questions about your situation, please feel free to call me, and I will do my best to assist you in any way that I can. I am a personal injury attorney in Indianapolis, and have been practicing for over 15 years.
Answered on Oct 11th, 2012 at 10:35 AM