If I was rear-ended at a stop light and recieved payment for the damages, is there anything esle that I can do regarding my lowered trade-in value?

The other person’s insurance cover the cost to repair my vehicle. However, when I went to trade in my car I got a lot less because of the fact that there is an accident now on the vehicle report. Can I go back after the insure to help pay for some of the difference on the trade in?

Asked on October 21, 2014 under Accident Law, Florida


S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

When you accepted payment for the property damage to your car, you signed a release of your claim against the at-fault party.  Signing that release of your claim prevents you from taking any further action against the at-fault party and/or seeking additional compensation from the insurance company.

Therefore, there is nothing you can do at this point about the reduced trade-in value. 

If you had rejected the property damage settlement offer and not signed the release of your claim, you could have filed a lawsuit for negligence against the at-fault party to attempt to obtain additional compensation.

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