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

Answers:

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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.