Insurance Liability

Get Legal Help Today

 Secured with SHA-256 Encryption

Insurance Liability

I was hit by a car that ran a red-light. Their insurance company says they only have to pay market price for my car (totalled). I owe more than that. Can I get them to pay off my note?

Asked on March 30, 2009 under Accident Law, Missouri

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

No. The measure of damages to the car is the fair market value of the car at the time of the accident. If you owed more than FMV the driver who hit you is not responsible for that.

If there was any personal injury, that's another matter. However, if there was be very careful not to sign anything that could be regarded as a general release for other than property damages.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

No. The measure of damages is the value of the property at the time of the accident, no more, no less. That your car was "under water" in terms of value is your problem. The fact it was in an accident does not increase its value.

Of course, if there was any personal injury sustained in the accident, you'd be entitled to collect for the personal injury as well.

Similarly, if you had a collision insurance with a "gap" rider as part of your auto insurance, your auto insurance would pay the balance due less any deductible, and might return part of the deductible when it collects from the insurance company of the driver who was at fault.

I you owe more the other driver damaged is t as an issue of property damage.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption