What can I do if my new car was hit in the parking lot at work and although the at-fault driver’s insurer is paying to fix it, I still lose money on the value of the car?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What can I do if my new car was hit in the parking lot at work and although the at-fault driver’s insurer is paying to fix it, I still lose money on the value of the car?
I would like to receive the difference if the price of new car and the price dealer is willing to give me for my car. How do I do this?
Asked on July 11, 2014 under Accident Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You could potentially recover the diminution in value of your car. For example, say that its blue book value if it had not been in an accident was $20k; say that its value, even if repaired, due to having been in an accident, is only $17k--you could possibly recover the extra $3k, by suing the at-fault driver for the money. (His insurer does not owe you; their obligation is to pay for the repairs, not for a reduction in value--you have to sue the at-fault driver directly for the money.)
To get the money, you will have to file a lawsuit and win in court.
However, you cannot recover the difference in price between what the dealer will give you for your car and the cost of a new car. If someone damages your property, the most they can be held liable for is the then-current value of the property; there is no legal obligation to help you buy a new version of that property.
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.