My car was just declared totaled. I owe 6100.00 on the lease. I do have loss gap coverage. Apparently there is over 13.000 worth of damage.

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My car was just declared totaled. I owe 6100.00 on the lease. I do have loss gap coverage. Apparently there is over 13.000 worth of damage.

Will the insurance co. take the retail kelly blue value which is 18,765.00 and subtract the total damage minus the cost of the repair then inssue a check to the lease holder? No tickets were issued at the site of the accident but I do not have the accident report yet. The gentlemen involved did go to the hospital but was not on oxygen, IV or life support. This is my first accident and I am scared to death. I was at a complete stop on a very steep hill and due to parked cars my view was obstructed and he was speding and I hit him. I am worried about ins. going up and being sued. Help.

Asked on May 11, 2009 under Accident Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Please separate the issues.

First, on the car, if you have collision coverage let your carrier handle it. It will give you the fair market value of the car, no more no less (as you have gap coverage). It will not give you more than the car's FMV.

Second, if you have liability insurance your liability carrier will defend you and pay any judgment up to the limit of your coverage.

If you are principally the one at fault (exclusively at fault in a few states) or negligent and the damage exceeds the policy limits, you would be liable for any excess judgment, although as a practical matter if your company throws in the policy limit and you have little by way of assets, that often does it.


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