If my car is totaled, however it is worth less than what I owe and I do not have GAP insurance, can I go after the driver to pay the remaining balance owed on my vehicle?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my car is totaled, however it is worth less than what I owe and I do not have GAP insurance, can I go after the driver to pay the remaining balance owed on my vehicle?

I was in a car accident where the other driver was at fault for running a red light. I was not seriously injured in

the accident just a swollen knee that is very sore. I did not seek medical attention.

Asked on May 15, 2017 under Accident Law, Massachusetts

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, you cannot. When someone damages or destroys your property, he or she is responsible for the then-current-fair-market (or "blue book") value, no more; he has to pay what the property (in this case, a car) is worth, not what you paid, which could be more (due to depreciation; or if you did not negotiate a good deal) or less (if you got a very good deal, such as from a family member; or if the car was gifted to you) than the value. The value, which is independent of how your acquired the car, from whom, and under what terms, and is--if not "objective," at least independently verifiable and the same for all cars of that make, model, year, etc.--the benchmark for your compensation. This is why if you finance or lease a vehicle, purchainsg GAP insurance is very good idea.


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