If I had an accident and the valuation of my vehicle is less than I owe, what are my options?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I had an accident and the valuation of my vehicle is less than I owe, what are my options?
I bought a used vehicle a month ago; the other day a driver fell asleep at the wheel and totaled it. I have collision and comprehensive insurance. My insurer represents both parties in this
accident. My loan is for $15,910 and they want to pay me $14,000, essentially putting me $2000 in debt. What are my options to get them to make me whole again?
Asked on June 30, 2016 under Accident Law, New Hampshire
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Your only recourse is to reject the settlement offer and file a lawsuit for negligence against the at-fault party. Your damages (monetary compensation you are seeking in your lawsuit) would be an amount to compensate you for the loss of your car.
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.