Insurance Liability
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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 15 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 15 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.
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