My 2016 vehicle being totalled due to hail damage
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My 2016 vehicle being totalled due to hail damage
My car was in 2 major hailstorms and it has only 7700 miles on it. My insurance company is totaling it. I do have GAP insurance purchased through a finance company. Anyway, if I want to keep the vehicle they want roughly $10,000. I understand that I can’t get that financed because it will have a salvage title; I will be able to get only liability insurance. They tell me that they can get approximately $9500 from salvage less the $500 deductible. Anyway, do I have recourse or am I stuck?
Asked on December 7, 2018 under Insurance Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
What was the current fair market value of the car when it was totalled? If it was more than $10,000, the insurer is paying you too little: when a car is totalled, you are entitled to the then-current fair market (or "blue book") value. If they won't pay you the fair market value, you could sue them for the full, then-current value.
If you are getting the fair market value, you have no recourse: all you are entitled to when a car is totalled is its fair market value.
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.