My car 2009 cadillac dts. My insurance company paid me less than what i owe. I was told the at fault insurance should pay me full price. is this so?
The remedy is fair market value, not loan payoff or extra money for a deposit on another car.
You are only entitled to the fair market value of your car or the repair price of your car, whichever is less. Insurance companies often buy your car from you if the repairs are estimated at 80% of the value of your car because additional repairs could put them in the position of paying more to fix the car than it is worth. You should also be entitled to tax, title and license fees for your replacement vehicle.
Mr. Gigiano and Mr. Lassen are correct; you can recover no more than the car actually is worth, for such a vehicle. How much you owe on the vehicle does not matter, except to the extent that if you owe more than what the car is worth, the car loan company will expect to be paid from the proceeds.
I am licensed to practice law in Maryland and the District of Columbia; my remarks in response to your are subject to the laws of the jurisdiction in which the legal matter is, will be, or may be resolved. Please be aware, of course, that specific questions entail specific facts as to which an experienced lawyer can give you reliable advice. Both my and other lawyers' answers to questions on Avvo are for general purposes only and do not establish an attorney-client relationship; nor should they be considered legal advice. They also are simply responses to the questions that are posed, and do not necessarily address every circumstance in your particular situation. Your best approach may be to contact a lawyer directly through Avvo, and have a consultation at which time you can provide complete details.
The insurance company owes you the actual cash value of the car. If the outstanding balance of your loan is more than the ACV, the insurance is not required to pay it off. Check to see if you purchased GAP insurance from either the car dealer or loan company. GAP insurance will pay off the balance of the loan in the event you owe more than what the car is worth. Best of luck!
Your insurance carrier has responsibility to fix your car or compensate for your loss as that is defined in the insurance agreement. The agreement may or may not include full replacement value. The other driver or his/her carrier may have different responsibility to reimburse that is not as restricted. Consult an experienced attorney to guide you through this.
They are only required to pay the fair market value of the vehicle. If you owe more, that burden will be on you. However, many claimants can squeeze out some additional money by pointing out comparable vehicles in the area, recent work performed and/or additions to the vehicle that might have increased its value. Good luck!
Nope; not true. Your insurance company told you what you wanted to hear, and, what they are required to tell you. Unfortunately, the at-fault insurance company is not "legally" or "contractually" obligated to pay you "full price." The determination of "fair value" is arguable. Thus, they offer to pay you a certain amount (supposedly "fair market value") and you have to decide to accept or decline. In this case, it appears you already settled the matter with your own insurance company. They will then seek "reimbursement" or "subrogation" against the at-fault party's insurance company. However, most companies have what is called/known as "inter-company arbitration clauses" where they would "arbitrate" any disputes over reimbursement amounts "in-house." On a property damage claim that will usually not happen, The at-fault company will just payoff your company the amount requested without argument. THE RUB IS THE FACT THAT YOUR INSURANCE COMPANY SHOULD GET YOU YOUR "DEDUCTIBLE" AS PART OF THIS DEAL: BUT THEY WILL NOT. They will tell YOU to go get it back from the at-fault party's insurance company. They will not put in the time, effort or work to go get YOU your deductible money back. They only care about THEIR losses and getting THEIR money back. Same goes for payment of your medical bills. YOUR insurance probably already told you they do not pay your bills: go get money from the "at fault" company. Again, NOT TRUE (if you have "Medical Payments Coverage" on YOUR policy with YOUR insurance company. If you were injured, I strongly suggest you contact and/or hire a local, experienced, personal injury lawyer to assist you negotiate fair settlement of ALL claims. Search AVVO. Good luck!
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