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?
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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 7 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.
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