If my car damage (auto accident, not my fault)is in the amount of 5400 and the trade in value is 6500 & I owe 8,179.
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If my car damage (auto accident, not my fault)is in the amount of 5400 and the trade in value is 6500 & I owe 8,179.
The other drivers insurance is taking 100% liability on all my claims. My trade in went from 9500 to 6000 can I be compensated for devalue of my car?
Asked on May 5, 2009 under Accident Law, Iowa
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
You can demand anything you want as a condition to settling the case. It sounds to me as if the car should be totalled and you should get the fair market value for it.
Although FMV may be lower than your balance on the auto loan -- that has nothing to do with the accident.
If you are handling the case on your own, however, and there is ANY personal injury worth talking about, you are probably settling it for far less than the case is worth if you spoke with a lawyer representing you rather than the other side's adjuster.
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