My car was just declared totaled. I owe 6100.00 on the lease. I do have loss gap coverage. Apparently there is over 13.000 worth of damage.
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My car was just declared totaled. I owe 6100.00 on the lease. I do have loss gap coverage. Apparently there is over 13.000 worth of damage.
Will the insurance co. take the retail kelly blue value which is 18,765.00 and subtract the total damage minus the cost of the repair then inssue a check to the lease holder? No tickets were issued at the site of the accident but I do not have the accident report yet. The gentlemen involved did go to the hospital but was not on oxygen, IV or life support. This is my first accident and I am scared to death. I was at a complete stop on a very steep hill and due to parked cars my view was obstructed and he was speding and I hit him. I am worried about ins. going up and being sued. Help.
Asked on May 11, 2009 under Accident Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Please separate the issues.
First, on the car, if you have collision coverage let your carrier handle it. It will give you the fair market value of the car, no more no less (as you have gap coverage). It will not give you more than the car's FMV.
Second, if you have liability insurance your liability carrier will defend you and pay any judgment up to the limit of your coverage.
If you are principally the one at fault (exclusively at fault in a few states) or negligent and the damage exceeds the policy limits, you would be liable for any excess judgment, although as a practical matter if your company throws in the policy limit and you have little by way of assets, that often does it.
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.