Recently in a car accident, 100% the other party's fault, car was found to be "not worth fixing"

Question

I was in a car accident where the drive train of a diesel truck had fallen off his truck, I ran over it and it tore out my gasoline tank, oil pan, and my drive train went through my floor. They say it's not worth fixing and will give me an estimate of what it will be worth, the car cost me $13,000 through a financing company, and the blue book value of it is $7,600. I've had the car for 1 year, can they seriously only pay me blue book value for an incident which is entirely not even my fault? Or should I pursue a lawyer and go at the trucking company?

Answer 1

did you have legal expenses on the policy? it may be worth talking to them if you have; they recover any uninsured losses which you have following the accident. i work for a broker, cant guarantee that they will be able to do anything for you, but it is worth the phone call to find out.

Answer 2

thats why you should have purchased gap insurance also it is depreciative value so if you paid 13 it has depreciated a new car is something like 10 right off the lot you maybe able to negotiate a little bit

Answer 3

Yes, they can.  They are only obligated to pay the value of the car.  They didn't damage your loan, they damaged your car.

I was an insurance adjuster most of my career.  I've worked alot of auto in my career.

One of the above answers talked a little about gap insurance.  Everybody who's upside down in a loan should have gap insurance.  I wish more agents offered it.  

As an adjuster, it was always so easy to handle a claim where there was gap insurance.  All I had to do was find out the balance of the loan on the loss date and issue a check.  I always hated seeing people get in your situation.

Now . . . you have an outstanding balance on a loan and no trade-in.  You're going to have to buy a little less car because the amount you will need to borrow will have to include or consider your outlay for this remaining balance.

You will definitely be in the same situation again.  More loan, less car.  GET GAP INSURANCE THIS TIME!

Answer 4

Yes, they owe you fair market value of your vehicle.  It isn't their fault you paid too much for it and are upside down.

The also won't give you blue book value, which is inflated, instead they will give you fair market value, what similar vehicles are selling for that are identical to yours.

Answer 5

Yes they can, if that is the KBB value, it doesn't matter what the car cost you before the accident

Answer 6

This happened to a good friend of mine.  He got his a** handed to him by the insurance co.

No fault of his own, but he lost money and a vehicle.

Pretty sad that you pay for a service and they can try to s***w you out of what your paying for and it's legal.

I hate insurance companies.