Am i entitled to a settlement?

Question

My wife was involved in an accident. she was rearended while she was completely stopped. The vehicle was doing speed, so 55ish. Clipped the drivers rear corner. Everyone is okay, been checked out by the hospital. Wife had to wear a collar for three days. Acute ___?__ Trama was the diagnosis. But dont look like any long term damage as of right now. She didnt miss any work, only time with our preemie son who is in the NICU and the hassle of only having one vehicle. My question is, I am still paying on the now totaled car. they told me they will give me market replacement for the car. That is right around what i owe on the car to pay it off. Now, the way i look at it is, I had a vehicle that i have paid three years worth of payments for, not to mention the 1500 dollars down payment i had when i got the car. I feel i am out alot more than just market value on the vehicle. I'm not out for blood, i dont want to sue. Am i entitled to more than just the market value on the totaled car?

Update:

it was determined to be the other persons fault too btw.

Boots · Accepted Answer

You are entitled only to the value of the asset.

The car's value is only what it could reasonably have sold for prior to the accident given it's age, condition, options, mileage. 

If you over paid for the car or put a lot of miles on it and lowered it's value -that's not the other guys fault. 

They don't owe you for 3 years worth of payments or a down payment. Only the value of the car itself.

? · Answer

no unfortunately this is an all too common problem and the insurance company does not care. If you paid too much for a car that isn't their problem. I understand how you feel but it changes nothing. They will give you what they think is fair market value. I suggest you do your own research and down load and print things from places like www.nada.com check the local paper to see what similar year make and models are selling for. Look in the auto trader and download pricing information so if the insurance tries to low ball the price you can show them the nada guide printout or the auto trader and say your car is worth more. In fact you may have to politely refuse the first offer if you get the chance. 
With you owing money the loss payee is the lien holder and the money may go directly to them . If there is anything lift it goes to you. I hope your wife is doing much better it sounds like she took a pretty good wack. speaking from experience  be sure to give her  a lot more hugs and let her know how glad you are she is feeling better. Its tough when you get smacked like that out of the blue. And it can mess with your head for awhile after the fact.

Anonymous · Answer

Ah, but you had the use of the car for 3 years. Owning a vehicle isn't free. You are entitled to the fair market value of your totaled vehicle, a rental car, and that's it if there were no injuries.

oklatom · Answer

You're entitled to be paid for your losses.  That would be the fair market value of your vehicle, and any medical bills that were a direct result of the accident.

You're entitled to be made whole.  Not to profit.

Mushu · Answer

You're entitled to the value of the car. You were driving around in a car worth X amount of dollars, that's what you get from the insurance. It's not the insurance company's fault that you overpaid for it.

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Am i entitled to a settlement?

5 Answers