I was in rear-end auto accident, not my fault. I still owe $. Will other party's ins be liable
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My car was rear ended and totaled and I understand my ins co won't pay for the outstanding loan, but will pay me a fair market value (which I will use to pay off the loan). Is it possible to have the other party's insurance company pay off my loan, so that I can use the FMV to get a new car. Do I need to obtain a lawyer to do this or will my insurance company do this for me? The accident happened in Los Angeles.
I was in rear-end auto accident, not my fault. I still owe $. Will other party's ins be liable to pay?They can pay the lienholder directly, but if the value is not as much as the loan they won't be paying it off for you. You don't need an attorney to handle your property damage claim, and it doesn't matter if you use your insurance or the at fault person's, the total loss is still handled the same way.
I was in rear-end auto accident, not my fault. I still owe $. Will other party's ins be liable to pay?No, that you were upside down in your loan and owed more than the car was worth is not the responsibility of the person who hit you. You are entitled to get the value of your loss, which would be the value at the time of the accident, adjusted to condition. They will not pay off your loan, nor will they give you replacement value for the vehicle. You can talk to an attorney if you like, but if he is honest he will tell you the same thing.
I was in rear-end auto accident, not my fault. I still owe $. Will other party's ins be liable to pay?More Related Questions and Answers ...
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