Can you get more money from an automobile accident if you are not injured?
I was recently in an automobile accident and my honda accord was totalled. My accord was worth 10,000 dollars so I will get that much back from the girls insurance (since I was not at fault). However, I still owe 7,000 and I have a low credit score right now. In order for me to get a car I will have to get one that is 5,000 dollars or less. I don’t think that it is fair that I wasn’t the person who caused the accident and yet I am losing my car and am not able to get a new one of equal value. Is there any way to get more money from her insurance company? I thought of contacting a lawyer but I was not injured in the accident, is there a reimbursment for the inconvenience of the accident and loss of value?
So basicly the answer is no. I would not mind at all if I could keep my car but I guess I will have to get something cheaper and start all over. It’s just a bummer that I had a great car and it is now gone from a kid who didn’t pay attention to the road. We should make the age limit of drivers to 18 rather than 16. I know it sucks for one person to ruin it all for everyone else but this girl that hit me had very little damage to her new 35k vehicle and the person who was just obaying all traffic rules (me) ends up with 3k cash and no way to qualify for another equal car. Does anyone agree that this doesn’t seem fair? I mean, we pay thousands of dollars to insurance companies every year, they are profiting immensely. What is another 2k going to hurt? It’s not like all 5 million people who have insurance get into an accident every year. in my life for example, I have been driving for more than 12 years and this is the first accident I’ve had.
That means I have basically paid my insurance company roughly 20k over the years and never had to file a claim. If everyone who carries insurance pays as much as I have… that is billions of dollars in profits even with a claim here and there.
An insurance company’s job is to avoid paying out if possible, delay payment as long as possible and pay the lowest amount possible, so they almost certainly will NOT be interested in giving you any more money.
That said, you could ask the finance company to cut a deal – what discount will they give you to pay the balance early – they might accept $5k and that would boost your credit score – especially if you ask them to advice their credit agency what a good customer you were.
Thus you might be able to pay a little more for the next one.
No. That’s the point of insurance, and be happy that you got (or are expecting to get) at leasy $10K. I doubt that any lawyer would take your case, seeing as you were not injured, simply so you can get some more money since you apparently don’t want a $5k car (there are several decent ones out there, BTW)
You will get the “market value” of the car. If you overpaid for the vehicle, it is your problem. If you get $10,000, you will pay off the loan and have $3000 left, which is exactly where you stood before the accident. Don’t be surprised when you find the car wasn’t/isn’t worth what you owe on it.
You get only “fair market value” for your car. It is not the insurance companies fault that you still owe 7,000. on the car. That is your business and your concern. If you owe more than the car is worth, it is poor money managing on your part. You won’t get any more from her insurance company. For the future, you may want to educate yourself about GAP insurance if you insist on living beyond your means.