Legal Question in Personal Injury in California
parked car totaled
our 2000 daewoo was parked in front our home when an 18 year old apparently looked down and when he looked back up he drifted at 45 mph into the back of our car.
from what i understand the insurance company wants to total it because the daewoo company is bankrupted and parts our not available, dose this mean they will only pay the bank market value?
if so that still leaves us in the hole for 4 thousand from the intrest ,this seems unfair not to mention the eight thousand we already paid.
2 Answers from Attorneys
Re: parked car totaled
The driver's insurance company should pay replacement value (what a similar car would cost you), plus rental for up to 30 days to give you time to find a car.
Re: parked car totaled
When any ins. co. totals a car, they go by the market value in your area. They use the mileage, condition, equiupment, etc, and look at similar cars. Unfortunately, the ins. co. will not consider the loan or financed amount which is usually higher than the market value. This is a weak spot in civil law with new vehicles. You should have had "Gap" coverage to cover the difference. If you are going to get a replacement car and finance it, perhaps the finance co. will rollover the deficiency into a new loan which may increase your monthly payments a little bit. Talk to them. You don't have alot of options. You can also try to sue the other driver for the balance in small claims court.
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