Legal Question in Personal Injury in Florida
Responsibility of Vehicle Payoff
My vehicle was rear-ended by another driver, which pushed the vehicle into the vehicle in front of mine, resulting in both front and rear extensive damage.
The insurance company wants to total the vehicle, which would result in receiving not enough to pay off the loan. If this happens can I sue the person responsible for the accident for the amount needed to pay off the vehicle? If not what action could I take to mitigate the amount owed on a totaled vehicle?
1 Answer from Attorneys
Re: Responsibility of Vehicle Payoff
You are in a nasty situation that the legislature refuses to change. The legislature gives the insurance company the discretion to declare a car a total loss or to pay to have it repaired. If it is a total loss they will only pay the salvage value, not the loss or amount owed to the financing company. If you owe more than the car is worth that loss must be borne by you. As an alternative you may try and negotiate with the financing company but they are not required to give up their money. Your best remedy is to lobby the legislature to change the law.