Legal Question in Consumer Law in Virginia
responsibility of my car insurance
Is my car insurance required to pay my car off if they say it is a total loss? I was involved in a one vehicle accident with no injury. The insurance company does not want to cover the payoff ammount I owe on my car. Their estimate is about $3000.00 less than what I owe on the car.
2 Answers from Attorneys
Re: responsibility of my car insurance
The insurance company is only required to pay off for the fair market value of the vehicle before it was wrecked as determined by the "Blue Book" of vehicle valuation or some similar reference
work for determining the fair market value of used cars.
You're responsible for paying the difference
to the lending institution which financed your vehicle.
Re: responsibility of my car insurance
Addendum to previous answer: I believe I erred in referring to "fair market vlaue" as the criterion
that the "Blue Book" utilizes to valuate used vehicles; the actual criterion, I believe, is the loan value of the vehicle which is not necessarily the same as its fair market value.
Related Questions & Answers
-
How do I write a grounds of defense? My son bought a used car, the car broke down... Asked 2/14/03, 12:05 pm in United States Virginia Consumer Law
-
Selling damaged goods Is it illegal for stores to sell damaged goods, such as... Asked 1/14/03, 4:36 pm in United States Virginia Consumer Law
-
Are eBay auctions legally binding contracts? I was selling an item on ebay & a... Asked 1/09/03, 9:00 pm in United States Virginia Consumer Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
