Legal Question in Insurance Law in Virginia
I was in a car accident and my car was totalled. It was 100% the other partys falt (he recieved a ticket). The car was a 2008 Malibu, I still owe about 20,000 on this car, and it is till under warrenty. I was told that the other partys insurance is responsible for paying the total amount that I paid for the car, becuase it is still under warrenty. Is this correct? Also, if his insurance company does pay for at least some of it, would it be illegal for me to have my GAP pay off my car and use the money from the other party as a down payment on another car?
1 Answer from Attorneys
The insurance company of the driver at fault will unlikely be willing to
pay you more than what the fair market value of your vehicle was worth at the
time of the accident.
Not having read your GAP policy and the terms of its coverage, I can't
answer your second inquiry.
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