Legal Question in Insurance Law in West Virginia
Automobile insurance law
In November 1999 I was involved in an automoblie accident; I was the owner of the car but not the driver at the time of the accident.The vehecle was declared a total loss. I understand that the insurance company is only oblagated to pay the blue book value of the car at the time of the loss. How ever the car was financed and was acquired four months previous to the accident. The finance company that I was involved with offered me an option of what they called an exchange of collateral.Is this a legal option, and if so what does it entail?
1 Answer from Attorneys
Re: Automobile insurance law
Your lender wants to take all of the insurance
money and give you the totalled car which you
will have to give to the insurer.
Your insurer will have to pay the fair market value,
which you can check by looking at the Sunday classified
in a metropolitan area near you, or the auto trader,
and on the internet.
But what about the insurer for the driver? You have
a property damage case against the driver. And if
they don't have their own insurance, you may be able
to make a claim agains your own insurer for
the driver's liability, since the driver is an
additional insured under your policy as a permissive
user of your vehicle.
If the someone else was at fault, then the same
principle applies to making a claim against them.
You may call me if you want to discuss this.
S. Murray
(818) 501-2277
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