Car Accident, Insurance paid part of loan

[snakmann]

undefinedWhat is the name of your state? MA

I was in a car accident and my vehicle was deemed a total loss. We signed the paperwork today so the insurance company can send the total loss check to the bank to apply twoards the car loan, but it will not pay off the whole amount (about $6,000 more to pay). My question is can I go after the other party and sue them for that amount? My insurance paid "fair market value" for the car and I checked on the amount that they paid, it sounded more than fair, but I still have to pay the rest of the old loan off. Should I take the other party to small claims court? Regualr civil process? Could I recover that money as punitive or special damages? Any free legal advice would help. Thanks

 

[Happy Trails]

undefinedWhat is the name of your state? MA

I was in a car accident and my vehicle was deemed a total loss. We signed the paperwork today so the insurance company can send the total loss check to the bank to apply twoards the car loan, but it will not pay off the whole amount (about $6,000 more to pay). My question is can I go after the other party and sue them for that amount? My insurance paid "fair market value" for the car and I checked on the amount that they paid, it sounded more than fair, but I still have to pay the rest of the old loan off. Should I take the other party to small claims court? Regualr civil process? Could I recover that money as punitive or special damages? Any free legal advice would help. Thanks

You should have had GAP insurance. The other driver was only responsible for the fair market value of your car. It was not their fault that you owed more on the car then it was worth.

 

[racer72]

You are now going to learn an expensive lesson and what the term "loan deficiency" means.