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I was T-Boned, please help

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MadisonPaige

Junior Member
What is the name of your state (only U.S. law)? California

Here's what happened: I was crossing the intersection (my light was green, not yellow/red) when another car ran a red light and t-boned me. The car hit the middle/end of the passenger's side of my car, and my car made a 180 degree turn.

Speed: It is a very short intersection; I'm not sure how fast I was going but it couldn't have been more 30 mph.

Details: She is insured up to $5,000 (minimum in CA).
We are both young, I am 21 years old and she couldn't be much older.

The main problem is that I am still paying for my car, and I owe about $3,000.

I have two options: I go through my insurance and they proclaim my car a "total", in which they pay me the cash value for the car. With the remainder of my loan, I would have only $3,500 ~ left. That is not enough to buy a new car.

If I go through her insurance and they pay me the $5,000 that is not enough to fix my car.

What can I do so that I do not lose any money? I'm not interested in getting as much money as possible (that would, of course, be nice) but, mostly, I just don't want to lose any money. (As I don't even have much money to begin with. Mostly a broke college student.)
 


sandyclaus

Senior Member
What is the name of your state (only U.S. law)? California

Here's what happened: I was crossing the intersection (my light was green, not yellow/red) when another car ran a red light and t-boned me. The car hit the middle/end of the passenger's side of my car, and my car made a 180 degree turn.

Speed: It is a very short intersection; I'm not sure how fast I was going but it couldn't have been more 30 mph.

Details: She is insured up to $5,000 (minimum in CA).
We are both young, I am 21 years old and she couldn't be much older.

The main problem is that I am still paying for my car, and I owe about $3,000.

I have two options: I go through my insurance and they proclaim my car a "total", in which they pay me the cash value for the car. With the remainder of my loan, I would have only $3,500 ~ left. That is not enough to buy a new car.

If I go through her insurance and they pay me the $5,000 that is not enough to fix my car.

What can I do so that I do not lose any money? I'm not interested in getting as much money as possible (that would, of course, be nice) but, mostly, I just don't want to lose any money. (As I don't even have much money to begin with. Mostly a broke college student.)
Unfortunately, the value of your vehicle will not necessarily be the same as it was when you bought it. Most vehicles lose a substantial amount of value once you drive them off the lot, and the longer you have it, the less valuable it becomes.

You are ALSO not entitled to a brand new car, since your own car was not brand new. You are only entitled to the replacement value at it's present age and condition, which will also be less than what you paid for it.

Probably should have considered buying your car with "GAP" insurance - insurance that is designed to reimburse you for the gap in value between what the car is actually worth when it is totaled and the amount you would have to pay to replace the car at current value.
 

MadisonPaige

Junior Member
Unfortunately, the value of your vehicle will not necessarily be the same as it was when you bought it. Most vehicles lose a substantial amount of value once you drive them off the lot, and the longer you have it, the less valuable it becomes.

You are ALSO not entitled to a brand new car, since your own car was not brand new. You are only entitled to the replacement value at it's present age and condition, which will also be less than what you paid for it.

Probably should have considered buying your car with "GAP" insurance - insurance that is designed to reimburse you for the gap in value between what the car is actually worth when it is totaled and the amount you would have to pay to replace the car at current value.
Exactly. Which is why I need to know what I can do to make sure I am not at a loss.

I did purchase GAP insurance; what does this mean for me, exactly?
 

Adam G

Member
File a claim with the GAP insurer. They pay the difference between fair market value and what you owe on the loan.
 

ecmst12

Senior Member
It appears that your car is not worth less than you owe so I'm not sure why anyone brought up gap insurance, it would not apply here.

What is the estimated cost to fix your car?
 

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