Totalled Van and Out of Pocket

[dodgeboy]

I was in an auto accident which totalled my 2000 Caravan. The other driver admitted guilt and received the citation for running the red light.
Now the insurance company wants to give me fair market value (what is so fair about it?) for my van that I had made 3 payments on and only got to drive for 3 months. This isn't enough to pay off my loan.
I have tried being nice to them but now am getting to the point where I think I need to get legal on them.
Should I go after the person who caused the accident or their insurance company?
I did receive injuries from this which are still ongoing.
I am in Virginia.

[Edited by dodgeboy on 11-15-2000 at 04:41 PM]

 

[Lianne]

The insurance company is doing nothing wrong here. This is precisely the reason that Gap Insurance was created (it's included in most leases and, in my opinion, should be required on no/low down payment purchases as well). When a car is a total loss, gap insurance pays the difference between the insurance settlement (fair market value) and the remaining balance on the loan.

If you're going to sue, sue the person at fault. You couldn't sue their insurance company, even if you wanted to. They aren't obligated to you, they are obligated to their client (since they only have a contract with the client). Sounds screwy, I know, especially since the insurance company is the one you're dealing with through this whole mess.

Good Luck!
Lianne

 

[dodgeboy]

Thanks. I went back to the dealer we got the van from to get another and he showed me the GAP plan they had. They had just started to offer it 2 weeks after we purchased our van.

 

[Lianne]

Argh -- what luck, huh?! Just out of curiousity, and if you don't mind me asking, how expensive is it?

 

[dodgeboy]

It is only $350 and we would have definately gotten it.