What is the name of your state? - New York State
I own a motorcycle that was parked on the street. It was covered and locked. Sunday morning, two cabs hit each other at our intersection. One of them hit my bike, smashing it into another car. My insurance company has said the bike is totalled, and is in the process of determining the value to reimburse me.
Now for my question. I still owe some money on the loan for the bike. The insurance company said that once they determine the replacement value, they will pay off the loan, then give me the rest. While the remainder of the money may be enough for a new down payment, it will not really be a replacement for what I have already paid. I was wondering if there were some way I could sue the cab company for the amount of money I still owed on the loan, as it was their fault that the bike was totalled, and I am now out that money.
I have a friend who said he did something similar through small claims court (had to be less than $5,000), but wanted to get some more legal advice to determine if this is even possible.
Any help would be appreciated.
TIA
Kevin
I own a motorcycle that was parked on the street. It was covered and locked. Sunday morning, two cabs hit each other at our intersection. One of them hit my bike, smashing it into another car. My insurance company has said the bike is totalled, and is in the process of determining the value to reimburse me.
Now for my question. I still owe some money on the loan for the bike. The insurance company said that once they determine the replacement value, they will pay off the loan, then give me the rest. While the remainder of the money may be enough for a new down payment, it will not really be a replacement for what I have already paid. I was wondering if there were some way I could sue the cab company for the amount of money I still owed on the loan, as it was their fault that the bike was totalled, and I am now out that money.
I have a friend who said he did something similar through small claims court (had to be less than $5,000), but wanted to get some more legal advice to determine if this is even possible.
Any help would be appreciated.
TIA
Kevin