Expert: Anne - 6/9/2009

Question
Hi John any help highly appreciated... I was involved in a hit and run well the officer over my case found the person who hit my car and thank God they have insurance well before I had the third party insurance my insurance company totaled my car now that the third party insurance is available I want to find out is it a way for them to pay off my car because I owe 17,000 and my insurance company was only going to pay them 8500 what can be down to get the third party insurance company to pay the balance owed otherwise I will owe almost 10,000 on a car I don't have anymore? Please help...

Alecia

Answer
Hello Alecia,

I am very sorry to hear about your loss. Unfortunately, both insurance companies will owe you the fair market value of your car and not the out standing balance of your loan. if the fair market value is $10,000, then that is what they owe. You would still be responsible for the balance of the loan. A very bad situation if you are not very careful.

There are many techniques you can use to defeat this type of situation (mainly, increase the settlement amount), please see: http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html

I recommend you get this ebook, it's $17 and it can really help you increase your settlement: http://www.auto-accident-blog.com/go/Total-Loss-Ebook.php

I hope this helps some

Good Luck
Anne
http://www.quirogalawoffice.com/Spokane-personal-injury.html