Auto accident rights in my financed car

[Kobrien4]

So a driver about a month ago ran a stop light and t-boned my car a a slow pace and I have a whole bunch of warrantees on my vehicle as well as I over payed for the car but now the insurance company is saying that its a total loss and they can either not fix my at at all and give me 1000 dollars and my car as is or they can pay 4000 to my loan an take my car well I still owe 2000 on top of that even if they did that. My question is how can that be possibly legal if that driver had a stop sign and hit me and now either way I leave this situation without a car I have a job and things I need to pay for and I live on my own in a suburban area we don't have buses or anything that come around. I can't tell if they are trying to pull one over on me cause I'm younger and don't know what are my legal options here

 

[Betty3]

Are you talking about the other party's ins. co. or your own? Did you report the accident to your ins. company?

 

[disagreeable]

It is the insurance companies job to compensate you for your loss, not your foolishness. If you feel the book value of the car is a bit higher than they are offering attempt to negotiate. They are not required to pay for your poor bargaining on the purchase price or financing.

 

[Betty3]

You can ask the ins. co. if they will consider paying more (see if they can get you more). Good luck.

 

[mightymoose]

The insurance company will pay on the assessed value of the car, not the amount you owe on the loan.
If you still end up owing you can purchase your new car and ask them to include a payoff to the existing loan in your new finance agreement.