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TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I was recently in a car accident and it was the other parties

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I was recently in a car accident and it was the other parties fault. Their insurance company totaled my car and offered me $2000.00 less than I still owe in it. They told me they cannot offer any more than blue book value. Is there anything I can do to make them return me to the same financial situation I was in prior to the accident? or do I have to accept their offer and end up further in debt with no vehicle??

Thank you for your question.

I've seen this situation time and time again. It is unfortunate and it is unfair. Under negligence law, the tortfeasor must only repair the damage to the vehicle or pay you for the fair market value of the vehicle, regardless of how much you may owe because of your financing deal with a third party. Thus, you are stuck in the circumstance of having to accept the fair market value of the vehicle. You can still argue that it is is higher than what they are offering, but you will need proof that their blue book valuation is incorrect.

On a separate note, there is now insurance which you can purchase which will give you coverage for this exact type of event (i.e., where your car is towed but you are still upside down on it).

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
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