QuestionI bought a 2006 Nissan Xterra two weeks ago. It had 1400 miles on it. I financed it, but did not purchase GAP insurance--though I do have good insurance coverage with USAA. Yesterday, a young man, with a suspended license, NO insurance and an out of date tag, ran a redlight going 50-60mph and I plowed into him. My seatbelt and the airbag saved my life, but I'm pretty banged up--with bruises all over. The police gave him two or three tickets but let him go without giving him any alcohol or drug tests. There were a ton of witnesses that saw him run it and he was deemed at fault and received all the tickets.
My questions is, IF my truck is totalled, how much can I expect to get for it--is it used retail, private party or trade-in?
Also, is there any way I can get the kid to pay my deductibles and the difference that GAP would have paid?
What if he has no money or assets? Am I just out of luck--as if he'd taken a few thousand dollars out of my pocket, set it on fire, and walked away?!?
IF they do repair it, but it's just not the same and has repeated problems, is there anything I can do about it?
Thanks!
AnswerHi Joe,
The insurance company will owe you for the fair market (retail) value of your vehicle at the time of the collision. That means that they will try to take a reduction because it was technically a used vehicle. You should research the value yourself so you will know it their offer is fair.
The at fault driver will not be responsible for the balance of your loan if the vehicle is totaled. They only owe you for the value of the vehicle.
If the vehicle is deemed repairable, any repair issues that may come up over time will need to be addressed with the repair facility that completed the work. You should be provided at least a 5 year warrantee on the work performed.
I hope this helps
Richard Hixenbaugh
