by suekels » Tue Oct 20, 2009 10:29 am
A car hit me on a corner. The man admitted full liabitly to all insurance companys. I have been notified that my car is not economically viable to repair. How do i stand as I cannot afford to buy another car.
Posted: Tue Oct 20, 2009 03:30 pm Post Subject:
If the amount of the repair exceeds the value of the vehicle, it's not financially logical to have the other driver pay for it. Do you know what the value of your vehicle is? You have the option to keep the vehicle and settle the difference. That way you can find someone to repair what only is needed to keep it driveable.
Posted: Tue Oct 20, 2009 05:57 pm Post Subject:
Depending on what state you are in should weigh heavily on your decision to retain the car. Some states have very strict owner retain procedures that could make it a larger mistake to keep the car.
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