Legal Question in Traffic Law in Louisiana

Recovering Down Payment of Totalled Vehicle

I was involved in a vehicle accident which was the cause of the driver of the other vehicle. My vehicle was totall lossed Thursday. My insurance company as the subrogator, will settle for blue book value of my vehicle, I am told. I also purchased Auto Gap Insurance from the dealership which will also help me to pay of my loan. My loan value is probably higher then blue book value due to depreciation of an almost brand new vehicle. Six months ago I put down a sizeable down payment of $3,100 to be able to afford the notes of this truck. With my collision and Gap insurance I will probably only be able to pay off the loan but not recover the downpayment which 6 months ago I had as cash money. That money which was tied up in the vehicle is now gone. To purchase another vehicle of equal value then I must raise another $3,100 out of my own funds, which I do not have. Do I have the right to ask the insurance company to recover my downpayment as part of this settlement? Thank you


Asked on 2/15/03, 10:03 pm

1 Answer from Attorneys
Andrew Casanave Andrew M. Casanave

Re: Recovering Down Payment of Totalled Vehicle

You have the right to ask anything. You will get something resembling blue book under most circumstances.

But remember this, blue book is a set of values, not just one. There are wholesale, retail and trade-in value. Make sure that you get retail.

Another way to set value is go to your dealer (or someone who sells that make of car) and get an actual sale price on a car like yours. This will be a used car with similar features and mileage. You might be able to convince them to pay that. But if you had a 2002 model of a vehicle with certain features and it now has 15,000 miles on it, then I doubt they will give you the price of a 2003 with the same features and almost no miles.

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Answered on 2/16/03, 9:40 am


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