Totaled SUV, their fault , insurance will only pay what its worth, have 3K left to payoff-what is best action? -

HONDA 2006 CRV SUV(mini) struck from behind. Even they (other party)have good insurance. Co. says we will get what its worth even though we owe.We will be out 2-3K? or get less what we get from other insurance to replace this vehicle.Guess what?we dont have gap insurance.Seems we'd have to go to small claims court?! This insurance stuff is so crazy-Health ,Car- itsa mess- especially for peeps doing the CORRECT thing. this is a company car-from our own home based biz- it even has advertisement on the windows Yes. Even if it was your fault, you'll be out the 2 - 3K. It's called, "cost of borrowing money". You don't get cost to replace, you don't get payoff, you get exactly what the car is worth. That's all you're really out, because of the accident. Walking into a bad loan, or not putting down a decent down payment, isn't THEIR fault. Your financial decisions are NOT covered, without GAP. Only the CAR is covered. Even if you go to small claims court, the other guy isn't responsible for YOUR LOAN. You won't win. Sorry. Next time, don't buy a car if you can't put 20% down. Or, buy an older car, or a cheaper car. Then you won't have this problem. The party which caused the damages to your vehicle is not responsible for what you OWE on the property damaged. They are responsible for the costs of the physical damage, which in this case is the market value of the vehicle. Who is responsible for the value of the vehicle falling FASTER than the loan against it is paid down ? That would be you, the borrower. You can sue all you want but they only owe for what the car is worth not what you owe on the car. That is law. You will lose. I am sorry to say you will have to pay the difference. technically u owe the difference. as for lawyer , u may not come out ahead or even with more $$. suggest u get a personal loan or scrap up what ever cash , buy cash car for now. don't go into to debt for car , bad money deal. note when running with HB ads on car ur insurance may not cover u . visit daveramsey.com to learn ur hard lesssons from others mistakes. it is cheaper and easier. Who determined the worth of your vehicle? You should be paid what it will cost to replace the vehicle (same model, same condition, close to same mileage, etc.) at local car dealerships. Check with local dealerships yourself to determine value of your vehicle. If there is a loan on a fairly new vehicle, it is very possible to owe more than it is worth. If you feel a lawsuit is warranted, go that route for more money. If it was not your fault, a good attorney may be able to negotiate more for you. Depending on your state law, you might be entitled to more from the insured, especially if there was gross negligence or intentional harm. People who are dumb enough to owe more on their vehicle than it is worth are asking for trouble, however. You were NOT doing the correct thing. you are on the hook for that money. best bet is to try and roll it into your next car loan. this can not be blamed on someone else, you were given an opportunity to buy gap insurance. If you have Underinsured Motorist coverage, you can file a claim against that. If you think the people that hit you care about their credit, take them to small claims court. Bummer. You know I had a car totalled -- but it was an older car and the damage reallly wasn't that bad. I got the money in cash and found a body shop who would fix it for what I had. LOL - which probably tells you something about how things get inflated for insurance -- but that is another subject. Yeah, it's tough for you, but you're probably on the hook. I'm not sure what small claims court will do for you. Get the other party to make up the difference? Well, it might work, or since you mentioned it is a business car - you'll have a tax deduction. NEXT TIME CONSIDER GAP! Look into discounts by buying direct and online. :) The other persons insurance company does not have to close the gap. However, I was in a similar situation about 8 years ago. I contacted his inurance company and told them they would pay the difference due to them insuring a neglegent driver or I would push the claim until I received what I was entitled to. They ended up issuing a check for the full amount. It would be a good idea to have your own valuations of your car by checking with honda dealerships. In other words, check to see what the dealer is selling a 2006 CRV for. Check out www.insurancecoveragesite.com for more information.