Location: Halifax, Nova Scotia
My car was hit and totalled by another driver when I had it legally parked on the street. Their insurance paid out the “ACV” which came out to 18k but the loan is 26k leaving me with 8k worth of payments to be made. I want to get another car of the same value that I had before but where I still have to pay off the remaining 8k I can’t afford to. Can I sue the driver in small claims court and if so what’s the odds I win?
Comments
No. You can’t sue the person because you were underwater on your loan and the insurance only paid out the actual market value of your car. This is why Gap insurance exists.
No. That’s what gap insurance would have covered; I’m assuming you don’t have it?
They’re only required to cover the actual value of the vehicle at the time of the accident, not the full amount you still owe on the loan.
>Can I sue the driver in small claims court and if so what’s the odds I win?
Sure. Zero.
You’ve been paid for the value of your damaged property, you have nothing else to pursue.
I mean sure you can sue the other person but the likelihood that you will win is almost nothing.
Can you yes will you win no.
If you buy a car with less than 10% down and at times less theb 20% with any term longer than 5 years you need gap full stop. Insurance from the other driver isnt responsible for your loan or what you paid for said car. All they are required to pay is what said car is worth, you can search and see what your make model year n milage costs to purchase and maybe can get them to get a better arv
I’m not sure you’ll get a more palatable answer, but you should ask in r/legaladvicecanada to get information informed by your local laws.