I Still Owe Money On The Loan For A Totaled Car. What Should I Do?

What happens when the car you use is "totaled" in an accident? You must know a few things in case your car gets totaled. 

•    The car's actual cash value or ACV on the day of the accident.
•    The car is a total loss when the repair cost exceeds the car's value. The insurance companies will assess the cost.
•    You can still claim the car loan if you total a financed car.
•    To cover the difference between the ACV of your car and the money you owe. You can use GAP insurance.

Meaning of Total Loss of Car

"Total loss" indicates that the insurance company deems your car is not worth the cost to fix the damages. There are formulas to determine the car's value. For instance, there is the"80% Rule". The insurer will see the car's actual cash value on the day of the accident. By applying the 80% Rule, they will see if the repair cost is more or less than the value.

If it is less, then the insurer will cover the payment. But your car is a "total loss" if it is more. The insurer will buy the totaled car from you. An acccident lawyer in Waterloo knows that upon totaling the car, you hand over the ownership to the insurer. In this way, you can avoid paying any insurance. But you do have to pay your car loan.

Do You Still Owe Money on Your Totaled Car?

There are a few factors that will decide the fate of your car:

•    What was the car's actual cash value at the time of the accident?
•    Who is the faulty part responsible for the accident?
•    Insurance coverage
•    How much do you owe for your loan?

What Happens When You Don't Have Insurance?

Most states need the drivers to have some proof of financial responsibility. The liability coverage covers the injuries of others and property damages. It is helpful when you are legally liable for an accident. Accident lawyer in Waterloo says you must pay the damage fees out of pocket if you do not have insurance. Your compensation might be small, given that you do not have insurance.

Can "GAP Insurance" Help?

GAP or Guaranteed Auto Protection covers the difference between the amount that you owe and the ACV of the car. Since cars have a depreciative value, research it before you go for GAP protection. However, it does not cover these aspects:

•    Replacement parts
•    New car
•    Car repairs
•    Rental car post-accident
•    Medical bills
•    Lost wages
•    Property damage of a third party

If you think of shopping for a new car, you can do so based on your insurance settlement.

Contact Your Lawyer

Contact an experienced Accident lawyer in Waterloo if you have totaled your car. You can get the correct assessment of the ACV of your car from them and negotiate a settlement. For more information visit here: BLW Injury Law

4 Reasons Why A Personal Injury Lawyer In Waterloo Will Refuse Your Case

The demand for personal injury attorneys is very high these days. But don’t think that an attorney will be ready to take up your case under all circumstances. In fact, you may wonder why a Personal Injury Lawyer in Waterloo did not accept your case. Does that mean none other will accept the case? Yes, it may. So, you need to understand what are the conditions under which an injury attorney may not take up your case.

Reason #1: How the accident happened?

One of the foremost considerations of the Injury lawyer in Waterloo is the way the accident happened. If you want to hold someone else financially liable for your damages, that person should breach the legal duty. Had the person actually done something wrong that led to the accident? If the attorney does not feel so, then he or she will refuse to take on the case. It's not important how severe your injuries are. It's important to assess whether there is a possibility that the other person was not at all negligent or did not cause the accident directly.

Reason #2: Extent of injuries

Are the injuries serious enough? If not, then what brings you to the lawyer? Attorneys often come across victims who say that the person was almost killed. Now, do the injuries support the claim of getting “almost killed?” The court will decline any personal injury case that cannot show enough damages to you or your asset to claim the compensation. An accident can happen at any time. But not all of them can sum up to a personal injury claim. If the  Injury Lawyer in Waterloo feels that your injuries are not severe enough, there is no reason to drag the case to the courtroom.

Reason #3: Lawyer shopping

Every plaintiff has the right to discuss the case with a few lawyers before finalizing the lawyer. But that does not mean that you will go around talking to each and every Personal Injury lawyer in Waterloo present on your list to get the compensation values from multiple sources. None of the lawyers can provide you with an accurate compensation amount. It's just a rough assumption based on the initial story that you share. Once the lawyer starts digging in, the amount can increase or decrease depending on different parameters. So, a lawyer can always turn you down if the assumed compensation is not fat enough.

Reason #4: Unrealistic expectations

After you share the accident case with the attorney, the lawyer will provide you with a possible estimate of the compensation. And you immediately feel that it is not the figure that you expected to see. In fact, you may share an amount that you think is good as compensation. The lawyer will always try to reasonably explain to you the factors contributing to the low sum. If you still do t accept the amount for a claim, the lawyer can always turn you down. So, if you are looking for a lawyer, make sure that you all have some realistic expectations. For more information visit here: BLW Injury Law

Why You Need Prompt Legal Intervention By A Personal Injury Lawyer In Waterloo

You need two people urgently if injured in a car accident in Waterloo city. They are a doctor and a lawyer. When you suffer injuries, you need a doctor for emergency medical attention. If someone else has caused the injuries, you need a lawyer to make a compensation claim. Canadian law entitles you to claim damages when injured in a car accident caused by another’s negligent or inattentive driving. You must take the legal counsel of a personal injury lawyer in Waterloo to know your rights to seek compensation claims.

Your Right To Make Claims

Canadian citizens have the right to make compensation claims for car accident injuries. If your car is caught in a collision by negligent driving, the other driver is liable. The law investigates the car that caused the accident. If you are partially responsible for the accident, you will still be eligible to claim compensation owing to the severity of your injuries. Within 120 days of the accident, the at-fault driver will have to be served a legal notice which means you have to speak about the case with an injury lawyer Waterloo immediately afterward.

Hiring The Lawyer

You can approach reputed law firms in Canada and take their legal opinion on your claims case. A personal injury lawyer in Waterloo is a certified professional lawyer with specialized knowledge of the scope of injury claims in court. Based on the merits of your case, the law firm will give you a clear idea of your winning chances and agree to represent you. They will also assist in gathering evidence and calculating the compensation amount you should claim. Law firms in Canada offer a no-win no-fee policy whereby they take fees only after winning the claims case.

Evidence For Your Injuries

To win the compensation case in court facts need to be proved with evidence. The type of injuries you suffered in the accident is proven with medical reports and diagnostic tests. Furthermore, a specialist doctor will be called to court by your injury lawyer in Waterloo to take an objective, independent opinion on the medical reports. The financial losses you have faced are proved by details of expenses met during treatments and filing court petitions. It is established in court that you are facing a loss of income due to your physical inability to work after the injurious accident.

Court Verdicts Vs. Negotiated Settlements

When you claim compensation, a personal injury lawyer in Waterloo works to win the best amount for you. An out-of-court settlement offer may come from defense attorneys when they want to settle it without hearings. Such negotiations are held outside courtrooms and in lawyers’ offices. Lawyers conduct negotiations based on evidence and injury. If this option fails, court hearings will be the available alternative. The court delivers justice and states the compensation payments at the end of hearing the legal arguments and evaluating evidence from both sides. The victim’s injuries and the consequences on their life have significant considerations in this matter. For more information visit here: BLW Injury Law