2026 honda civic with 100 miles on it was hit by a car that ran the red light, we called the cops and they received a ticket on the scene since there were witnesses who saw everything play out. The issue is this car was was driven off the lot 18 days ago and worth almost 40k, i don’t know what to do and i feel really stuck since the car wasn’t even mine. Any advice?
Posted by therumblingg
9 Comments
Well hopefully they didn’t over pay for it. Cause you’ll be getting acv.
File a claim? Not sure what you’re looking for here
Hope you had gap
What do you mean the car isn’t yours? Do you mean you haven’t received the title yet? Or do you mean it actually doesn’t belong to you?
If it doesn’t belong to you, I’m not sure how this is your problem, unless you agreed to take care of the car and pay for any damages. If it does belong to you, then just proceed through insurance. A brand new Honda with low miles is going to have a very high value, and if the car is financed, hopefully you have Gap coverage so you won’t be responsible to make up any difference between actual cash value and whatever you owe on the loan. Good luck.
Is it your car? Report the claim to the owner’s carrier. They should have collision coverage since the car was so new. They will get an offer. Check to see if there was some endorsement such as car replacement (not common). Did the owner have GAP coverage? Once the carrier pays acv, file a GAP claim.
Firstly, if the other driver ran the red and its on the police report, dont contact your own insurance right away. Instead file as a third party through the insurance of the person who hit you. Its a slower process but avoids you having a claim on your record with your current company and makes any rate increase absolutely minimal.
If the other car ran the red light, the opposing insurance should cover you for the value of the car in totality with no deductible. Typically once a car is driven off the lot the value depreciates a couple thousand but since its only 18 days old i would negotiate with insurance. For example if they offer you 35k counter offer them and if they dont budge keep negotiating. Insurance is required to pay you out, but you dont NEED to accept an offer.
If you have gap insurance its less of an issue. For example if you put $0 down, you own more on that loan than the car is technically worth but again you can negotiate, and worst case arbitrate but typically insurance will avoid doing that over a couple grand and usually just pay you out.
My advice is work with them with courtesy and also get a dash cam for the future. If youre found at 0% fault your rates might go up marginally but it typically wont go on your record as anything but a small ding.
Better hope GAP was taken.
Advice on what? File a claim. I hope it’s paid off or you have GAP because there’s no way they’re giving you full value.
As the car is brand new. You should check with the owner that do they have a depreciation waver in there policy or do they have gap insurance.
If they have depreciation waver mean the company will pay you the MSRP of car which will help you to close the loan and you might left with some change. If you have gap insurance mean the insurance company will pay you the market value of car. Even after the settlement offered is less then what the owner owe on car you can file a claim with your gap provider they will cover the surplus amount on the car.