Car accident question

[mugs]

If I'm in an accident and the other driver was at fault, is their insurance company obligated to compensate me for the amount my car depreciates as a result of being in an accident? Meaning if I could sell it for $X before and now I can't get that much for it, would they have to pay the difference? Approximately how much would that be on a car valued at about $15,000 that had significant front end and rear end damage?

 

[Vette73]

That has been a BIG legal question that has no real answer. Of course it will lose value but insurance companies have been fighting that all the way (who would have thought?)

So yes you should bring it up, but in the end will have to go to court to fight it and/or file a complaint with the state.

 

[mugs]

Dang it. All I want is for it to have not happened. :|

 

[TallBill]

I wouldn't think so, just for the repairs. I've heard of GAP insurance which covers depreciation on a totalled car, but I'm not sure if it covers other depreciations.

 

[mugs]

Originally posted by: TallBill
I wouldn't think so, just for the repairs. I've heard of GAP insurance which covers depreciation on a totalled car, but I'm not sure if it covers other depreciations.

I thought GAP insurance was if you were upside down on your loan, it would cover what you owe if your car is totalled.

 

[Analog]

Where's Luvya?

 

[GeekDrew]

Originally posted by: mugs

Originally posted by: TallBill
I wouldn't think so, just for the repairs. I've heard of GAP insurance which covers depreciation on a totalled car, but I'm not sure if it covers other depreciations.

I thought GAP insurance was if you were upside down on your loan, it would cover what you owe if your car is totalled.

mugs, you are correct about gap insurance.

 

[mugs]

Originally posted by: yellowfiero
Where's Luvya?

Running over little old ladies

 

[YoshiSato]

This is why you need a lawyer.

Was the car totalled? If the car was totaled you can fight for the Blue Book valid of the car prior to the accident. They may try to use NADA but since it was their falut you can fight for blue book.

If the car was repaired able they are responsible for the repair costs. You will need to check with a lawyer if they owe any value loss.

 

[mugs]

I doubt it was totalled since it was worth over $15,000... that'd be a lot of damage I'd think. I'll check with my insurance company and see if they think it's worth pursuing anything beyond the repair cost. I'm not one to take advantage of being in a car accident, but I don't want to take the hit when we sell the car because of an accident that was someone else's fault.

 

[Sluggo]

Originally posted by: mugs
I doubt it was totalled since it was worth over $15,000... that'd be a lot of damage I'd think. I'll check with my insurance company and see if they think it's worth pursuing anything beyond the repair cost. I'm not one to take advantage of being in a car accident, but I don't want to take the hit when we sell the car because of an accident that was someone else's fault.

You might be surprised, the damage adds up quite quickly.

I think the term you are looking for is "diminished value", Google it, and you can read more than you ever wanted to know on the subject.

 

[freebee]

edited.