Auto Accidents: Settlement Analysis
Property Damage General Overview
Market value of the car (and any contents) at the time just before it was damaged.
“Market Value” is what another person in the general public likely would have been willing to pay for your car. To determine a reasonable estimate of this value both sides usually look at recent publications/records as to what a particular make and model of car is/was being purchased for by general public buyers.
“Market Value” is not based on your opinion of value although your opinion might be similar to what others would be willing to pay.
Question: What if you owe $20,000.00 on a car loan for the car but the car is only worth a market value of $12,000.00?
Answer: The other driver (or his insurance company) are only obligated to pay the $12,000.00. You are left with the $3,000.00 owed on the loan. Not a good circumstance.
The Car Contents
“Market Value” of items you had in the car that were damaged by the accident. Examples: eye glasses, ipod, clothing, furniture, appliances you were transporting, jewelry Note: The specifics of each circumstance and case affect the value. Remember any time both sides can’t agree, a judge or jury has to decide it for both sides. That always takes longer. You can’t force someone to agree.
Loss of use – Rental car
If the car is repairable the other driver’s insurance is usually responsible to pay for a rental car of a similar type for only the reasonable time period for repairs.
Please click here for additional questions that have to be answered in almost every car accident case.