PROPERTY DAMAGEIf the vehicle is a total loss, you are entitled to actual cash value of the car, the taxes and title on a car of like value and reasonable loss of use. Property damage includes damage to your vehicle, its contents, even clothing you were wearing in the accident THE FIRST STEP-CONTACT YOUR INSURANCE ADJUSTER The first thing you should do is contact your insurance company and tell them you were involved in a car wreck. Have the police report or all the specifics in front of you — what day it happened, what time it happened, where it happened, and how it happened. HOW MUCH DO I GET
FOR MY PROPERTY DAMAGE You are entitled to recover the Fair Market Value of your property that was destroyed in the accident. Fair Market Value is what a willing buyer would pay a willing seller for the property immediately before the accident. Factors that go into this determination include the year, make, mileage, previous damage and general condition of your vehicle prior to the accident. There are various sources of information to help determine Fair Market Value, such as: The Kelly Blue Book - The NADA Used Car Guide
- Computerized market guides
- Recent sales of similar vehicles
- Ads from newspapers or auto trader magazines
- Asking or sales prices from dealers
Service receipts, repair receipts and maintenance records are useful when trying to establish the value of your car.
WORKING WITH THE
INSURANCE ADJUSTER Getting payment from the insurance company at fault will avoid you making a deductible payment. Make sure you tell the adjuster that you are being represented by an attorney on your personal injury claim, but not your property damage claim. An adjuster will be assigned to your case and come to look at the damage to your car. Or, the adjuster will ask you to get estimates. Loss of use is the cost of a rental while you shop for a replacement vehicle. Some adjusters will work with you to get a little more so don’t be afraid to ask. If you have just put a new engine in the car or installed something extra, tell the adjuster about any improvements. Where the vehicle is not a total loss, you are entitled to compensation for the repair bill plus reasonable loss of use, and any “diminished value.” To prove diminished value, obtain a statement from your dealer for the dollar amount the vehicle has decreased in value because the vehicle has been wrecked even though the vehicle has been repaired. This diminished value is in addition to the repair costs. GETTING YOUR CAR REPAIRED After your car has been repaired, check it over very carefully to make sure that all the repairs were done to your satisfaction. Point out anything that was missed to the body repairman. Do not pay until you are fully satisfied. ESTIMATES You should not necessarily accept any estimate, but should obtain two or three different estimates on your own. You may get your car repaired at the repair shop of your choice; you cannot be required to have repairs made at any particular shop. IS THE CAR REPAIRABLE OR
A TOTAL LOSS? The fair market value of a vehicle is its value immediately before the accident. The salvage value is its value immediately after the accident. A vehicle is considered a total loss if the repair cost PLUS salvage value is more than its fair market value. If the vehicle is not a total loss by this standard, then the insurance company will generally pay to have your car repaired. SIGNING THE RELEASE Before you sign the property damage release, make sure you read it very carefully. Do not sign anything that says “damages resulting from the accident” or “in full and final settlement” until you are fully satisfied with the repairs. The check and the release should always read ‘for property damages only’.
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