Regarding a car accident, should we be paid for the fair market value of the car, which is about $7000, or are we stuck with the value at auction of $5000?

Last month, I bought a used car for my son from a dealership through eBay; it cost $5000.A woman ran a red light and hit the car, totalling it. An officer was already in the vicinity responding to a different accident, witnessed the accident and ticketed the other driver. My son called our insurance company and they are dealing with the other drivers insurance company. No settlement has been offered so far.

Asked on November 15, 2012 under Accident Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this court if your car was damaged the measure of damages is the lesser of the costs of repair or fair market value of the car at the time of the accident. I suggest that you get estimates for costs of repair and fair market value.


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