What to do if the at fault driver’s insurance company accepted 100% liability, but it will not give us what we paid for our car?
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What to do if the at fault driver’s insurance company accepted 100% liability, but it will not give us what we paid for our car?
Asked on July 29, 2011 Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your car was not brand spanking new with very few miles on it when it was damaged was it? If not, under the laws of most states, the damages to the vehicle that you own where the other driver was supposedly at fault is either the cost of repair of the vehicle up to the car's current fair market value or the car's current fair market value at the time of the accident whichever is the less.
You do not get a brand new car or what you paid for your damaged vehicle for the simple fact that the car was a depreciated asset. It was not worth what you paid for it. It was worth less because you had put miles on it after you bought it.
You need to find out what the blue book value of car at the time of its damage taking into account year, make and mileage for negotiation purposes with the other side's insurance carrier.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your car was not brand spanking new with very few miles on it when it was damaged was it? If not, under the laws of most states, the damages to the vehicle that you own where the other driver was supposedly at fault is either the cost of repair of the vehicle up to the car's current fair market value or the car's current fair market value at the time of the accident whichever is the less.
You do not get a brand new car or what you paid for your damaged vehicle for the simple fact that the car was a depreciated asset. It was not worth what you paid for it. It was worth less because you had put miles on it after you bought it.
You need to find out what the blue book value of car at the time of its damage taking into account year, make and mileage for negotiation purposes with the other side's insurance carrier.
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