Legal Question in Insurance Law in Iowa
Do we have a choice if our car is totaled or fixed
We were in a accident on 7-9. We were not at fault. The damage was almost $1900. Our car is a 93 and has a retail value of $2500. They said they might total it out. We can not afford car paynents right now. We want our car fixed. Do we have any rights? All of this is through no fault of ours, but it feels like we have no say in our own business. Thank you.
1 Answer from Attorneys
Re: Do we have a choice if our car is totaled or fixed
Unless Iowa has a specific law about this, generally most insurers try and total out a car if the repair cost is anywhere from 75% or more of the fair market value. This is ususally not in your policy, but itis an informal standard used by insurers because it is more convenient and cheaper for them. It is not binding on you but you may have to argue with the insurer to force them to honor the actual policy language.
And you also need to document the fair market value of your car. Get an Auto Trader, the Sunday paper, and internet ads. Demand the insurer give you all of its paperwork, including the appraisal it gets, if any. Get one or two repair estimates, if your car can be repaired. It the repair is less than the fair market value, you are entitled to have it repaired.
You should do all this in writing and not in phone calls with the insurance adjuster.
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