Legal Question in Insurance Law in North Carolina
Damages more than value of vehicle
I was envolved in a rear end collision that wasn't my fault. I was coming to a stop behind another car already stopped at a red light intersction when a hispanic male with ''NO'' drivers license failed to slow down fast enough before hitting me. The police report stated the driver that hit me acknowledged not slowing down soon enough to avoid the accident. Even though the driver never had a NC driver's license, the vehicle he was driving (registered to another person) was insured. The problem is my car, a 1997 Ford Thundebird, is a high mileage vehicle, over 200,000 miles and currently valued somewhere between $450-650 according to Kelley Blue Book's website. The first estimate I received was over $4500. From the outside, there is damage to my trunk and rear drivers quater panel. Underneath, there is some minor rear frame damage in which I was told could cause the car to be declared totaled. I have friends that tell me the insurance co. should pay full damages to repair my car but I have better common sense to know they won't pay me $4500 for a car that's only worth $650 max. I am scheduled to have my car looked at by the adjuster next week for possible payment. What can I do to make sure I am fairly compensated for my damages?
1 Answer from Attorneys
Re: Damages more than value of vehicle
You may want to contact a lawyer to see if he or she can help you further. In general, you may find yourself limited to the fair market value (FMV) of your vehicle, as opposed to the cost of repairing it. The most you may be able to do is show that your vehicle was in good condition, and thus worth more, but you generally will not be entitled to recover the cost of repairs, where that exceeds the FMV of the vehicle. Your common sense is probably right here.
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