QUESTION
Am I only entitled to the fair market value of my car after a car accident?
Asked on Dec 05th, 2011 on Personal Injury - Georgia
More details to this question:
I was rear-ended and my car was totalled. Am I only entitled to fair market value for my car ($1300) even though I cannot relace the car for that amount?
16 ANSWERS
Appellate Practice Attorney serving Bloomfield Hills, MI
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Law Office of William L. Spern
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Read the policy. Most policies do not provide for replacement cost. There are some exceptions.
Answered on Jul 03rd, 2013 at 12:17 AM
Criminal Defense Attorney serving Montrose, NY
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Law Office of Jared Altman
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Yes.
Answered on Jun 02nd, 2013 at 9:11 PM
Yes.
Answered on Jun 02nd, 2013 at 9:10 PM
General Practice Attorney serving Indianapolis, IN
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Broad Law Firm, LLC
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In Indiana, the simple answer is yes. You should consult with an attorney in your area to determine if that is the case in your state as well.
Answered on Feb 17th, 2012 at 12:09 PM
The law requires that the at-fault driver put you back in the same position you were before the wreck. If you were driving a 2000 Honda, the at-fault party only has to pay for what it would cost you to buy a 2000 Honda. That is the fair market value.
Answered on Dec 08th, 2011 at 12:44 PM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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FMV is all you will ever get. That is the law of the case
Answered on Dec 07th, 2011 at 2:39 PM
Yes, if your car was totalled, you are only entitled to the current bluebook value and not the replacement value.for yourmotor vehicle You may want to consult with a plaintiff's accident attorney to see if you are entitled to any other compensation resulting from the collision.
Answered on Dec 07th, 2011 at 2:31 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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You are entitled to what the car was worth as of the time of the accident.
Answered on Dec 07th, 2011 at 2:29 PM
Personal Injury Attorney serving Marietta, GA
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Law Office of Ronald Arthur Lowry
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If the car is totalled and you were not hurt in the wreck the only thing you would be entitled to recover is the fair market value of the destroyed vehicle at the instant before it was destroyed.
Answered on Dec 07th, 2011 at 2:00 PM
Yes; you're entitled to the value of the car at fair market value or what it would have sold for in an arm's length transaction if sold just prior to the accident.
Answered on Dec 07th, 2011 at 10:26 AM
Automobile Negligence Attorney serving Orlando, FL
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Kelaher Law Offices, P.A.
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Yes; but the insurance company also has to add state sales tax to what they pay you for the car, as you will have to pay tax for your next car.
Answered on Dec 07th, 2011 at 9:04 AM
Personal Injury Attorney serving Spanish Fork, UT
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Utah Legal Team
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Yes. Typically, you are only entitled to the fair market value of your car.
Answered on Dec 07th, 2011 at 9:01 AM
Brain Injury Attorney serving Baton Rouge, LA
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The Lucky Law Firm, PLC
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Unfortunately, you are only entitled to receive the actual cash value of your vehicle. You may find this value by looking in the Kelly Blue Book and/or NADA Guide. Some insurance companies sell replacement value insurance so if you have collision coverage you may want to check your collision policy.
Answered on Dec 07th, 2011 at 8:44 AM
Personal Injury (Plaintiff) Law Attorney serving Wheaton, MD
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The Law Offices of Paul A. Samakow, P.C.
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You are entitled to the value of your car. "Fair Market" is a term insurers use. Pretend that you wanted to sell your car right before the accident occurred... you put an ad in the paper.... what would you get? That is the value.
Answered on Dec 07th, 2011 at 8:31 AM
Personal Injury — Plaintiff Attorney serving Taylor, MI
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Downriver Injury & Auto Law
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In MI, if you have collision, you are entitled to the value of the car, which is retail value. Do your research and replacement value is the value of the car. You need documentation for their file, a minimum of three sales is a good indicator of value.
Answered on Dec 07th, 2011 at 8:22 AM
Houston D. Smith III
Correct. You do have the option of keeping your car and obtaining a salvage title for it which allows you to repair the vehicle.
Answered on Dec 07th, 2011 at 8:21 AM