hit while parked - might be totaled

[dani]

What is the name of your state? Maryland


My car (2006 BMW 325i) was parked legally and hit very hard. There is a lot of damage. I think there might be frame damage and I am worried it will be totaled out by the insurance company and I'll take a big financial hit. What options do I have? What can I sue the driver for if anything? The police came and did an accident report, it's as cut and dry as you can get.

[isue4you2]

Originally Posted by dani

What is the name of your state? Maryland


My car (2006 BMW 325i) was parked legally and hit very hard. There is a lot of damage. I think there might be frame damage and I am worried it will be totaled out by the insurance company and I'll take a big financial hit. What options do I have? What can I sue the driver for if anything? The police came and did an accident report, it's as cut and dry as you can get.

You are only entitled to the cost to repair it and loss of its use if repairable, or its actual cash value at the time of the accident; no matter if you go through your insurance company or the other person's insurance company. So, you should definitely report it to your company and let it evaluate the damage, report it to the other insurance company and let it evaluate the damage, and decide how you will proceed. If you and your own insurance company do not agree on the damage, you have an appraisal clause in your policy to resolve the disagreement. If you and the other insurance company do not agree on the damage, you can either let your company handle it and subrogate to the other company, or sue the other party. Those are your options.

[dani]

Originally Posted by isue4you2

You are only entitled to the cost to repair it and loss of its use if repairable, or its actual cash value at the time of the accident; no matter if you go through your insurance company or the other person's insurance company. So, you should definitely report it to your company and let it evaluate the damage, report it to the other insurance company and let it evaluate the damage, and decide how you will proceed. If you and your own insurance company do not agree on the damage, you have an appraisal clause in your policy to resolve the disagreement. If you and the other insurance company do not agree on the damage, you can either let your company handle it and subrogate to the other company, or sue the other party. Those are your options.

what exactly is "loss of use" that I am entitled to? I have the same insurance carier as the person who hit me. If there is frame damage and substantial loss of value but they chose to repair it am I entitled to anything for the resale depriciation?

[moburkes]

No to the depreciation. You are entitled to the fair market value, period. Loss of use generally means a rental vehicle until the time that you are offered a settlement OR the cost of a rental vehicle, if you don't actually end up renting one.

[isue4you2]

If they repair it, you MAY be entitled to diminished value. You will have to have an expert in diminished value write a report after the repair is completed that outlines the repair and the diminished value, and present it to the insurance carrier for consideration. You may get a fight, but they probably will make some settlement with you.