Not at Fault, General Questions

coguy · #1 10-12-2006, 08:26 PM

What is the name of your state? NC

Was hoping I could get a few answers to some questions to prevent me from having to get a lawyer.

My car is most likely going to be totalled from a not-at-fault accident (will find out for sure tomorrow). Assuming my car is totalled and I have to purchase a new one, how long can I be reimbursed for a rental car? I don't want to feel rushed into purchasing a new vehicle right away, but I also can't afford to rent a car on my own dollar.

I am making the claim through my insurance until the other party admits fault. If my car isn't totalled, my insurance company has stated that they won't pay me diminishing returns until I go to sell the car. I've read about this and it seems like a bad policy, If I was injured they wouldn't reimburse me at every doctor's visit, they would give me a sum up front. Is there any precedent for getting the diminishing return at the time of loss and not at the time of sale?

ecmst12 · #2 10-12-2006, 08:32 PM

If you were injured, they would NOT give you a thing up front, they would pay your medical bills.

When my car was totalled, my insurance gave me 3 days of rental from the time I got the check. So I hope you're shopping now.

If the car is NOT totalled, they will pay you for the cost of repairs. Whether you choose to repair it or sell it and buy another is completely up to you and has nothing to do with them. All they have to do is pay you for the expected cost of repairs per their shop's estimate.

coguy · #3 10-12-2006, 09:37 PM

Quote:

Originally Posted by ecmst12

If you were injured, they would NOT give you a thing up front, they would pay your medical bills.

When my car was totalled, my insurance gave me 3 days of rental from the time I got the check. So I hope you're shopping now.

If the car is NOT totalled, they will pay you for the cost of repairs. Whether you choose to repair it or sell it and buy another is completely up to you and has nothing to do with them. All they have to do is pay you for the expected cost of repairs per their shop's estimate.

I'm asking about diminishment of value. I'm entitled to be reimbursed the difference in value between my car before the wreck and after the wreck, assuming it's not totalled. I'm hoping there is a legal precedent for getting that amount up front and not when I go to sell, which is what the insurance companies prefer because they can defer the cost to a later date which will be less as time goes on. If I sold my car today the difference would be higher, so they would rather wait until I go to sell it 10 years from now when the difference between a clean title and wrecked title is almost 0.

If you break your neck in a car wreck, the insurance company won't pay your medical bills for 10 years, they will give you a settlement to cover the loss including future amounts. Similar if your house burns down, they don't wait till you rebuild to give you your money, they give it to you when your house burns down.

BelizeBreeze · #4 10-12-2006, 09:49 PM

Quote:

Originally Posted by coguy

I'm asking about diminishment of value. I'm entitled to be reimbursed the difference in value between my car before the wreck and after the wreck, assuming it's not totalled.

Really? And where did you hear that?

Quote:

I'm hoping there is a legal precedent for getting that amount up front and not when I go to sell, which is what the insurance companies prefer because they can defer the cost to a later date which will be less as time goes on.

Again, where did you hear that?

Quote:

If I sold my car today the difference would be higher, so they would rather wait until I go to sell it 10 years from now when the difference between a clean title and wrecked title is almost 0.

No they would rather pay you according to the law and be done with you.

Quote:

If you break your neck in a car wreck, the insurance company won't pay your medical bills for 10 years, they will give you a settlement to cover the loss including future amounts. Similar if your house burns down, they don't wait till you rebuild to give you your money, they give it to you when your house burns down.

oh brother, are you on drugs now?

ecmst12 · #5 10-12-2006, 09:52 PM

Clearly you have no idea how insurance works. If you have an injury, they pay your medical bills until you reach your policy max or until you reach maximum medical improvement (as close to ok as they expect you to get). THEN they may pay you a settlement for your pain and suffering. If you have permanent injuries, they pay you based on how disabled you will be. Not before, but AFTER your treatment is completed.

For property damage, you are entitled to EITHER the cost to repair your vehicle, OR the fair market value of the vehicle as it was immediately before the crash. Not diminished value. And even if you DID get diminished value, it doesn't change as time passes, it would be the diminished value from the moment before the crash to the moment after the crash, or after the repairs are done. There are some states that recognize diminished value, but I don't know if yours is one of them. And if your vehicle is totalled, you DEFINITELY don't get it because they're paying you the full value of your car before the accident.

coguy · #6 10-12-2006, 10:05 PM

Quote:

Originally Posted by ecmst12

Clearly you have no idea how insurance works. If you have an injury, they pay your medical bills until you reach your policy max or until you reach maximum medical improvement (as close to ok as they expect you to get). THEN they may pay you a settlement for your pain and suffering. If you have permanent injuries, they pay you based on how disabled you will be. Not before, but AFTER your treatment is completed.

For property damage, you are entitled to EITHER the cost to repair your vehicle, OR the fair market value of the vehicle as it was immediately before the crash. Not diminished value. And even if you DID get diminished value, it doesn't change as time passes, it would be the diminished value from the moment before the crash to the moment after the crash, or after the repairs are done. There are some states that recognize diminished value, but I don't know if yours is one of them. And if your vehicle is totalled, you DEFINITELY don't get it because they're paying you the full value of your car before the accident.

You're saying the same thing about medical payments as I was, I'm not trying to argue. I'm looking for hopefully a lawyer who is familiar with DOV laws, which I am entitled to based on research. NC is a DoV state, especially when involved in a not at fault accident with a 3rd party agency. FYI, [url]http://articles.moneycentral.msn.com/Insurance/InsureYourCar/12hiddenWaysToSaveOnAutoInsurance.aspx[/url] gives info about DoV. And yes DoV does change over time. Like I said, a 10 year old car has little difference with a dirty title, a brand new car will have a huge difference at point of sale.

Back on topic, anyone familiar with DoV settlements?

ecmst12 · #7 10-13-2006, 08:19 AM

But that still doesn't apply if the car is totalled, because they will be paying you the FULL fair market value of your car BEFORE the accident. And they will want possession of your car if they are doing that too.

moburkes · #8 10-13-2006, 09:41 AM

Apparently, in NC you can ask for diminished value. However, you will not be able to keep a rental vehicle until you find another vehicle to your liking. Generally, the rental coverage ends when they offer you a check, but, apparently, in some cases, like ecmst12 states, they will offer it for a few more days. They are not required by any law to give you a rental after you accept their offer.

coguy · #9 10-13-2006, 11:09 AM

Quote:

Originally Posted by ecmst12

But that still doesn't apply if the car is totalled, because they will be paying you the FULL fair market value of your car BEFORE the accident. And they will want possession of your car if they are doing that too.

Which is why I said, "IF my car is NOT totalled."

If it is totalled, they are offering 5 days of a rental from the time they make the offer.

moburkes · #10 10-13-2006, 11:41 AM

What is your question at this point? Maybe I'm missing something, but I thought that all of your questions were answered.

ecmst12 · #11 10-13-2006, 11:55 AM

Diminished value is the difference between the value of your car immediately before the accident and the value immediately after you have all necessary repairs done to return it to as close to the condition it was before the accident as possible. If you choose NOT to have the repairs done, they will have to assume what the value WOULD be after repairs were done. It STILL has nothing to do with when you sell the car, so no, they can't wait to settle that part of the claim until you sell the car. If they don't pay you what you feel you are owed, you have up to 2 years (in most states) to file a lawsuit and take them to court.