Vehicle Totaled

Florida

I was hit from behind and awaiting the claims adjuster to assess the damage. If the car is deemed totaled, can the liable party be held financially responsible to pay the difference of what I will get in insurance money and what it will actually cost to buy another car? It doesn't seem fair that I'm not at fault, but I will have to take on a financial burden (car loan) to be able to get another vehicle.What is the name of your state (only U.S. law)?

LMSPC said:

Florida

I was hit from behind and awaiting the claims adjuster to assess the damage. If the car is deemed totaled, can the liable party be held financially responsible to pay the difference of what I will get in insurance money and what it will actually cost to buy another car? It doesn't seem fair that I'm not at fault, but I will have to take on a financial burden (car loan) to be able to get another vehicle.What is the name of your state (only U.S. law)?

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The insurance is going to pay what your car was worth, and you can take it or leave it.

If you leave it you can sue the person for fair market value for your car (what the insurance was going to pay) but keep in mind the at fault party will be represented by the insurance's lawyer.

its just the way the cookie crumbles.

The judge et c. may not be an auto mechanic. He will use the "blue book" or some other expert reference to place a value on the car. If this was a show car and you have a recent appraisal then get it out, dust it off, and show it around. It may be accepted. If you can produce 2 or 3 local ads for the same year and model then that evidence may also be submitted.
This often leaves folks angry but it seems to be the best the courts can do.

Good luck

Love clueless posters.

The person who hit you is not responsible for making sure you get into a new car. They are only liable for the fair market value of the car they destroyed. Whether your replacement vehicle costs more, less, or the same as your old one was worth has nothing to do with them.

The insurance company is going to try to pay as little as possible for your car. Remember, an insurance money's profits depend on collecting premiums and not paying claims.

They will also produce a valuation from a company that specialized in low-balling. The insurance companies pay for these valuations in an effort to reduce claim payments.

Your best bet in information. Start with on-line valuations like kbb (Kelly Blue Book). These values are usually higher than reality, but the insurance company values are usually lower than reality. The actual value will be somewhere in between.

Next, see if you can find some local comparable vehicles. Check out the asking price and plug the numbers and features into kbb. Along with showing the reality (or lack of) of kbb, it will give you a feel for how much mileage affects the value.