Charlotte Car Accident Damage FAQ
Apart from the grief and trauma that may be caused by an accident, accident victims have to deal with a damaged vehicle. Depending on the circumstances behind your accident, you may be entitled to compensation for your injuries and auto damage. An experienced Charlotte auto damage lawyer can help you file a lawsuit against the negligent driver that caused your accident.
Will My Car Be Repaired Or Replaced?
Whether you get your car repaired or replaced depends on whether it costs less to repair your car than to replace or vise versa. Insurance companies will declare your vehicle a “total loss” if it is damaged 75% of the actual cash value (ACV) of the vehicle. But the insurance company will buy your car for its pre-crash market value. The insurance company will deduct the salvage value of your wrecked vehicle from the settlement if you decide to keep your wrecked vehicle. If the insurance company chooses to repair your vehicle, talk to an experienced Charlotte auto accident lawyer to ensure that the repaired vehicle is safe.
How Does The Insurance Company Determine The Market Value Of My Vehicle?
“Fair market value” or “actual cash value” is the payout on the wholesale price a dealer would pay for your car. You can estimate fair market value using the Kelley Blue Book or just look for the sale price of cars that are a similar model and age as your car in your local newspaper. Another option is to ask a trusted Auto Trader or hire an expert appraiser.
What If I Owe Money On The Loan For My car?
You are “upside down” on the loan if the amount you owe on your car loan is more than the fair market value. The insurance company will not pay you more than your wrecked car’s fair market value just because you owe more on the loan of your car than its fair market value. They are only obligated to pay the pre-crash fair market value of your car.
Can I Choose Who Will Repair My Vehicle?
You can choose your own repair shop. However, the cost of repair may not be determined by your own repair shop. You can demand for original manufacturer parts for your car’s repair.
Who Will Pay For The Towing And Storage Costs?
The insurer shall be responsible for all reasonable towing and storage charges until three days after the owner and storage facility are notified in writing that the insurer will no longer reimburse the owner or storage facility for storage charges. You can contact the at-fault driver’s insurance company to move the vehicle to a location where you don’t have to pay storage fees.
Who Pays For The Rental Car I Use When My Car Is Being Repaired?
If it is not clear who caused the accident, then you may have to pay out-of-pocket or get your insurance company to cover those costs. In a situation where it’s clear the other driver is at-fault, your lawyer can demand that the at-fault driver’s insurer provide you with a rental car until your vehicle is repaired.