Am I only entitled to the fair market value of my car after a car accident? 26 Answers as of July 03, 2013

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?

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Law Office of William L Spern | William Spern
Read the policy. Most policies do not provide for replacement cost. There are some exceptions.
Answer Applies to: Michigan
Replied: 7/3/2013
Tucker Griffin Barnes, PC | Yvonne T. Griffin
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.
Answer Applies to: Virginia
Replied: 12/8/2011
Paul Whitfield and Associates P.A.
Paul Whitfield and Associates P.A. | Paul L. Whitfield
FMV is all you will ever get. That is the law of the case
Answer Applies to: North Carolina
Replied: 12/7/2011
Bernard Huff, Attorney/Mediator
Bernard Huff, Attorney/Mediator | Bernard Huff
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.
Answer Applies to: Indiana
Replied: 12/7/2011
Andrew T. Velonis, P.C.
Andrew T. Velonis, P.C. | Andrew Velonis
You are entitled to what the car was worth as of the time of the accident.
Answer Applies to: New York
Replied: 12/7/2011
    T. Mack Taylor LLC | Mack Taylor
    Yes.
    Answer Applies to: Georgia
    Replied: 6/2/2013
    R. D. Kelly Law Firm, P.L.L.C.
    R. D. Kelly Law Firm, P.L.L.C. | Robert Kelly
    WPI 30.15 describes the measure of damages to Personal Property where there is no salvage value as being "the fair cash market value of any damaged property immediately before the occurrence. You can probably argue that the market value and the replacement value would be the same, though.
    Answer Applies to: Washington
    Replied: 12/7/2011
    Law Office of Ronald Arthur Lowry
    Law Office of Ronald Arthur Lowry | Ronald Arthur Lowry
    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.
    Answer Applies to: Georgia
    Replied: 12/7/2011
    Broad Law Firm, LLC
    Broad Law Firm, LLC | Donald K. Broad
    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.
    Answer Applies to: Indiana
    Replied: 2/17/2012
    Lombardi Law Firm
    Lombardi Law Firm | Steve Lombardi
    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.
    Answer Applies to: Iowa
    Replied: 12/7/2011
    The Law Office of Harry E. Hudson, Jr.
    The Law Office of Harry E. Hudson, Jr. | Harry E. Hudson, Jr.
    You might be able to obtain loss of use of the vehicle for some period of time. I expect that would be brief.
    Answer Applies to: California
    Replied: 12/7/2011
    Law Office of Jared Altman
    Law Office of Jared Altman | Jared Altman
    Yes.
    Answer Applies to: New York
    Replied: 6/2/2013
    Kelaher Law Offices, P.A.
    Kelaher Law Offices, P.A. | James P Kelaher
    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.
    Answer Applies to: Florida
    Replied: 12/7/2011
    McKell Christiansen
    McKell Christiansen | Michael McKell
    Yes. Typically, you are only entitled to the fair market value of your car.
    Answer Applies to: Utah
    Replied: 12/7/2011
    Michael Anthony Wing, P.C.
    Michael Anthony Wing, P.C. | Michael Anthony Wing
    Yes, however, in Alabama, the owner is allowed to testify as to his or her opinion of the value of the property. The measure of damages is the value immediately before minus the value immediately after the collision. You could, if it is your honest opinion, opine that your vehicle was reliable transportation, and as such, your opinion of the value is that it was worth $2500 or such. Under your stated facts, with the car being "totaled," your claim equals the value that you say it was immediately before the collision. Sometimes there is salvage value in the vehicle, that is due to be deducted, but I would think the burden is on the defendant to establish that. The above applies to personal property claims. If you sustain personal injury, there is no set formula. If you were recently hit, do not rush to settle until you are certain you sustained no personal injury. The statute of limitations will bar your claim after two years from the date of injury and not before. If you sustained no personal injury, thank God. Stay well.
    Answer Applies to: Alabama
    Replied: 12/7/2011
    Tenge Law Firm, LLC
    Tenge Law Firm, LLC | J. Todd Tenge
    Yes, you are entitled to fair market value. You are not entitled to replacement value or loan value or anything else - only fair market value.
    Answer Applies to: Colorado
    Replied: 12/7/2011
    Law Firm of Martin & Wallentine
    Law Firm of Martin & Wallentine | Richard Martin
    The fair market value is the replacement value.
    Answer Applies to: Kansas
    Replied: 12/7/2011
    The Lucky Law Firm, PLC
    The Lucky Law Firm, PLC | Robert Morrison Lucky
    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.
    Answer Applies to: Louisiana
    Replied: 12/7/2011
    The Law Office of Stephen R. Chesley, LLC
    The Law Office of Stephen R. Chesley, LLC | Stephen R. Chesley
    When there is a property damage claim, to determine the value it is either the market value of the item or the cost to fix same, whichever is less.
    Answer Applies to: New York
    Replied: 12/7/2011
    Buff & Chronister
    Buff & Chronister | G. Scott Buff
    Fair market value is what it will cost you to go out into the market place and replace your vehicle. If the offer is not enough to replace your vehicle, then it is not the fair market value. You do not have to accept the offer. You can either hire an attorney to file a lawsuit for you or you can file a lawsuit in the Magistrate Court and represent yourself.
    Answer Applies to: Georgia
    Replied: 12/7/2011
    The Olawale Law Firm | Emmanuel Olawale
    Yes, you are only entitled to the fair market value of your car. This is one of the unfortunate losses people bear in an event such as this when the vehicle worth to the owner is more than the market value or monetary worth.
    Answer Applies to: Ohio
    Replied: 12/7/2011
    Downriver Injury and Auto Law | Michael Heilmann
    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.
    Answer Applies to: Michigan
    Replied: 12/7/2011
    The Law Offices of Paul A. Samakow, P.C.
    The Law Offices of Paul A. Samakow, P.C. | Paul A. Samakow
    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.
    Answer Applies to: Virginia
    Replied: 12/7/2011
    Link & Smith, P.C.
    Link & Smith, P.C. | Houston Smith
    Correct. You do have the option of keeping your car and obtaining a salvage title for it which allows you to repair the vehicle.
    Answer Applies to: Georgia
    Replied: 12/7/2011
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