How does the insurance company resolve if they are going to fix or total my car?
The typical rule of thumb in determining whether a car will be repaired is whether the repair costs would exceed 75% of the value of the car. In other words, if you have a car that is worth $5,000.00, then the insurance company will only pay to repair it if the cost to repair is no more than $3,750.00. If the cost to repair would be higher, then the insurance company would simply pay you the value on your car. If the repair costs were $3,750.00 or less, then the insurance company would pay to have your car fixed for that cost. These questions are all meant to help succor you with basic knowledge of how Property Damage is dealt with. I am a case manager in an Injury Law Firm and the misunderstandings on not lustrous much about Property Damage can be overwhelming at first. I hope the crash down of these questions will help you slice any stress that can come about after being in an accident, especially one that was not your fault. Every state has different statutes that you need to review
Related Questions
- If I was involved in a car accident and my car is considered a total loss, is the negligent driver’s insurance company responsible for paying the balance of my car payment?
- What happens if the insurance company says my damaged car or truck is a "total loss?
- How can a car be deemed a "Total" by an insurance company still be worth buying?
