If your car was damaged in an accident, you’ll have a property damage claim against the responsible insurance company. If it can be repaired, the insurance company will be responsible for paying for the repairs as well as a comparable rental vehicle. The responsible insurance company should pay for each day you can’t drive your damaged vehicle. Even if you borrow a car from a family member or friend, you could still be compensated for the cost of a rental car.
Another point under property damage is loss of value. If the damage to your vehicle exceeds 25% of its total value, you are required to disclose this information when you sell or trade your car. However, with the inception of CarFax, your vehicle damage is now permanently tied to its history.
Your car’s value decreases even if it is repaired perfectly. This makes you vehicle worth less after the repairs than prior to the accident. As a result you have a “diminished value claim.”
If you've been in an accident, contact the experienced North Carolina personal injury lawyers at Marcari, Russotto, Spencer and Balaban.
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