ok so i have liability insurance with state farm. i was going down a street 75 mph on a 55 zone. two cars were in the elft lanes ahead of me. the 1st car switched over to my lane and i cmae up on him as he did cause he slowed odwn doing it. he also switched with no lbinker. anyways i slammed on breaks and my breaks grinded and i spun out and my car fliped 3 times. since im speeding its obviously my fault. i iddnt get arrested or get a ticket, my car is totaled. my firend tells me that even tho tis my fault the other guys insurance company/mine wil lcover the depreciated vlaue of my car. i find this hard to believe. how does it work
2007-12-02 04:33:59 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
oh and when i spun out i hit the car behind me. dented buumper, paint chips thats it
2007-12-02 04:35:09 · update #1
so with liability insurance i would receive no return on my car? correct?
2007-12-02 04:42:51 · update #2
Your friend is dead wrong.
The other policy only pays dimunition of value if THEIR driver is at fault.
Also, they don't pay BOTH the total value of the car (like a totalled car) AND dimunition of value. Dimunition is only payable on PARTIAL losses, not totals.
Lastly, it's not the speeding that makes you at fault, it's the losing control of your car, and the rearending the other guy.
You'll get nothing for your car, unless you carry collision.
2007-12-02 06:17:16 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
No insurance company, at fault or not, covers depreciated value of a car. If you have coverage for it, and your car is declared a total, you get fair market value at the time of loss, adjusted for condition. Period.
Your friend obviously doesn't know much about insurance.
2007-12-02 04:38:36 · answer #2 · answered by oklatom 7 · 2⤊ 0⤋
It is possible to get what is called diminished value, but it really depends on the state you live in. I live in georgia, and by law they have to pay you somehting for diminished value. Of course unless you bring it up, they won't pay up. I got $500 for my car. Check to see what the law is in your state.
I am not sure how it works though, if it was your fault. I would research this on the internet because the insurance company won't be honest with you.
2007-12-04 06:37:52 · answer #3 · answered by holmesla327 3 · 0⤊ 0⤋
did you hit the car in front of you? When ever you are in an accident and you hit someone its your fault. The other persons insurance will not pay for your car. have you ever heard of defensive driving? Even if he came out of nowhere and you hit him it is still your fault. The person behind you who hit you may have to pay you for some damage but not the other person
2007-12-02 04:45:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on what type of insurance you have.
If you only have liability, you're scrude. If you have comprehensive, they'll pay. Congrats on not killing yourself or anyone else!
2007-12-02 04:43:29 · answer #5 · answered by doug4jets 7 · 0⤊ 0⤋
I also doubt the guy who changed lanes was charged with anything so it would be hard to prove.
2007-12-02 04:41:45 · answer #6 · answered by bluenapa 2 · 0⤊ 0⤋