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Car accident pay off for another vehicle will not cover cost of getting new car under MD personal injury lawMy collision was caused by the other driver failing to yield to my right of way. My truck was totalled. The other driver's insurance company has accepted liability. Why can't they be made to replace my truck with equal or greater? My truck was paid for free and clear and because it was a 2001 model, I won't get enough pay-off to pay for another vehicle without going into further debt. This is not fair to me and it is not something I can afford to do right now. My lawyer's assistant tells me that the law protects the insurance companies and I am stuck in this situration. I am awaiting a call from the actual lawyer as I don't accept the assistant's assessment. What do you say?
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Then what does cross collateral cover? Would it apply at all in a case like this? Attorney answers (3)
Reputation Level 20
Answered almost 3 years ago.
Lawsuit / Dispute Attorney in Chicago, IL.
In my observation, fair market value is the remedy standard.
Good luck. NOTE: This answer is made available by the out-of-state lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney that practices in your state in the subject practice discipline and with whom you have an atttorney client relationship along with all the privileges that relationship provides. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question. 1 person marked this answer as good
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Reputation Level 11
Answered about 3 years ago.
Litigation Lawyer in Prince Frederick, MD.
Maryland law is that if you destroy another person's property, you are subject to a claim for the Fair Market Value of the destroyed property. The law applies ton everyone - not just insurance companies.
2 people marked this answer as good
Reputation Level 10
Answered over 3 years ago.
Car / Auto Accident Lawyer in Dallas, TX.
I am not a MD lawyer, but in general, insurance companies only have to pay the fair market value for a totaled vehicle. This may or may not give the damaged party enough money to buy another vehicle the damaged party believes to be of equal value.
There is a lot of gray area when determining fair market value, and you can certainly argue with the insurance company if you think they are undervaluing your truck. Look at used-vehicle ads, check Web sites like www.edmunds.com, and gather as much evidence as possible. You may talk the insurance company into increasing their offer. Good luck to you. 3 people marked this answer as good
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