Totaled Vehicle Current Market Value...

by Karen
(Raleigh, NC)

I am currently dealing with a North Carolina General Statute that requires insurers to value a totaled vehicle based upon the current local area market (not the regional market). I've discovered that there are 8 of these markets in NC, but can find no information regarding what cities belong to what market.

I am searching for the local area market of Raleigh, NC. Can anyone help? Thanks!

Visitor Question:
Disclaimer: Information provided in our response is NOT formal legal advice. It is generic legal information based on the very limited information provided. Under no circumstances should the information in our response, or anywhere else on this site be relied upon when deciding the proper course of a legal matter. Our response does NOT create an attorney-client relationship. Always get a formal case review from a licensed attorney in your area.

ANSWER for "Totaled Vehicle Current Market Value...":

Anthony:

As an injured passenger your first direction should turn toward the owner of the vehicle. Normally the owner of the vehicle will have sufficient insurance to cover multiple parties with multiple injuries. This of course presumes your injuries were not so serious as to permanently debilitate you, or cause your medical bills to be astronomical.

In the State of Indiana the minimum liability limits for automobile insurance is $25,000/$50,000/$10,000.

These amounts stand for:

--$25,000 worth liability coverage for bodily injury to 1 person.

--$50,000 worth liability coverage for all bodily injuries.

--$10,000 worth liability coverage for property damage.

Presuming you were not the only one injured your compensation would come from the $50,000 part of the insurance policy. If others were injured the $50,000 would have to be split proportionate to each passenger’s respective injuries.

You also have the legal right to seek compensation from the driver’s insurance policy. Inasmuch as the driver caused the collision and injuries there should be no question as to his liability.

It is important for you to seek any and all medical treatment necessary for your recovery. In the interim you should contact the owner’s insurance company to file a claim, and to the driver’s company to do the same.

The above is general information. Laws change frequently, and across jurisdictions. You should get a personalized case evaluation from an attorney licensed in your state. Find a local attorney to give you a free case review here, or call (888) 647-2490.

Best of luck,

Judge Calisi

P.S. Please help us out by sharing this site...

Click here to post comments

Return to Vehicle Damage Questions

How Much Is Your Claim Worth?

Find out now with a FREE case review from an attorney...

How Much Are Your
Injuries Worth?

Find out with a
free attorney review:

TYPE OF ACCIDENT
AUTO ACCIDENT
PERSONAL INJURY
WORKERS COMPENSATION
MEDICAL ERROR
YES! I WANT FAIR COMPENSATION