Property damage is harm caused to personal property or real property. The damage may be caused by intentional acts, accidents, or acts of God. Car accidents are among the most common types of property damage claims.
What Is a Property Damage Claim?
When a vehicle is involved in a traffic accident, the collision causes property damage. The level of property damage depends on the severity and circumstances of the crash. In some cases, the vehicle may be repaired. However, if the damage is too severe, the vehicle may be a total loss.
Generally, insurance companies settle property damage claims before settling personal injury claims. Before you settle your property damage claim, read the fine print on the back of the agreement. Also, read the full text of all documents you sign.
A property damage release should only cover the damage to your vehicle. It should not release the insurance company from liability for other damages. However, your insurance company may have included clauses in the agreement that could hurt your chance of obtaining a personal injury settlement for economic and non-economic damages.
What Are the Auto Insurance Requirements in Missouri?
Because Missouri is a fault-based state for car accident claims, the state requires all drivers to have minimum amounts of car insurance. Drivers are required to have a minimum of $25,000 per person for personal injuries ($50,000 per accident).
In addition to liability insurance for bodily injury, drivers must have a minimum of $25,000 per accident for property damage. Drivers can purchase higher amounts of liability insurance to provide more protection from claims.
Liability insurance compensates accident victims for property damage or injuries caused by the insured driver in a car accident. However, the company is only liable for the policy limits. Therefore, if your car is totaled and is worth more than $25,000, you will only receive $25,000 if the at-fault driver has minimum insurance coverage.
How Does a Property Damage Claim Work in St. Louis, MO?
The at-fault driver is responsible for the damages caused by a car crash. However, their insurance company will handle the claim if they have liability insurance. The company will assign an insurance adjuster to investigate the claim to determine if the insured caused the crash.
If the company accepts liability, the insurance adjuster evaluates the damage to the vehicle. The adjuster will make a settlement offer to resolve the property damage claim. If your vehicle can be repaired, the insurance company must pay for the repairs.
Things to keep in mind when settling a property damage claim for repairs include:
- Obtain at least two independent estimates for repairs. Compare the estimates with the insurance company’s estimate to ensure all damage is listed on the repair estimate.
- Do not sign documents releasing all claims or personal injury claims.
- Only sign a release for property damage when if you are satisfied with the repairs.
- You have the right to choose the repair shop that will handle the repairs to your vehicle.
- Demand that the insurance company pay for new parts from the manufacturer instead of used or after-market parts.
You should also demand compensation for the diminished value of your vehicle.
Filing a Property Damage Claim When Your Car Is Totaled in Missouri
If the repair costs exceed a percentage of the value of your vehicle, the insurance company will consider the vehicle a total loss. This means that the repair costs would be more than the car’s cost. The company “totals” the car and pays the fair market value instead of paying for repairs.
The fair market value is based on several factors, including:
- The year, model, and make of your vehicle
- The vehicle’s mileage at the time of the accident
- The condition of your vehicle when it was wrecked
- The current market value for a similar vehicle
- Added equipment and special features that are not included in the standard model
Do not trust the insurance adjuster to offer a fair price for your totaled vehicle. Research the value of your vehicle on websites such as Carfax, NADA, Edmunds, or Kelly Blue Book. ou can also talk with local dealers or car buyers to get an idea of the pre-accident value of your vehicle, but keep in mind they may not offer the full market value.
If your vehicle is an antique or luxury vehicle, obtaining an appraisal from a dealer or an appraiser may be worthwhile. These types of vehicles tend to be more challenging to value.
What Is the Statute of Limitations for Property Damage Lawsuits in Missouri?
Generally, you have up to five years to file a property damage lawsuit in Missouri. If you do not file a lawsuit for property damage within that time, you lose your right to pursue legal action against the party who caused the damage.
If you have questions about an accident claim, contact an experienced lawyer at Roach Law Car Accident Lawyers to schedule a free consultation. Call us today at (636) 519-0085.
