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The insurance company is obligated to compensate the claimant for the fair market value of the vehicle, nothing more.

2006-08-23 15:22:37
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Q: How is the owner of an older car compensated for damage in excess of the vehicle's net worth if the owner cannot replace the vehicle at that value?
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How do you claim an accident with two of your own vehicles?

You would have to file a claim for both vehicle and pay the deductibles for each vehicle. You cannot use liability insurance on your own vehicle because you cannot be liable against yourself. This prevents people from purposefully hitting their own vehicles.

Can you add a driver to your policy that does not live with you?

Yes. You can add and have an obligation to add anyone who drives your vehicles. This does not mean that you can add their vehicles onto your policy. You cannot insure a vehicle that you do not own.

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You cannot tell that is why you just replace them at a set mileage as recommended by the manufacture of the vehicle.

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Does the principle of indemnity state that the insured can be compensated for an amount equal to his economic loss?

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On average what is the quality of most repossessed vehicles?

The owner of a vehicle that has been repossessed, cannot afford to make their payments, so it makes sense that they cannot afford to perform the required scheduled maintenance on the vehicle. This is not always the case but IMO, I would never buy a repossessed vehicle, unless it had extremely low mileage of say less than 20,000 miles.

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Does Capitol Toyota sell pre-owned vehicles?

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Why don't US BMW's have rear fog lights?

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How much does it cost to replace the brakes on a 1998 Pontiac Sunfire?

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