If your motor vehicle is damaged in an accident, you may make a property damage claim against another negligent operator. In most cases, if the vehicle is a total loss, a property damage claim is paid in accordance with “book value.” “Book value” is essentially the fair market value of the vehicle as published in the NADA Official Used Car Guide or similar publication. If the vehicle can be repaired, a property damage claim is paid on the basis of a repair appraisal. In some cases, the property damage settlement is simply a mathematical computation. In other cases, negotiations occur concerning the true value of the loss.
Pellegrini, Seeley, Ryan & Blakesley
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