Wisconsin Propety Damage and Compensation

Posted by rozeklawoffice on January 25, 2010 under Car Accidents, General, Insurance, Truck Accidents | Be the First to Comment

Under Wisconsin law, if your vehicle has been damaged due to someone else’s negligence, you are entitled to compensation for your losses. The amount of compensation will depend on the value of the property and the extent of the damage.

Repairable Automobiles- You are entitled to the following:

1. The Cost of Repair of the Vehicle- whether or not you actually decide to have the vehicle repaired.

2. The Loss of Use of the Vehicle- compensation for the cost of a reasonable comparable rental vehicle while you are unable to use your vehicle for any period of time from the time of the crash to the time the vehicle is repaired.

3. The Diminished Value of the Vehicle- sometimes when vehicles sustain damage and are repaired, their resale value drops. You are entitled to the loss in value of the vehicle after the repair.

Non-Repairable or Totaled Vehicles- You are entitled to the following:

1. The Fair Market Value of the Vehicle- this is usually referred to as the “Blue Book” value, which can be obtained at kbbb.com. Technically, this is just one indicator of the fair market value of the vehicle, which is really just the amount for which the vehicle could be sold. Usually, if the cost to repair the vehicle is 70% of the fair market value of the vehicle, the insurance company will consider it a “Total Loss.”

2. The Loss of Use of the Vehicle- compensation for the cost of a reasonably comparable rental vehicle while you are unable to use your vehicle for any period of time from the time of the crash to the time you get the insurance company’s total loss payment.

For more information on car accidents, order the Free Consumer Guide to Auto Accidents in Wisconsin