What should I know about car accident settlement

[Dobrom]

Jurisdiction

Texas

After car accident (not my fault) I have 2 options: 1) use collision coverage from my insurance company (I know about deductibles); 2) use liability insurance coverage of the driver, who was at fault.

1) In general, are there differences between Total loss declaration from option 1 and option 2? Does it have different calculation base?

2) What is more likely to obtain?

The car was bought by financing. The loan was not fully paid at the time of the car accident.

3) How does it affect the settlement of the claim (in case of total loss and not total loss)?

4) Do I have the right to claim for diminished value only in case if no total loss declaration?

As I know I can't claim for diminished value to the first party.
5) Can I have 2 claims simultaneously: 1) diminished value claim to the third party and 2) claim under collision coverage to the first party.
6) If I get money to repair a car, do I have to repair it? or money is transferred only to the body shop for specific repairs?
7) If I claim to the first party, can I change it to the third party and vice versa

 

[army judge]

After car accident (not my fault) I have 2 options: 1) use collision coverage from my insurance company (I know about deductibles); 2) use liability insurance coverage of the driver, who was at fault.

1) In general, are there differences between Total loss declaration from option 1 and option 2? Does it have different calculation base?

2) What is more likely to obtain?

The car was bought by financing. The loan was not fully paid at the time of the car accident.

3) How does it affect the settlement of the claim (in case of total loss and not total loss)?

4) Do I have the right to claim for diminished value only in case if no total loss declaration?

As I know I can't claim for diminished value to the first party.
5) Can I have 2 claims simultaneously: 1) diminished value claim to the third party and 2) claim under collision coverage to the first party.
6) If I get money to repair a car, do I have to repair it? or money is transferred only to the body shop for specific repairs?
7) If I claim to the first party, can I change it to the third party and vice versa

Before you seek information from people you know nothing about, I suggest you ask yoru questions to those you know quite a bit about:

1 - Your insurance agent or your insurance company's customer service representatives. Either of those options can provide you with EVERYTHING you need to know about vehicle collisions and your coverage.

2 - Speak with YOUR lawyer, or one of many lawyers near you.

Good luck.

 

[adjusterjack]

car accident (not my fault)

Please go back to the other site where discussions are already in progress and stay there. Does you no good to ask the same questions on multiple websites.

Are there differences between Total loss declaration from Fist Party and Third Party?

 

[Dobrom]

I just wanted to hear opinion from different people. I didn't know that you all are the same.

 

[army judge]

I just wanted to hear opinion from different people. I didn't know that you all are the same.

We're not all the same.

The various sites out there are independently owned, however, many of those responding do so across many sites.

 

[zddoodah]

(not my fault)

Does the other driver agree with you about this? Is there an admission by the other driver regarding fault in a police report? Has the other driver informed his/her insurance carrier that he was at fault?

After car accident (not my fault) I have 2 options: 1) use collision coverage from my insurance company (I know about deductibles); 2) use liability insurance coverage of the driver, who was at fault.

1) In general, are there differences between Total loss declaration from option 1 and option 2?

I'm not entirely sure I understand your question. However, if, in fact, liability is undisputed, there is likely no good reason to make a claim against your own collision coverage. If nothing else, doing so will require that you pay a deductible. Are you concerned that the other driver doesn't have high enough coverage limits? A quick google search indicates that Texas law requires drivers to carry a minimum of $25k in liability coverage for property damage.

2) What is more likely to obtain?

Huh?

The car was bought by financing. The loan was not fully paid at the time of the car accident.

3) How does it affect the settlement of the claim (in case of total loss and not total loss)?

Assuming "it" refers to the fact that you have a balance on your auto loan, it doesn't have any effect at all.

Do I have the right to claim for diminished value only in case if no total loss declaration?

If your car is determined to be a total loss, you would have no diminished value claim.

Can I have 2 claims simultaneously: 1) diminished value claim to the third party and 2) claim under collision coverage to the first party.

What you're contemplating doesn't make any sense.

If I get money to repair a car, do I have to repair it? or money is transferred only to the body shop for specific repairs?

Ask your insurer.

If I claim to the first party, can I change it to the third party and vice versa

Again, huh? You seem to be throwing around terms that I don't think you understand the meaning of.

You're entitled to the lesser of the value of your car at the time of the accident or the cost to repair the car. If the cost to repair is the lesser number, you can claim diminished value, but I don't know if Texas allows for such speculative claims. Note that this is no different if you make a claim against the other driver's liability coverage (a third party claim) or your own collision coverage (a first party claim).

I just wanted to hear opinion from different people. I didn't know that you all are the same.

We're not. Some, but not all, folks who post here also post on some, but not necessarily all, other similar sites.