Norden Leacox Accident & Injury Law | December 26, 2024 | Car Accidents
Experiencing a car accident can be stressful, especially if you sustain damage to your car. In 2024 alone, nearly 350,000 auto accidents in Florida resulted in property damage. A serious accident may “total” your car, but what happens after your car is totaled in an accident in Florida? Experienced Orlando car accident lawyers would help you understand your rights and options will be important as you begin the process of recovering.
What Does “Totaled” Mean?
Your car may be considered “totaled” when the cost to repair it exceeds a certain percentage of its value. Florida law states that an insurance company may declare your car a total loss if repairs cost 80 percent or more of its actual cash value. An insurer will assess your car and its make, model, age, mileage, and general condition before the accident to calculate actual cash value.
For example, if your car’s actual cash value is $10,000 and the estimated repairs cost $8,000 or more, an insurance company will typically declare it to be “totaled.” You will receive a payout for its actual cash value instead of repairs. There are some exceptions to the “80 percent rule” in Florida. Talk with your insurance carrier and a Palm Bay car accident lawyer to learn whether they may apply to your accident.
What If I Still Owe Money for My Car?
You may still owe money on an auto loan, even if your car is totaled. Your insurance payout for the car will typically go toward paying off the remaining balance on your loan. However, if the payout is less than what you owe, you may be left with a “gap” that still needs to be paid off. Many drivers purchase “gap insurance” to cover the difference between what is owed on an auto loan and the vehicle’s actual cash value at the time of an accident. This could help you avoid being responsible for the remaining balance of your auto loan after totaling a car.
Can I Recover Compensation for Property Damage After a Car Accident?
You can recover compensation for property damage after a car accident. This typically comes from the at-fault driver’s insurance since Florida law requires drivers to carry a minimum of $10,000 in Property Damage Liability (PDL) coverage. This pays for repairs or replacement if your vehicle is damaged due to someone else’s negligence.
However, the limits of the at-fault driver’s insurance policy may not fully cover your losses. You may need to recover the remaining amount through your insurance policy, especially if you have collision coverage, which can help pay for repairs or replacement of your car regardless of who caused the accident. You may also have the option to recover compensation through uninsured/underinsured motorist (UM/UIM) coverage or a lawsuit against the driver.
What If I’m Partly at Fault for Totaling My Car in Florida?
Florida follows a modified comparative negligence system. This means you can still recover compensation for damage to your car after an accident, even if you are partially at fault. However, your compensation will be reduced by your percentage of fault. It will also be barred if your share of fault exceeds 50 percent. This means you cannot recover any compensation for the accident. Consulting with an experienced Palm Bay car accident lawyer is recommended in these situations to help protect your right to compensation.
Involved in a Car Accident? Contact A Palm Bay Car Accident Lawyer Today
Securing fair compensation after a car accident can be challenging if property damage or injuries are involved. Dealing with insurance companies and questions of fault can quickly become overwhelming, but a Palm Bay car accident lawyer at Norden Leacox Accident & Injury Law can help you navigate the path ahead.
Our team can file claims with insurance companies, negotiate settlements, and fight to recover compensation for property damage and other expenses after a car accident. Schedule a free consultation today if you or a loved one has been involved in a car accident in Florida.
Contact a Car Accident Lawyer at Norden Leacox Accident & Injury Law Today
For more information, please contact Norden Leacox Accident & Injury Law to schedule a free consultation. We have five convenient locations in Florida, including Orlando, Palm Bay, Melbourne, Cocoa, and Titusville.
Norden Leacox Accident & Injury Law – Orlando, FL Office
633 E Colonial Dr
Orlando, FL 32803
Phone: (407) 801-3000
Hours: Open 24/7
Our firm is located near you. We have an office in Orlando, FL.
Find us with our GeoCoordinates: 28.5593579,-81.3271749
Norden Leacox Accident & Injury Law – Palm Bay, FL Office
4620 Lipscomb Street N.E Suite #3K
Palm Bay, FL 32905
Phone: (321) 677-5964
Hours: Open 24/7
Our firm is located near you. We have an office in Palm Bay, FL.
Find us with our GeoCoordinates: 28.039083,-80.6083109
Norden Leacox Accident & Injury Law – Melbourne, FL Office
1600 W Eau Gallie Blvd #205j
Melbourne, FL 32935
Phone: (321) 450-7134
Hours: Open 24/7
Our firm is located near you. We have an office in Melbourne, FL.
Find us with our GeoCoordinates: 28.1289147,-80.6461588
Norden Leacox Accident & Injury Law – Cocoa, FL Office
717 S Cocoa Blvd STE 203
Cocoa, FL 32922
(321) 449-8042
Hours: Open 24/7
Our firm is located near you. We have an office in Cocoa, FL.
Find us with our GeoCoordinates: 28.3511613,-80.7312948
Norden Leacox Accident & Injury Law – Titusville, FL Office
4527 S Hopkins Ave Suite B
Titusville, FL 32780
Phone: (407) 801-3000
Hours: Open 24/7
Our firm is located near you. We have an office in Titusville, FL.
Find us with our GeoCoordinates: 28.5584923,-80.8010051