Update on our car lot incident
I run a car dealership in downtown Raleigh, and last night we experienced quite a crisis. A driver was speeding at over 100 MPH in a 45 MPH zone, lost control, and totaled several of our vehicles. The resulting debris also caused damage to about ten additional cars on the lot.
Given the circumstances, I suspect this individual only has minimum coverage. His vehicle was financed through a dealership that specializes in working with customers with low credit scores.
Since I’m located in North Carolina, I’m curious about the limits of minimum coverage. We have two cars that were completely totaled, valued at approximately $25,000 each, along with two others that sustained significant damage. Several more cars have broken windshields and paint damage from the debris. What can I realistically expect in terms of insurance reimbursement?
I’m really sorry to hear about the situation with your car lot. In North Carolina, the minimum liability coverage required is $30,000 for injury or death of one person, $60,000 for injuries or deaths of multiple people, and $25,000 for property damage. Since the damages seem to exceed this minimum, you may face some challenges.
For the totalled cars, if the driver only has the minimum property damage coverage of $25,000, that will likely be the maximum amount covered for property damage. Unfortunately, that may not fully compensate you for the losses, especially if you have two cars valued at $25,000 each.
For the other cars with severe damage and additional repairs, you generally would need to pursue the driver for the excess amount, assuming he has assets or can be pursued legally. It might also be worth discussing with your insurance provider to see if you have coverage that could help offset some of these costs, depending on your own policy and its specifics regarding uninsured or underinsured motorists.
I recommend consulting with a local attorney or an insurance expert for more specific advice tailored to your situation. Good luck, and I hope you can resolve this quickly!