Significant Damage to Multiple Vehicles
I own a car lot in downtown Raleigh, and last night, we experienced a serious incident. A driver was speeding over 100 MPH in a 45 MPH zone, lost control, and ended up totaling several vehicles on our lot. The debris from the wreck also caused damage to about ten other cars.
From what I can gather, it seems this driver likely has minimum insurance coverage, as their vehicle was financed through a dealership that typically works with individuals with low credit scores.
As I’m located in North Carolina, I’m curious about what I might expect from their minimum coverage. Two cars worth $25,000 each were totaled, and another two sustained significant damages, while several others have broken windshields and scratches from debris. What should I prepare for in terms of insurance claims?
I’m sorry to hear about the damage to your car lot—it sounds like a frustrating situation. In North Carolina, the minimum liability insurance coverage required is $30,000 per person for bodily injury, $60,000 per accident for bodily injury, and $25,000 for property damage. Since the cars that were totalled are valued at $25,000 each, you should expect that the minimum coverage might cover the property damage up to $25,000, but that would likely be the cap.
If the total damage exceeds that amount (which it sounds like it might, given that you have multiple cars affected), you may need to pursue additional compensation through your own insurance policy, or potentially through legal means if the driver has other assets that could be claimed. It could also be worth exploring if the driver has any additional coverage.
In cases like this, it’s often helpful to document everything thoroughly—take photos, get repair estimates, and maintain records of the incident. Consulting with an insurance agent or a legal professional could also give you a clearer understanding of your options moving forward. Good luck!