To find out your rights, or if you are entitled to 'loss value damages,' you will need to seek legal help. In general, most states require 'property damage liability' coverage. This covers damage to property that one is liable to fix. You will need to check the policy of the vehicle's owner to see what are the limits of that coverage. Also, if the driver of the vehicle has an insurance policy that differs from the vehicle's owner, you will need to check that policy for its limits. (The policy of the vehicle's owner should be primary, and the driver's policy should be secondary.) As for determining the settlement for your vehicle, your vehicle's value is determined by comparing your vehicle's condition to similar vehicles. This may include input from local auto dealers, private parties or recent sales. Condition, equipment and mileage differences are also taken into consideration. In addition, the insurance company may use a computerized evaluation process to assist them in determining the value of your vehicle. Now, if the cost of repairing the vehicle, plus its salvage value, equals or exceeds its actual cash value, it will not be economically feasible to repair. As a result, you will be paid its actual cash value. (And, this payoff will reflect your vehicle's depreciation in value.)