Auto Insurance Claims: accident on private property, kelley blue book, kelley blue book value

Question
was involved in an accident at my house where my friend left his car at my house and to my understanding he was comin by to pick it up. i knew the truck was at my house for 30 minutes or so but was unaware that his truck was still parked at my house the next morning and without check i backed right into it.i realized it was my fault and wanted to fix the damage he then stated to me that his dad didnt want to get the car fixed but he got an estimate to fix the truck and that estimate was $3,000. The truck he is drivin is worth approx. $1500 according to kelley blue book value. He wants me to pay him $3,000 to him and him not get his car fixed. He also agreed to me after arguing my case that if i would give him $1000 he would just take the money and forget about it. We didnt call the police and no accident report was written up, so my question is what are the laws regaurding having a wreck at your own house and in your own driveway and what should i expect to pay or is he just trying to get as much money from me as he can without getting the truck fixed?? i also stated to him that i wanted to get his truck fixed for him because his son(my friend) didnt want to drive around a damaged truck and i completely understand that but his dad isnt willing to work with me as to where to get the car fixed he just wants me to give him money...I was trying to take care of this issure without the use of my insurance company to keep my rates from going any higher than what they already are

Answer
Hi Adam,

Regardless of where the accident happened, you backed into your friends truck and caused damage. As a result you are liable to pay for the damage.

That having been said, the law in many states would limit his right of recovery to the value of the truck. So if the truck is worth $1500.00 and he is willing to accept $1000.00 against a $3,000.00 repair estimate, you should pay the $1,000.00. However, before you pay him anything you should prepare a full release form for him to sign in exchange for the payment. The release form should state that in exchange for the payment of $1,000.00 that he forever releases you from any further liability relating to the damage to his (XXXX type of truck)tahe occured on or about (date of damage occured).

Both the dad and you shoudl sign the release form in the presence of a notory public who should also sign the form. Then you can exchange your payment for a copy of the signed form which you should keep for several years.

If he is not agreeable to that then you should let your insurance company handle it. They will likey total the truck and pay him less and they will take the truck and sell it for salvage.

I hope this hleps
Richard Hixenbaugh