by Boyd » Sat May 24, 2008 06:58 am
I was one of several cars hit from behind by a school bus. The insurance company for the bus has determined that my car is worth less than the repair value, and thus want's to write me a check and be done with it. I guess that works out well for them, so naturally they would go this way since they have a financial incentive. Therein lies my problem - the conflict of interest here.
I believe the car is worth more than the repair estimate. They claim the car is work $6500 (using some other resource and then applying "discounts") and that the repair is $7000. I believe the car is worth $12,000 based on Kelly Blue Book. By writing me a check for $6500, they avoid paying a rental car for 3 weeks AND any posibility that the repair fee goes up. It all comes down to the issue of them being in a position to assess the value. I call bullshit.
I want to dispute (in court if necessary) their claim the car is worth $6500. I then want them to fix the car.
What recourse do I have?
I believe the car is worth more than the repair estimate. They claim the car is work $6500 (using some other resource and then applying "discounts") and that the repair is $7000. I believe the car is worth $12,000 based on Kelly Blue Book. By writing me a check for $6500, they avoid paying a rental car for 3 weeks AND any posibility that the repair fee goes up. It all comes down to the issue of them being in a position to assess the value. I call bullshit.
I want to dispute (in court if necessary) their claim the car is worth $6500. I then want them to fix the car.
What recourse do I have?
Posted: Fri May 30, 2008 05:47 pm Post Subject:
I am aware of the differences between ACV, diminished value, total loss of a vehicle based upon cost to repair, and all of those things...but if you'll read the OP, you'll see that it was challenging the insurer's determination of a total loss.
The OP is stating that he doesn't think the car should be considered a total loss. In the event of repair, he (due to the diminished value of the car) may be entitled to additional compensation for his loss over and above the repair costs. Lori lent credibility to the OPs argument in finding a value well in excess of what the carrier offered to pay. The carrier offered a settlement value of $6500, Lori found a value of $9025 for the same car. That is a distinct difference- roughly 30% which COULD be a determining factor in the decision whether to repair or cash out as a total.....
THAT is what I was referring to, and not contesting the information within the thread itself. So...I hope that I have made my concerns clearer.
Any questions?
InsTeacher 8)
Posted: Sat May 31, 2008 12:15 pm Post Subject:
With 7k in damages (then 'if' diminished value is applicable or considered) and rental this puppy is totaled more than likely...so I was going on that assumption (totaled) re: my statement of
It wouldn't apply in this instance, the vehicle is totaled right? Diminished value would/could only be considered if repaired
I am aware of the differences between ACV, diminished value, total loss of a vehicle based upon cost to repair, and all of those things...
Oh my gosh Ins. teacher !!! I never meant to give you the impression that I was questioning your understanding of pretty much 'anything' :wink: Please don't think I meant that! :oops:Posted: Mon Jun 02, 2008 04:20 pm Post Subject:
Never thought that, Lori...no big deal whatsoever! :D
InsTeacher 8)
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