by Guest » Thu Apr 22, 2010 05:29 pm
I was involved in an accident where the other party was at fault. we both had the same insurance. my car was totaled and the insurance wants to give me 80% of my cars value about $9300 since I still owe about $7000 I will get $2300. but be out a car? i would have no chance to possibly get a car as good as my old one ( 06 kia with very low miles) for that much. they told me sorry thats the way it works. is this right? if so how can i recover for this loss?
Posted: Thu Apr 22, 2010 05:46 pm Post Subject:
Where are you getting the $9300 value from? If you'd post the year, make, model and miles I'm sure we could look up the value on the vehicle and go from there.
How did they determine the value? You need to review their information to make sure it's accurate. If you have documentation to show that your vehicle is worth more then you need to see if they would consider this information.
Yes, after the vehicle is paid off by the insurance company and they receive the title, they would pay you what is left over.
Posted: Thu Apr 22, 2010 09:26 pm Post Subject:
Sounds to me like you're more hung up on what you'll have left.
They HAVE to explain and show you how they arrived at their value (ACV)...what makes you think it's only 80% of the 'true' value? Where did you get your value from?
As T posted, what is the model, mileage and options? How was the value determined?
Posted: Mon Apr 26, 2010 05:33 pm Post Subject:
The difference between what people think their car is worth and what an Insurance company can show it's worth is often a source of friction in the insurance business. When shopping for a car take a look at the difference between the Retail value, Private Party Seller Value and the Wholsale Values. There is a huge range. When I look tyo buy I will keep in mind that Wholesale Value and target a price just above that for what I want to pay. Cars lose value every day they are on the road. Don't be too surprised when this happens to you!
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