by ccm » Fri Oct 29, 2010 04:09 pm
Hi:
My son was hit by a car 3 weeks ago and the car insurance is doing several things that feel like they're "double dipping".
1. They've rated the car as average with a retail value of 4025.00, then they are deducting 20% of that price because the car is average.
2. They are deducting an additional 20% for mileage (it is a 1995 with 149,000 which I thought made it ineligible for mileage deduction)
3. They are deducting $2100 for prior damage (which it has but only about $1500 worth according to an estimate my son had gotten right before the accident which would put the car in a higher bracket of condition).
4. The car is a desirable car for kids (it's one of those drift cars) and could be sold even after this wreck for $2000 if it had a clear title but they are offering him only $500 to total it.
Is this right? I thought they were supposed to offer him what fair market value was - that is what he could have sold the car for the day before the accident which would have been about $2500.
Thanks for any advice.
My son was hit by a car 3 weeks ago and the car insurance is doing several things that feel like they're "double dipping".
1. They've rated the car as average with a retail value of 4025.00, then they are deducting 20% of that price because the car is average.
2. They are deducting an additional 20% for mileage (it is a 1995 with 149,000 which I thought made it ineligible for mileage deduction)
3. They are deducting $2100 for prior damage (which it has but only about $1500 worth according to an estimate my son had gotten right before the accident which would put the car in a higher bracket of condition).
4. The car is a desirable car for kids (it's one of those drift cars) and could be sold even after this wreck for $2000 if it had a clear title but they are offering him only $500 to total it.
Is this right? I thought they were supposed to offer him what fair market value was - that is what he could have sold the car for the day before the accident which would have been about $2500.
Thanks for any advice.
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