by Guest » Wed Jan 04, 2012 08:51 am
A car hit me while trying to recklessly overtake and my vehicle was totalled. Its a 3 year old car and the insurance company paid me only a fraction of the cost price. I had spent around $1400 last month on fixing the car. The other guy's insurance is giving me $500 and they say that I should be happy because it covers my deductible. The total amount I get from the insurance companies is not nearly enough to get me a used 4 cylinder automatic (same thing I had) that functions. I can't afford to get another car with the compensation. I am a student working part time and I just cannot do without a car, cant get to work on time. Please help.
Posted: Wed Jan 04, 2012 09:40 am Post Subject:
Most likely the $1400 you spent was to keep the vehicle in good working order... which _maintains_ the value, not increase it. Somethings like a new engine or brand new tires might add a little to the value but not dollar for dollar. If you think the offer is to low, obtain documentation to show it's worth more and submit this to your carrier.
How much does nada.com state its worth?
The other insurance company is paying you your deductible but then they will also being paying your carrier back as well.
Posted: Wed Jan 04, 2012 04:34 pm Post Subject:
The $1400 that I had spent included new tires and a side mirror. So will that make a difference? I have the bills from the body shop for all the repair and additional work done to the car. I am registered in Red Hook, Brooklyn and nada.com puts the value of the vehicle at somewhere between $6,750 and $8,375. I did an AutoCheck and my car has a clean history.
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