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My car was hit by a drunk driver. I have uninsured motorist coverage and after three weeks, my vehicle was inspected and I was told I was eligible for a rental car. The car was determined totalled. The insurance company wants me to settle and they are offering me $500 for my dependable car that I have kept maintained and has been faithfully running for me over 10 years! I am insulted. I can not replace the car for $500 and I feel as if I am being punished for someone else drinking and driving. Does anyone know what my next step would be? I've told the insurance company to mail me the information to review.

2006-11-30 10:12:25 · 6 answers · asked by Ang 1 in Cars & Transportation Insurance & Registration

6 answers

Search your area for cars like yours. The insurance company has to give you a fair market value, so do your homework.

2006-11-30 10:16:01 · answer #1 · answered by uthockey32 6 · 2 0

$500.00 sounds pretty low -- even a basket case Ford Fairmont would probably go for a thousand if it runs. Actual cash value (ACV) or market value is all the insurance company is obligated to offer you. There is no such thing as replacement cost coverage for cars. Try doing research in your local newspapers and used car lots. List the price, location and contact numbers for every car that is like yours (as much as possible) and see if you can come up with a mean average. This is market value. If it is $500.00, then take the check. if it is $1,750.00, then present this to the claims adjuster and request this amount. If you absolutely run into a wall then request his/her manager. Keep this up until they can at least satisfy you with an answer or up the offer.
PS -- a lawyer is a complete waste of (your) money.

2006-11-30 14:59:16 · answer #2 · answered by Anonymous · 0 0

Insurance does not owe you for the price it cost to REPLACE your car- it owes you for the Actual Cash Value of the vehicle you insured.

Normally, they determine the ACV through NADA (which you can check online and confirm you are getting the appropriate price.) DO NOT go by kelley blue book- those prices are inflated and not valid.

The fact that your car was well-maintained and ran over 10 years has nothing to do with the actual cash value (the acv assumes your car was well-mainted or they would take additional money off for damage.)

ACV is just a fact. And as for a lawyer- i can only laugh. Would you like them to take 1/3 of your 500.00?

2006-11-30 10:28:24 · answer #3 · answered by Anonymous · 1 0

The insurance company is supposed to pay you comparable to Kelley Blue Book Value for your car. Unfortunately, if the KBBV is only $500 then that may be all you get unless you go to court and sue them. Check around, get online at http://www.kbb.com and do some research. If it appears that they are trying to short change you then call a lawyer and get their opinion on where you can go from there.

Good luck!!

2006-11-30 10:19:18 · answer #4 · answered by april_fay21 3 · 0 1

Sorry. no matter how great your car is it goes by the blue book value. but I would not settle for 500.00.they also have to cover your car rental. but do not wait to long they could have a limit to how long you get to rent the car after they norified you it was totaled,
Was the guy arrested ? If so you may be able to go after him and as part of his probation he may have to make restitution to you. believe me your insurance comapny will go after him and they will get their money back from him through court.

2006-11-30 10:18:08 · answer #5 · answered by G L 4 · 0 0

Why do people ask this question, and don't bother to state the MAKE, MODEL, AND YEAR?

Are we supposed to look into a crystal ball and then tell you OH SURE, I SEE THE INSURANCE COMPANY IS TRYING TO SHAFT YOU.

2006-11-30 15:36:07 · answer #6 · answered by Anonymous · 1 0

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