I am send a demand letter stating the amount of money I think it is worth or do I just set back and let the ins. co. make an offer ?
2006-12-06 08:45:06 · 7 answers · asked by TR 1 in Cars & Transportation ➔ Insurance & Registration
You can send a 'demand' letter if you want but be warned: a car is worth only what it's worth. You can demand until doomsday but the market value or actual cash value (ACV) is the only amount you are entitled to. I would suggest you at least hear their offer first. My company regularly pays total loss settlements for more than the owner could have ever sold it for prior to the loss.
2006-12-06 10:17:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No. Don't tell them what you think your vehicle is worth. If you state less then what it actually is, that's what they will give you and you will be loosing out.
Just sit back and wait. They will take a look at the blue book value of the car, plus they will appraise the condition. Once that's done, they will call you with an offer. If you disagree, then it will be time to fight and push for more. If your lucky, you won't need to.
I was in an accident in June and my car was totaled. After taking a look at the vehicle and deciding that it would cost them too much to fix it, they figured out how much is was worth. My car was an old Buick Regal but it was in immaculate condition. They appraised it at more then what I payed for it. Plus, I had brand new tires on it, so I asked to get money for those as well.
Once I cashed my check and paid off my car loan, I had an extra $1500 in my pocket.
From what I hear though, I'm one of the lucky ones. It only took 3 weeks before everything was settled. I called them constantly though. You need to remind them that your there and waiting on them.
2006-12-06 17:10:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm actually going to provide advice to a previous post here:
"get a lawyer, thats the best way, let them handle it and in the long run you will make out better."
Nope. Most attorneys will NOT represent you in a property damage claim. Why, you ask? Because you'd have to either 1) pay them for their services, which lowers your claim amount, or 2) give them 1/3 of your settlement amount, which lowers your claim amount!
2006-12-06 22:10:07 · answer #3 · answered by shotgun_mosquito 2 · 0⤊ 0⤋
Unless they are taking an unreasonably long time (in which i would call them as opposed to send a demand letter first) then i would just wait until they contact you.
And please- be reasonable when it comes to your settlement. Dont expect to win the lottery.
2006-12-06 16:51:33 · answer #4 · answered by la428282 6 · 1⤊ 0⤋
You can do either. They will usually ask you what you want to settle. Don't go crazy with some wild number.
2006-12-06 18:10:31 · answer #5 · answered by Chris 5 · 1⤊ 0⤋
get a lawyer, thats the best way, let them handle it and in the long run you will make out better.
2006-12-06 21:42:17 · answer #6 · answered by mister ss 7 · 0⤊ 0⤋
don't let them run u over they will try go to www.northfloridaauto.com and call me bob
2006-12-06 16:53:50 · answer #7 · answered by Anonymous · 0⤊ 3⤋