my car gets broken into, I call my insurance to add extra coverage(stated amount 28k) I have 8k in receipts?

Question

4 months later some thief takes my car an my insurance wants to pay me 17k......what do I do? HELP

17k is what they said the depreciated value is..
I put new motor 5k.... new rims 3k. 4 months old
I paid 19k for the car

Answer 1

Stated Amount does not mean thats the amount you get ( i know i know.. it doesnt seem to make sense.. but if you read your contract- its in there.... you can only get UP to the stated amount.. if your car is worth less.. you get that)

Now- they can only give you actual cash value of your car. Just beacuse you got work done to your car doesnt necessarily increase the actual cash value.

Only thing you can do is bring proof to them your car is worth more but generally.. actual cash value is what it is... theres not much negiotiating about it.

Id suggest you learn a lesson in this and only pay for a car whats its worth.

Answer 2

Wow. Sorry about the loss.

Well, the notes above are half right. Yes your insurance will depreciate your vehicle to actual cash value unless you have rated your vehicle with your agent. If you put a “rating” on your vehicle, you might be cover for the stated amount. This does not happen often, but when you have custom vehicles, or motorcycles that are highly modify, putting ratings is the way to go. I am not sure what you did when you call your agent. If you did not “rate” your car, then the conventional method would apply.

The actual cash value of the vehicle will apply. They will compare your car to many other vehicles on the market! They will look at mileage, condition, features etc. and based on that they will find several comps to come up with a value. They will not use blue book values or NADA because these are national values. You must be looking at your LOCAL value.

Here is the trick. Insurance companies hire independent companies to do this. CCC (not sure of the actual name is one of them). They report back with the vehicle list and prices. They average that and then make you an offer.
The problem is that you do not see the actual numbers. ASK FOR THEM. You must see what the insurance company is looking at.

If your car has a new engine, then you must account for that somehow. Look at exactly what they are looking at. You will be surprise that many times they will be looking at very different vehicles. Also, look at the location! If they are using date that is more than 50 miles away I would dispute that (if it is on your favor of course).

Also this list will tell you where these vehicles are! Call or better go there and look at them! Many times what they do is just call random dealers how much would they (the dealer to resell later) pay for a car with this many miles and in similar condition. If the car does not exist on the lot, it should not be on your paper. If you call this places, just tell them that you want to take the car for a test drive. If they do not have it, then that comp should be thrown out.

Make sure your car is not rated. If it is not, then ask for all the information regarding how they are getting to that value and VERIFY this info. Also read http://www.auto-insurance-claim-advice.com/Right-of-Appraisal.html if you cannot agree to a value. You can enforce this clause that most likely is on your policy.

Good luck,

HQ.

Answer 3

They are supposed to reimburse you to fair market value of the car. In other words, what it would cost to go out and buy a similar car today. Less any deductible.

Presumably the $17k figure includes a car with an engine and rims, so your new ones won't really effect the value that much, even though you paid a lot for them.

If you feel you are being screwed, check your policy. There is probably a clause in their about having it independently appraised or submitting to arbitration. Of course, since you don't have the car that might make it difficult.

Dig up your policy and read it. If you don't have it, ask them to email, fax or mail you a copy.

Answer 4

They will only pay value of car a person I know rims got stole they totaled the car because the rims valued more than the car or half of the cars value

Answer 5

Yep...that's exactly how it works, Bub. It doesn't matter how much you invest in a vehicle it's only worth what the market will pay for it. Suppose you decided to crush a $10,000 diamond, mix it into some paint then spray it onto your car. Do you really think it would be worth an extra 10K?

Answer 6

If your vehicle is stolen, they can only compensate you for fair market value of your vehicle. If you feel that your vehicle is worth more than they are offering, you must prove it. You can always submit receipts for the $8K in work you had done for your car to your insurance company so that they may review it to determine if it increases the value of your vehicle.

Answer 7

he's 10 they are probable purely his acquaintances. quit examining too lots into it, in the event that they are those form of calls why does your son provide out your quantity and think of it particularly is okay? Take some accountability and coach the boy some morals as a replace of coming to Yahoo speaking nonsense, how previous are you? 15? appearing like a new child.