Insurance payout for a totaled car is ridiculously low
08-04-2012, 07:36 PM
#1
Drifting
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Insurance payout for a totaled car is ridiculously low
My Son's car was totaled in an accident a few months ago. It happened in Indiana where he lives and goes to school. It was a 1999 Ford Explorer in average condition. The other drivers insurance company just sent a letter stating they take responsibility for the accident and will pay $500 for his car. This amount is ridiculously low. Is there anything we can do about this?
08-04-2012, 07:44 PM
#2
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talk to your ins let them handle the claim if there is more then his ins . then they can go after the other company .
08-04-2012, 07:50 PM
#3
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08-04-2012, 10:51 PM
#4
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Not sure, but can you appeal to arbitration? Have you checked values on the car yet to see how far off they are on the value?
08-04-2012, 11:00 PM
#5
Drifting
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08-05-2012, 12:12 PM
#6
Drifting
Insurance companies are highly regulated by the state; they need to be able to justify the condition of the vehicle and the state outlines the requirements on line generally.
Who is the company?
What condition is the vehicle?
We generally give between $1K and 1.5K for anything as "basic transportation" unless the vehicle is really really bad.
Who is the company?
What condition is the vehicle?
We generally give between $1K and 1.5K for anything as "basic transportation" unless the vehicle is really really bad.
08-05-2012, 03:42 PM
#7
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They have to give retail. We just went through this when my wife totalled her car by hitting a deer.
They try to use avergae sales prices in the area but don't let them play that game. They are trying to save themselves money, which is understandable, but play hardball and they may cave in.
500 bucks is a joke and an insult to people who have a brain.
They try to use avergae sales prices in the area but don't let them play that game. They are trying to save themselves money, which is understandable, but play hardball and they may cave in.
500 bucks is a joke and an insult to people who have a brain.
08-05-2012, 04:55 PM
#8
Drifting
I would call the Ind Department of insurance and ask what the proper and acceptable method is in indiana to determine ACV. Indiana is not one of my states. Each state varies some, put the amount they offer you worse case, has to supported by 1)dealer assessment of your vehicle 2)a periodical such as NADA, KBB, or other 3)a market survey done by a company such as CCC, Mitchell, or ADP...which is a survey of like vehicles in the area.