Insurance Pay off ?

[aphares]

What is the name of your state? Indiana
I don't know if I am giving the right information, for this question to be answered, but if
not I can answer any questions back for more information.
I have a female friend that about a week ago flipped her suv on interstate 69, Thank god
she walked away from it, but the cause was from black ice, And the insurance company
was determined the vehicle was a total loss, Now they want to only offer her about 8,000
for the vehicle when her pay off is 11,000.
What options does she have ? Is a lawyer needed ? And is this common for the insurance
company to total out the vehicle then only pay what they think it is worth ?
Thanks
Art

 

[JETX]

"Now they want to only offer her about 8,000 for the vehicle when her pay off is 11,000."
** The payoff has no bearing on the value. The insurance company will only pay the 'fair market value' of the vehicle. The real question is in determining THAT amount.

"What options does she have ?"
** Obviously she can accept or refuse their offer.

"Is a lawyer needed ?"
** Not to determine whether to accept or not. A lawyer SHOULD be considered if she is contemplating a personal injury or damage lawsuit.

"And is this common for the insurance company to total out the vehicle then only pay what they think it is worth ?"
** Not only is it common, it is correct. The insurance company had no part in determining the price she was going to pay, the interest rate, the payment terms.... or even the condition of the vehicle at the time of the damage (mileage, etc.) and therefore has no obligation to compensate the 'pay off' amount. She needs to determine what the 'fair market value' of the vehicle was at the time of the accident. Use something like Kelly or NADA to start. Then add or deduct for optional equipment, mileage, pre-existing damage, etc. Check with local sales (ads, dealers, etc.)