Question about payoffs for totalled vehicles

[REParker819]

What is the name of your state? Delaware

I still owe about 11,100 on my car that was totalled at the beginning of the month. I had full coverage on it, and have had it since i bought the car two years ago. My insurance company said they will give me the amount that dealerships in this state sell my vehicle for in pre-accident condition. Yesterday the adjustor informed me that they will pay 8,475. But i have found a lot of vehicles like mine at dealerships in my state online for between 10 and 13. Is there anything I can do? I thought full coverage would at least pay my vehicle off if it was totalled. Anyone have any advice for me?

 

[JETX]

"I still owe about 11,100 on my car that was totalled at the beginning of the month. I had full coverage on it, and have had it since i bought the car two years ago. My insurance company said they will give me the amount that dealerships in this state sell my vehicle for in pre-accident condition. Yesterday the adjustor informed me that they will pay 8,475. But i have found a lot of vehicles like mine at dealerships in my state online for between 10 and 13. Is there anything I can do?"
*** Yes. Get copies of the values you claim and submit them to the insurance company. Start looking at the newspapers for same models and mileage. Get copies of the car appraisals (see below). Ask that they review them and revise their offer.
Some online car price sites:
www.edmunds.com
www.kbb.com
www.nada.com
www.autosite.com

"I thought full coverage would at least pay my vehicle off if it was totalled. "
*** Nope. The insurance company is only required to pay you the 'fair market value' of your car in its condition immediately prior to the accident. The insurance company had NO involvement in your car negotiation, interest rates, etc.

"Anyone have any advice for me?"
*** Yes. See above.

 

[spawn_x]

What JetX said is correct, you have to fight to get the complete VALUE of your vehicle.

You will also NOT be reimbursed for the difference in your loan/vehicle unless you have that specific protection (dang, forgot the name..).

 

[knotcops]

spawn_x,
Lease/loan gap.

 

[spawn_x]

there we go.