Stolen Car, Insurance company giving low value!

OP85063 · #1 09-12-2008, 02:19 PM

What is the name of your state (only U.S. law)? New York

hey guys, I my 2001 BMW 330CI w/98,000 miles was stolen and never recovered. Nada, KBB is showing the car worth about $12.5K, I search autotrader, cars.com, and some other internet site to compare the value of the car with around the same mileage, year, options etc.. and it comes out to an average of $11K.

My insurance company is saying the car worth only $7K, the car was in excellent condition and EVERY OPTION possible from dealer except one (navigation). The car had premium package, sports package, and cold weather package, (sports seats, leather, 3 level heated seats, heated windshield waster, adaptive head lights, sports wheel, sports steering wheel etc...), with the three option, it has ALOT of stuff included.

What recourse can I take to prove my car is worth more than they are offering and since they don't want to hear it from me, can I take them to court with out a lawyer. I can only go to small claims for $5K and under.

Thanks for the help.

ecmst12 · #2 09-12-2008, 02:55 PM

Go over the value report they ran on your car and make sure all your options are accounted for correctly. And don't expect to get NADA or KBB value as they are usually unrealistically inflated. But sometimes things get missed when the report gets run and that is low mileage so that should be bumping it up a bit.

OP85063 · #3 09-12-2008, 03:10 PM

thanks for the reply,

I've even call up some dealer, and they got similar car with higher mileage and all are asking over $12K. So the price they are giving me would not replace a similar car that I had.

I understand what you are saying maybe the missed some options, I double check with them and everything is listed as the car had.

If they don't want to go any higher what are my options from the legal stand point?

JETX · #4 09-12-2008, 03:19 PM

Quote:

Originally Posted by OP85063

I've even call up some dealer, and they got similar car with higher mileage and all are asking over $12K.

You can't use RETAIL values or what dealers are asking... you have to use 'fair market value'. Ask the insurance company to provide you a copy of their comps.

You Are Guilty · #5 09-12-2008, 03:25 PM

First off, 98k is actually over "average" mileage, but while that's a deduction, it would not account for that large of a discrepancy. Was the car ever in an accident? (Does carfax show an accident on the title? They've been reported to screw up their record keeping and it would certainly explain the lowball offer).

KBB, NADA, Edmunds, etc. are all "guides" as to value, and rarely persuasive. Actual sales is what will get your adjuster's attention. The only free way to find them (that I know of, I'm sure there may be others) is to check e-bay for completed auctions for your model car and see what they went for.

Beyond that, if they hold their ground, you may as well just file for the $5k max in small claims, as the extra $500 (if you decide to go with $12.5 as the actual value) is not worth you having to deal with Civil Court where you are bound to actually know the rules of procedure and follow them.

OP85063 · #6 09-12-2008, 03:35 PM

Carfax does not show any accident, as matter of fact the only thing it show's that I'm the 3rd owner of the car, and the maintenance history of the car, the car has always been dealer maintained, and title is clean, also no lien on the car it's paid out for.

I thought once you accept the insurance payout check the case is settle and you can't sue them for more? I can still take them to small claims court?

I can understand +/- $1K or even $1.5K difference not $5K that's a big difference.

You Are Guilty · #7 09-12-2008, 03:51 PM

Quote:

Originally Posted by OP85063

I thought once you accept the insurance payout check the case is settle and you can't sue them for more?

Not just by taking the check - only by signing a release.

If you do end up needing to file a complaint in Civil Court, read every page of every link here:
http://www.courts.state.ny.us/courts/nyc/civil/represent.shtml (It's written for NYC Civil, but applies to the entire state). A "dirty little secret" of Civil Court is there is a special part where pro se cases are separated out from the others and assigned. Even though they're not supposed to do it, the judges in that part don't hold the pro se's to the strict rules that attorneys must follow. Most attorneys I know would rather give themselves a colonoscopy with a spork before having to litigate a case in that part. Use that to your advantage

ecmst12 · #8 09-12-2008, 04:02 PM

They will DEFINITELY require you to sign a release before paying out $7k, especially since it's a total loss.

Remember that even though your car was in good condition, it was not in DEALER READY condition. It was rated as average private owner condition which is normal. Also the insurance report is generated based on (among other things) dealer 'take price', not advertised price.

I thought average mileage was 15k/year? I could be wrong though.

OP85063 · #9 09-12-2008, 04:16 PM

Thanks guys, I'll dig up alittle bit more and see what I can do, and I'll be sure to read that entire page of that link.

I knew it about about 12K a year, but I also know the raise it, could be 15K a year I dunno.

again thanks guys, I'll keep you guys updated, I still don't think my car is worth that little though, as I can't find a similar car for replacement for that price.