Total loss vehicle questions.

Market Maker · #1 04-24-2006, 12:27 AM

What is the name of your state? Illinois

Hi,

I had a car accident in March that resulted in a total loss for my vehicle according to my insurance company---Farmers Insurance. The car was a 2001 Pontiac GrandAm, which had only the base options and had about 79000 miles. I am receiving about 6400 for the vehicle, which includes 80 dollars for DMV cost and alarm that I installed in car. But I am really receiving 5400 because of my insurance deductible. I feel that I am not receiving reasonable compensation since I cannot find a car for that said value. Does anyone know if I have a case to pursue more money, or should I take what I am being given?

If I do take the payment, my other concern is that the documents that my insurance wants me to sign documents that are not completed. In addition, they want me to sign an odometer statement with an incorrect mileage stated on the document---off by more than 10000 miles. Should I sign this document? The other document is an Affirmation of Correction, which is not completed and they want me to sign it, also they want me to sign an Illinois Secure Power of Attorney, which is blank. I feel uncomfortable to do this and would really appreciate some advice. I know that they took my car to a Wisconsin salvage yard, which makes me feel even more suspicious. Please help!

teflon_jones · #2 04-24-2006, 10:00 AM

Your post is a little unclear. I'm not sure whether you're getting a check for $5400 or a check for $4400 ($5400 minus $1000 deductible). Please clarify, what is the amount of the check?

The insurance company needs to give you FMV (Fair Market Value) for your car. Based on the car you described, I priced it out at [url]www.nada.com[/url] and it's worth about $6500-7000.

amina516 · #3 04-24-2006, 04:07 PM

Just remember, insurance companies DO NOT use NADA, or KBB or
Edmunds. They go with an internal company only available to insurance companies. They dont have to give you what you paid, but just what they judge as Fair Market Value, which they get from their private database. Its called CCC valuescope.