vehicle totaled

[jwmjr]

What is the name of your state? pennsylvania My vehicle was totaled by a hit and run driver who was later apprehended. My insurance comnpany gave me a figure which is pretty close to book value. Unfortunately, that figure does not adequately compensate me for a car that was in showroom condition. They want to hurry up and settle because of the storage fees. Am I s.o.l.?

 

[lwpat]

There is retail book value and wholesale book value. Which one are they offering? It should be the retail value.

Check your local newspaper and auto magazines to see if you can find several cars similar to yours. Then you will know if the offer is fair.

 

[JETX]

"that figure does not adequately compensate me for a car that was in showroom condition."
*** Okay, the obvious question is, 'Was your car in SHOWROOM condition immediately prior to the accident?"

The insurance company is obligated only to give you 'fair market value' for your car in the condition (mileage, body dings, cigarette burns, etc.) that the vehicle was in IMMEDIATELY prior to the accident. That often does not mean showroom condition, nor does it mean the payoff value left on the loan.

So, how much did they offer and how much (and how) did you determine to be 'fair market value'??

 

[jwmjr]

the car was in showroom condition prior to the accident. 96 Taurus LX, every available option, 14,800 miles. they offered 5,600 + tax. I'd like to see them find another one like it for that price. An insurance company can put any valuation on a car they want but finding one at their low ball price is anther matter. Besides, I thought the object of carrying insurance was to place you in the same position you were in prior to the accident.

 

[lwpat]

"Besides, I thought the object of carrying insurance was to place you in the same position you were in prior to the accident."

It is. It is also the adjusters job to settle claims for the minimum. If you can present evidence that your car was worth more than what they are offering he will probably raise the offer.

You can have a local dealer give you a written valuation on the car and you can also check out the following sites:

http://www.nada.com
http://www.kbb.com
http://www.edmunds.com
http://www.autosite.com

Despite two posts in reply you have presented no evidence that the offer is not fair.