Insurance Company Not Paying Value Of Car
An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds.
Insurance company not paying value of car. Because your insurer will take into account usage past accidents and general wear and tear to your vehicle the acv they come up with may be hundreds or even thousands of dollars less than you paid for your car. Insurance companies set up law offices and hire attorneys to defend claims. Insurance companies will deduct for pre existing car damage. If the insurer says that your car is a total loss it will only pay you the fair market value of your car as of the day of the accident.
Your car s acv is its pre collision value as determined by your car insurance company minus whatever deductible you are required to pay for your comp or collision coverage. Unfortunately an insurance company totaling a vehicle is not required to pay the car loan balance in a settlement. This amount can be far less. You were in a car accident.
Conversely if your car repairs add up to 3 000 and your car is worth 4 000 your insurance company would repair your car. For example if you get into a car accident and the total cost to repair your car is 5 000 but your car is only worth 4 000 your insurance company would deem your vehicle to be a total loss. Insurance companies don t always pay for a vehicle s diminished value but many consumers feel that it is the insurance company s responsibility to pay for a diminished value claim. The insurance company is only obligated to pay the actual cash value acv of the vehicle the amount you will need to purchase a comparable used vehicle.
If your car was in excellent condition don t let the insurance company deduct value because it is claiming it was in fair condition. So what we are going to do is talk you through the process that insurance companies go through to value your vehicle and also your consumer rights. Make sure the deduction is fair and that you actually had the damage the insurance company is claiming prior to the accident. When a car insurance company refuses to pay they will defend the claim as long as possible.
The insurance company may use a software program to calculate your vehicle s acv or internet sites such as kelly blue book and national automobile dealers association used car guide nada. Disputing the insurance companies value the most common complaint with any motor claim is when you are not happy with the value the insurer has placed on your vehicle. What if the insurer says my car is a total loss. Understand the methodology used by car insurance companies to value cars and learn why your insurance may not cover the cost of a similar vehicle.
Insurance wise the only way for you to get the remaining 15 000 of repair costs would be from your own collision coverage if you have it.
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