Flamingo asked:
The value of the vehicle in the book is about $8000. The insurance companies dealing with Katrina are getting away with MURDER!!! (please help me)
The value of the vehicle in the book is about $8000. The insurance companies dealing with Katrina are getting away with MURDER!!! (please help me)
Tags: Insurance, Insurance Co, Insurance Companies, Katrina, Vehicle Insurance
You shouldn’t have accepted it. Maybe your bank or where you got your auto loan, can work with your insurance co. to get more.
Next time you might want to look into GAP Insurance…
You can request for an internal appeal of the decision. Find multiple sources to confirm your book value of $8000. If that fails, review your policy for additional appeal process. If that fails, contact your state Insurance Department for more information on consumer complaints.
If the car is only worth $3000, that is all they have to pay you. If you have gap insurance through your loan company, that will cover it. Gap insurance is insurance for the difference between the loan and the ACV (actual cash value) of the car.
The value of the car as determined by insurance companies is not determined the same way as Kelly’s Blue Book or NAPA, if that is where you got your value. Those sources use the national average of a car. Insurance companies use a regional average.
Your insurance company will provide you with the paperwork as to how they determined the value of the car. They take into account the pre-loss condition of the car, the mileage, and how much similiar cars are selling for in your area.
I will tell you, this method has been challenged by people in court, saying the insurance company is undervaluing the cars, and the insurance company policies usually are successful.
Yes, you should have been advised to include GAP coverage on your policy. For now, just keep making those payments.
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