Insurance claim question
Question Details: My car was totalled while parked in front of my house.My house is in a school zone and the speed limit is 20MPH. The women must have been going 50-60MPH. The insurance company is trying to pay me $12,850 for my 2006 Ford Fusion SEL(leather seat). Suggested retail value is $14,100. To my understanding the insurance company is supposed to "make me whole" where as putting me in the same or a comprable position as I was before the accident. I purchased this vehicle with a 2,500 down payment now I am supposed to purchase a vehicle with $300? An accident that occured through no fault of my own.
Insurance Law Law Answers
The vehicle was totalled and the insurance company will pay you the value of the vehicle. That it will cost you more to buy a new vehicle is just the way it is. You say the suggested retail price is $14,100. However, what is the Kelly Blue Book value for the year, make and model?
I'm not a Massachusetts lawyer, but the basics of how this works are pretty much the same everywhere: "making you whole" means either paying the cost of repairing your vehicle, or giving you the fair market value, whichever is less. Neither one truly makes you whole; you're seeing first-hand how that doesn't really get the whole job done if the car is totalled, and if it's repaired, you get nothing for the loss of value due to the fact that the car has been in an accident. Your loan on the damaged or destroyed vehicle doesn't figure into the calculation.
And "fair market value" doesn't always mean "suggested retail." You should talk to a local attorney, about how this works in your state.
Related Insurance Law Questions
- What Should I Do When My Insurance Company Denies or Delays Payment on My Claim?
- Can an Insurance Company Deny My Claim?
- My claim was denied and my appeal was denied by the insurance company. What do I do now?
- Are Insurers Delaying Your Claim Due To The Recession?
- Critical Question: Should I Invest in Long Term Care Insurance or Look at Other Investments?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Kevin Bessant432 Answers|Points 5850Gold Contributor
- Madan Ahluwalia104 Answers|Points 1900Silver Contributor
- Kenneth Berger33 Answers|Points 1630Bronze Contributor
- Harun Kazmi60 Answers|Points 840Bronze Contributor
- Hong Shen528 Answers|Points 800Platinum Contributor
- Jason Ostendorf12 Answers|Points 600Bronze Contributor
- Hong Shen528 Answers|Points 26400Platinum Contributor
- Kevin Bessant432 Answers|Points 21580Gold Contributor
- Steven Fromm113 Answers|Points 5430Silver Contributor
- Madan Ahluwalia104 Answers|Points 5170Silver Contributor
- Kelly Broadbent93 Answers|Points 4600Silver Contributor
- Glenn M. Lyon, Esq.93 Answers|Points 4530Silver Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here