Do I have to settle for less than I owe?

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Do I have to settle for less than I owe?

Full coverage insurance has comprehensive and collision for $25,000 they offered $11,000 for my loss I

owe $18,000. Should they pay the vehicle off?

Asked on August 23, 2017 under Accident Law, Arkansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They do not need to pay the vehicle off; all an insurer (or the at-fault party) would owe at most is what the vehicle was worth at the instant before it was damaged, given its age, make, model, mileage, etc.--i.e. it's "blue book" value. Compensation is based on value, not price to purchase. If you are getting blue book value, that's all you are entitled to; if offered less than that, you don't have to accept it, but could elect to proceed with a lawuit (vs. the at fault driver, if there is one; or againt you own insurer, if they are not offering you the full then-current fair market value).


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