Our pickup was appraised at 15,000.00, the legal appraisal provided to ins comapny when pu was covered. They offered 2000.00 on a totaled. No accepta
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UPDATED: Jun 4, 2012
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Insurance Question from Moore, OK
Asked on 06/04/2012
Our pickup was appraised at 15,000.00, the legal appraisal provided to ins comapny when pu was covered. They offered 2000.00 on a totaled. No accepta NULL
Answer given on June 16, 2012
If your truck was appraised at a certain value and the insurance company accepted the appraisal as the actual cash value of the car, then they should consider that appraised value when the vehicle was totaled in an accident.There are some areas that could complicate this. If the appraisl was done long before the accident, then the value of the truck would be reduced by age and mileage. You don’t indicate the date of the appraisal versus the accident date.Some insurance companies will provide a policy for a stated amount, but they sometimes include a clause that says – stated amount OR actual cash value at the time of the accident. Check your policy to see if that clause is there. If so, then you may have to prove the vehicle’s value was higher than the offer being made by your insurance company. If you have an agent, ask them for assistance in detrmining how the policy is set up.
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