I would like advice of possible action, places for advice concerning a total loss valuation of my auto. I am dealing with my own ins co
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UPDATED: Jul 12, 2010
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Insurance Question from New Albany, OH
Asked on 07/12/2010
I would like advice of possible action, places for advice concerning a total loss valuation of my auto. I am dealing with my own ins co The company uses Autosource. I have proof from BMV that the values used are manipulated for the comparison cars. The case is very similar to a class action case against CCC. I am confused is it: bad faith, fair act, Ricco, class action. The amount of discrepancy is minimal, what the insurance companies count on. Taking this to small claims it would be even more time consuming with not much gained unless there was punitive damages. The insurance company was made aware of the manipulation and done nothing (IMO malice. possible punitive damages) Since I told them about this no contact
Answer given on July 17, 2010
Your question is part insurance and part legal. I am going to answer on the insurance side.
Insurance companies often use outside sources to determine values of automobiles. These sources are not guaranteed. You have the option to find proof that your car was worth more than what the insurance company is offering. The best way to do that is to search sources for what similar cars are selling for in your area. The internet is a very good source, through some of the online auto sales tools. You should print out the pricing of cars and present them to the adjuster asking for a reconsideration of what they are offering you. The company is required to work with you on this. If they don’t you should contact the Dept of Insurance in your state, as they could be considered working in bad faith with you.
The other issues in your question are legal (Ricco, class action) and you will need to discuss those issues with an attorney.
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