My 2000 Honda Accord EX 4dr is considered totalled by State Farm. No accidents, excellent condition, 42,950mi. I want low mileage replacement auto, NOT $minimum value as this was total fault of State Farm insured and my Honda is of greater value to me.
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UPDATED: Aug 3, 2017
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Insurance Question from Maywood Park, OR
Asked on 08/03/2017
My 2000 Honda Accord EX 4dr is considered totalled by State Farm. No accidents, excellent condition, 42,950mi. I want low mileage replacement auto, NOT $minimum value as this was total fault of State Farm insured and my Honda is of greater value to me. Do I have a case for demanding replacement auto with low miles and equal value to my Honda?IT WAS NOT MY FAULT. WHY MUST I PAY FOR SOMEONE ELSE'S CARELESSNESS?
Answer given on August 13, 2017
Unfortunately, a car’s value to an insurance company is based on the “actual cash value” of the car. There are books that insurance companies use, such as the Blue Book or the Gold Book, as well as local ads for a similar car.
You can argue the valuation but you must provide proof of the higher value. You can do this with local ads, the internet, or a local dealer. If you use the internet it must be in your area, not elsewhere in the country, to provide a real estimate of the car.
Ask for a supervisor at the insurance company and provide documentation of the mileage and condition of the car. Ask for a re evaluation of the value and try to provide evidence of a higher value.
Unfortunately, the value of the car to you, as the owner, does not mean the insurance company must provide a higher settlement to you.
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