My stated value and other driver at fault

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Mar 16, 2016

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Insurance Question from Sacramento, CA

Asked on 03/16/2016

My stated value and other driver at fault Stated value of my car is $10000.00 while purchasing full insurance. Now it is total loss. but actual value of my car is $17000.00. Other driver at fault in the police report who hit me. But my insurance co. Offering me only $10000.00. I said them it's other drivers fault and his insurance will pay . My quitions is how much can I get of that car.

Answer given on March 16, 2016

If you have stated value coverage on your automobile with your insurance company then the amount stated is the amount you will receive from your insurance company if there is a total loss. If the value of the car had increased since you first insured the car, you should have contacted your insurance company and asked them to increase the coverage accordingly.If you were involved in an auto accident that was the fault of the other driver, you can go directly to them for payment of your car. There is no guarantee they will agree to the $17,000 value you claim. They will only pay the current actual cash value of the car. This is determined by various methods including the Kelly Blue Book and local car prices for a similar car. You should contact the other insurance company and file the claim through them. You also will not have a deductible to contend with as you might through your own insurance.

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