when a vehicle is stolen, what do i do when they are not offering fair compensation? do i need to retain a lawyer?
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UPDATED: Nov 1, 2011
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Insurance Question from Puyallup, WA
Asked on 11/01/2011
when a vehicle is stolen, what do i do when they are not offering fair compensation? do i need to retain a lawyer? NULL
Answer given on November 12, 2011
When a car is stolen, your insurance company will wait 30 days before offering a settlement, to see if the car is recovered. After the 30 day period the adjuster will make an offer for the car based on multiple sources including the Blue Book and Gold Book. If you do not feel the offer is satisfactory, it is your responsibility to provide evidence that the offer is not fair. However, the insurance company is not required to pay more than the actual cash value of the car. Often times a total loss settlement seems unfair to the policyholder since the car is more valuable to them. You will need to provide evidence of the value you feel the car is worth. You can do this with local newspaper ads as well as internet ads, as long as they are local values. Also,if your mileage was lower than average, this could increase the value of the car, but you will need to provide evidence of the mileage to use that as a cost basis.
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