How do I negotiate a “higher” claim amount from an insurance company to cover my losses?

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How do I negotiate a “higher” claim amount from an insurance company to cover my losses?

While I was at work a semi-truck driver ran over my car and hit two other parked cars. The driver’s insurance company claims the car as a total loss and has written me a letter of settlement in the amount of $12,775. The $12,775 does not cover my loan pay-off amount of $17,500. I have gap insurance to cover the loan but I put a down payment of $3500 dollars on the car which I am not being compensated for. If my lender accepts the settlement how do I negotiate my $3500 loss?

Asked on October 22, 2011 under Accident Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The unfortunate thing when one has an item damaged is that the item is valued at its current fair market (depreciated amount) as opposed to the amount that one has invested in the article.

As far as negotiating the $3,500 loss of the down payment you can ask for accrued interest on the value of the vehicle from the date of the loss. You can also ask for the loss of the use of the vehicle before payment as well as the rental reimbursement of any replacement vehicle.

Finally you can contest the assessed value of your destroyed vehicle seeking a higher replacement amount.


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