What can I do if my garage burned down and I lost my truck bit the insurance company will not adequately compensate me for it?

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What can I do if my garage burned down and I lost my truck bit the insurance company will not adequately compensate me for it?

I had an older 1 ton truck I bought 12 years ago. It had 115,000 miles on it, rust free, undercoated, amazing condition inside and out. It had 10 ply tires with custom chrome wheels. It was always garaged. It also had a 7.5 ft western plow attached and was used very little. My insurer tells me that it is only worth $3963.33. This is not near what the truck was worth. I’ve looked on-line and can’t even find anything close. What recourse can I take?

Asked on February 10, 2016 under Accident Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If you believe that you insurer is refusing to honor its obligation to pay you the then-current fair market value of your truck, given make, model, age, condition and features or options, you can sue the insurer for breach of contract (an insurance policy is a contract). To prevail, you'll need reliable testimony as to the condition of your truck, evidence or proof of make, model, options, year, and the testimony of an auto appraiser, or at least an experienced salesman of used trucks, to offer an opinion as to the value; your expert will need to appear in court.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If you believe that you insurer is refusing to honor its obligation to pay you the then-current fair market value of your truck, given make, model, age, condition and features or options, you can sue the insurer for breach of contract (an insurance policy is a contract). To prevail, you'll need reliable testimony as to the condition of your truck, evidence or proof of make, model, options, year, and the testimony of an auto appraiser, or at least an experienced salesman of used trucks, to offer an opinion as to the value; your expert will need to appear in court.


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