Expert: Bennie719 - 5/8/2008

Question
I had bought 03 caravan from a dealership in nova scotia 7 months ago through scotia bank they gave the dealer roughly $20000 for this van it burned my insurance says its only worth roughly $10000 thats all they want to give me .......i will still owe the back $10000 if i accept . What can i do if anything?

Answer
Hi Paul,
You are entitled to receive the fair market value (FMV) for your vehicle.
You need to immediately start a search to determine the FMV of your vehicle so you will be in a position to make a counter offer to the insurance when they finally make a settlement proposal.

You didn't state your country of residence.

If you reside in the U.S., you can go to the following sites:
www.kbb.com   www.nada.com   www.edmunds.com   www.autotrader.com
enter your zip code and search a radius of 50 miles (or greater) for a vehicle of the same year, make, model, condition, extra equipment and mileage.  I'm not sure if these sites cover Canada, but you can try.  You need to find at least 6-10 different vehicles and make hard copy prints.  You can also visit used car lots in the U.S. or Nova Scotia and get written dealer quotes for the FMV of your vehicle.

These quotes will put you in a position to deny a low-ball offer from the insurance company and immediately make a counter
demand based on the information that you have gathered.
I hope you find this information to be helpful.
Your feedback by rating my answer will be appreciated.

Sincerely,
Bennie
San Francisco Bay Area