Expert: Charlie Barone - 5/3/2009

Question
after accident insurance co says both partys at fault so fifty / fifty, in florida how do i find out the insurance co is paying me what is truly due and not just a figure they want to pay the damage is more than they say the 2000 honda accord with 127,000 miles is worth so they total it, how do i find out my rights?

Answer
Frank,

I assume you are not contesting the 50 percent allocation of liability and fault in the accident, but are more concerned with what your insurance company is offering in settlement for the total loss. You can file claims with either the at fault party's insurer, or file it under your own coverage, which will be subject to your deductible in your collision policy. Expect to get 50% of that back once your company subrogates with the at fault party's liability carrier.

You need to do some shopping now and determine what it will actually cost to replace your Accord with one of like kind and quality, or better. That is the basic language in the state laws and regulations in all states and what you are owed. So look for a 2000 Honda Accord with similar options to yours, mileage and condition, which in your case shouldn't be too hard. That is the actual cash value (ACV) of your car, plus applicable sales tax and license transfer fees.

The insurance company is likely to offer a value based on a book value of a guide accepted by the insurance commissioner in your state. If that offer is insufficient to satisfy the ACV, you are free to reject their offer.

I am not a lawyer and cannot give legal advice. I can, however, freely share information that has helped persons in the past. Had to say that.

Charlie