Expert: Charlie Barone - 7/23/2009

Question
My vehicle was totaled by an uninsured motorist.  It's six years old, but had been stored until this summer and had only 10k miles.  My uninsured coverage is offering only 7K for the vehicle that originally cost 18K and was perfect!  Do I have any recourse?

Answer
Yes, you have a few ways to go. I would write a letter to your insurance company and tell them that you reject their offer of settlement and tell them that you cannot replace the insured vehicle for the $7,000 they are offering you. If they won't budge, then tell them you intend to enact the appraisal clause, in which case you hire an independent appraiser, the insurance company hires an independent appraiser and the two appraisers select an umpire to make a binding decision. You will be responsible for the cost of your appraiser a share of the umpire fee.