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Auto Insurance Claims/not sure where i stand

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Expert: - 9/26/2010


Question
CAN YOU TELL ME HOW MUCH MY CAR IS WORTH OR IF KNOW IS THERE A WAY I CAN FIND OUT WHAT IT IS WORTH SO I KNOW THE INSURANCE COMPANY IS MAKING ME A FAIR OFFER
i have just had lots of work done to my car and for its year was in mint condition prior to the accident. ive been told that it doesnt matter what condition it is in they will only give us an offer of settlement based on the age and type of car it is. out car was a t reg vectra so was about ten years old. how can we find out what we are intitled to before they make us an offer on it as i believe that its wrong. my friend told me they go on book prices so my question is AT THE TOP OF THE PAGE
my car spun off the road on the way to school due to hidden mud ander wet rain so was unavoidable. we landed in a 12 foot deep dike and myself and two children were injured and treated in hospital but no other cars were involved. i am fully comprehansive with 4 years no claims.

Answer
Hello,

I apologize for the delay, but I answered the question twice and for some reason it did not post.

As for your friends commentary on your situation, he is 100% correct. The insurance company will only pay actual cash value (ACV).

It does not matter how much money you have stuck in the car. They will also minus from the ACV the collision (not comprehensive) deductible.

All this is defined in your policy or you can contact your agent for more details.

Rarely does the insured come out ahead in these circumstances and commonly insureds are not happy with the claims process.

You may feel it is not fair that the insurance company will only give you a fair market price after you have stuck so much money in the car, and maybe it isn't fair, but it is all in the policy as to how they will handle the claim.

Auto Insurance Claims

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Rob Painter, Ase, CFEI, CAFATE

Expertise

Please remember. I am not an attorney and cannot legal advice. My answers are based on my experience due to litigation I have been involved in as an expert, for both insurance companies and while oposing them opposing them. I deal with only comprehensive claims on autos related to fire and theft. I have even had the opportunity to rewrite policy coverage language as it relates to vehicle theft and forced entry for insurance defense attorneys.

Experience

Experience in the area: Working with insurance companies and attorneys on these issues for over 20 years. It is very common to have a reported stolen car with a so-called factory anti-theft system to have the theft claim denied. I have served successfully as an expert witness in the courts across the US representing the insured and their attorney revealing that the insurance expert did not take all known theories into consideration before rendering their "Forensic" conclusion. Many insurance carriers us independent "Forensic" experts to examine reported stolen vehicles commonly using flawed methodology implicating the innocent insured with the theft. My job is to determine if the insurance expert reached his conclusions based on accepted scientific principals or just net opinion with no basis other than opinion. My case record against such experts is very compelling.My resume can be seen at the catagory "Auto Theft and Prevention." In "Forensics" the scientific method must be employed. In the forensic locksmith field determining how a reported stolen vehicle was last operated, many processes cannot be duplicated and are conveniently not addressed. If they were, juries would have the opportunity to make a fair and impartial opinion at least about what the expert could or could not prove. There is a purported process determining the last key used. The chances of determining such is very rare uless the key is found in the ignition lock. Experts commonly destroy evidence as well and are rarely questioned on this event. I reveal the weakness in their testimony on such instances.

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