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Question
Once again thank you so much for the advice, its a difficult process to have to go through. One final question. I just did some research on this car on Kelley Blue Book and noticed that since my vehicle is in such short supply that the value of the vehicle is $2-3000 greater than the MSRP. When dealing with the insurance co. are they going to acknowledge that the fair market value is higher than my original purchase price? Any suggestions on how to approach this?
Much appreciated!
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The text above is a follow-up to ...
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Thank you for the quick response! In cases such as this is it more likely the insurance will attempt to replace the vehicle for me or attempt a cash settlement (and if they do will they cover the taxes and registration fees?)
Much appreciated,
MP
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The text above is a follow-up to ...
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Hi, looking for some advice regarding a new vehicle purchase which was stolen after only 7 days! Recovered days later totally stripped! This is my first experience with these matters. I have comprehensive insurance coverage but am curious as to what I should be expecting for my claim, (i.e. value of new vehicle which only had 10 miles on it, any recovery of taxes payed, or liscensing fees)? Would my insurance company be willing to fully replace my vehicle minus the deduction?
thanks
MP
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With a vehicle that new, I would think you will receive the full value so it can be replaced with another new car. However, if you had negative equity from a trade in, that will not be included unless you purchased separate GAP insurance from the dealer.
Good Luck!
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If by replacing the vehicle, you mean physically going out and purchasing the vehicle for you. No. They will pay the actual cash value, first to the lien holder or dealer and if there is anything left over, the balance to you.
As far as taxes and other fees, this may vary from state to state.
Kelly Blue Book has nothing to do with actual cash values. An insurance company will actually contact several dealers for quotes on replacement vehicles. They will settle for the lowest or average quote. KBB is only showing "suggested list prices" which no dealer actually sells a car for. It it were to be believed as an accurate value, then how could you have purchased the vehicle for less?
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Answers by Expert:
webfoot
Expertise
Auto damage, liability, insurance fraud. I am a full time auto insurance adjuster with experience in collision, theft, liability and fraud investigation. I am also an ASE Master Auto Tech and I-Car Collision Platinum certified. My experience includes 15 years in the auto repair industry, a B.S. in Criminal Justice, Law enforcement and auto insurance. ****** NO "PRIVATE" QUESTIONS WILL BE ANSWERED. I HAVE FOUND THAT NEARLY ALL PRIVATE QUESTIONS COME FROM PEOPLE WHO ARE CONSIDERING OR ATTEMPTING TO COMMIT FELONY INSURANCE FRAUD AND I'M NOT HERE TO HELP YOU! ****** I AM HERE TO ANSWER AUTOMOTIVE REPAIR, CLAIMS PROCESS AND SOME SIMPLE LIABILITY QUESTIONS. I CANNOT ADDRESS COMPLEX LIABILITY SCENARIOS WITHOUT HAVING ALL OF THE INFO FROM BOTH SIDES IN FRONT OF ME. QUESTIONS ABOUT PREMIUMS OR HOW INSURANCE IS RATED SHOULD BE ADDRESSED TO YOUR PERSONAL INSURANCE AGENT WHO KNOWS A WHOLE LOT MORE ABOUT YOUR HISTORY THAN I DO. I'VE NEVER SOLD INSURANCE AND DO NOT KNOW IF YOUR INDIVIDUAL INSURANCE RATES WILL GO UP IF YOU MAKE A CLAIM. THOUGH I'VE HANDLED SOME VERY MINOR SOFT TISSUE INJURY SETTLEMENTS, I PREFER NOT TO ANSWER INJURY RELATED QUESTIONS. I'M NO INJURY EXPERT AND I'LL LIKELY SAY SOMETHING TO HURT SOMEONE'S FEELINGS AS I BELIEVE THAT MANY SOFT TISSUE PAIN AND SUFFERING CLAIMS ARE OVER DRAMATIZED. UNLIKE MANY OTHERS, I AM ON THIS FORUM AS A VOLUNTEER WITH NO PRODUCTS OR SERVICES TO SELL AND PROMISE AN UPFRONT ANSWER BASED ON MY EXPERIENCE IN BOTH SIDES OF THE INDUSTRY. IF YOU PROVIDE ME WITH A HONEST VERSION OF EVENTS, I PROMISE A CANDID AND HONEST ANSWER IN RETURN. I CANNOT ADDRESS ALL CLAIM SCENERIOS DUE TO DIFFERING STATE LAWS AND REGULATIONS, BUT WILL DO MY BEST. PLEASE REMEMBER THAT AN HONEST ANSWER MAY BE ONE THAT YOU DON'T LIKE SO IF THAT IS GOING TO BE A PROBLEM, PLEASE DON'T ASK THE QUESTION. LASTLY, I DO NOT ACCEPT RATINGS AS I DON'T DO THIS FOR RATINGS AND WISH TO SPEAK FREELY.
Experience
20 years in automotive industry, Currently in insurance claims, worked actively as technician and shop owner until about 10 years ago. Current ASE Master Auto Tech and I-Car Platinum Collision Certifications, B.S. Criminal Justice and 10 year auto insurance/extended warranty background
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