by Guest » Thu Jul 21, 2011 11:10 pm
I am worried about our decission we are about to make. We were T-Boned about a week and a hlf ago the other parties insurance hasn't responded. I have full coverage insurance, and GAP insurance with my bank. Our insurance want to settle at $9000 and I looked at the Kelly blue book and our car is worth about $13,000 they firgure that amount by pictures. I feel that there is more damage that is not visible. Should we go for total los or settle for $9,000 to get it fix. I have broken ribs and expecting to have a MRI done on my arm as well.
Posted: Fri Jul 22, 2011 12:23 am Post Subject:
KBB value is incorrect for what you need. KBB is the retail price you'd see on the window sticker at a dealership. No one ever pays that price. Only dealers use KBB values for this reason.
When you say your insurance wants to settle, are they considering it a total loss? You don't get to decide if they repair it or consider it a total loss so they is a moot point.
Have you called the other carrier? if not, they may not even know about the accident. Have they inspected the vehicle? They won't if they think your carrier is going to address the loss. You can call them and ask them to determine what they will pay on your property damage. Perhaps they will also consider it a total loss but offer more then $9000.
Posted: Thu Aug 25, 2011 05:09 am Post Subject:
The other parties’ insurance should compensate you for your property damage as well as bodily injury.
If you think your car’s value is more than what your insurance is providing ( in case of total loss), then you can even get the Gap coverage kick in.
The blue book value is really not going to help you estimate the value though, as your car has probably, depreciated after the accident.
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