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 Posted: Tue Jan 17, 2012 8:26 pm Post subject: Car totaled by drunk driver ACV seems low |
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Our 2000 Honda Civic (EX, coupe, man. trans, 178000 miles) was reared ended by a drunk driver (BAC 1.6 - twice the limit) with my wife and two kids inside while at a stop light. No one was injured (no issues so far). The other driver's insurance is offering $4,300 for the value of our car. I'm seeing replacement values around the $5,000+ range for similar Civics. We weren't intending to replace the car anytime soon. In fact, we had $800 in preventative maintenance work done less than a week before the collision.
My questions are: Is this a fair amount? Can we recoup cost of the repair done the week before? We haven't signed anything. They have the car and i'm not sure if getting it back would be an option or even wanted. The care was in great shape and would make a great parts car for someone. I'm sure they would get a great deal if it was parted out.
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CBINKY
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| Posted: Wed Jan 18, 2012 4:22 pm Post subject: |
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| Preventive care maintenance adds value to your car. If you have the bills from the body shop, send copies over to the at-fault party’s insurance company. That might just add a few extra dollars to the replacement value they are offering. You don’t need to agree to any value they are presenting you with unless you think it’s adequate. You can visit websites like edmunds.com or nada.com to find out how much your vehicle would be worth. Have you informed your own insurance company about this incident? |
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Heller
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Joined: 02 Jan 2012
Posts: 272
23.87 Dollars($)
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| Posted: Wed Jan 18, 2012 11:24 pm Post subject: |
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Thanks Heller. I've reported it to my insurance company and have sent the dealer's bill to the at-fault's insurance. I don't agree with their numbers. They are quoting NADA, but I think the market value of the car is over $5,000. They are saying the maintenance will probably not be reimbursed or if it is won't be much. What options do I have if I don't agree with their quote. Small claims count's limit is too low in this state to be an option.
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CBINKY
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| Posted: Fri Jan 20, 2012 4:52 pm Post subject: |
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| Insurance companies usually don’t go by market value. The take the base price of the vehicle and deduct depreciation and present you with the replacement cost. You can consult the Kelly Blue Book and see how much it says your car is worth. The Kelly Blue Book is usually considered to be the standard car valuation guide for insurance companies. |
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Heller
Senior member
Joined: 02 Jan 2012
Posts: 272
23.87 Dollars($)
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