QuestionWe purchased a collectible car and insured transport was part of the deal. We have pictures of the car loaded on the transport in perfect condition. It was delivered in severely damaged (totaled) condition. The shippers insurance company has agreed to cover the loss, so now the battle is over the value of the "cargo" in this claim. The claims handler is insistent on getting a copy of our Bill of Sale, stating that they only cover the financial interest in the damaged cargo. That does not make sense to us, since the vehicle could have been a gift ($0), bought at less than market value, or even overpaid so the financial interest is much higher than market value would support. They have not commented about these possibilities. I am guessing they are hoping we bought the car under market value and want to use that to cheapen the settlement. We believe the only fair settlement is to either replace the vehicle with a comparable one, or have the vehicle appraised for true market value of the car, plus it's upgrades (which are extensive). Any advice would be greatly appreciated for how to navigate through this disappointing event.
Answer Hello Gene,
While it is not unreasonable for them to ask for paperwork documenting the car's value, by all means submit all paperwork that confirms the actual value at the time of loss. That would include documentation of all upgrades and/or any improvements that increased the value.
What about an appraiser? Haven't they sent someone out to actually assess the vehicle?! Though it is damaged, clearly a professional appraiser would be able to correctly determine the actual cash value. Insurance company appraisers ordinarily do assess at lower values, but at least it gives you bargaining leverage.
You are entitled to be made "whole again". Specifically, you are entitled to compensation for the actual cash value of the vehicle at the time of your loss. Nothing less. Clearly you must be able to prove that value, since part of the deal was insured transport.
Provide all relevant document including the bill of sale and documentation of all upgrades. Clearly you are going to need to negotiate. If necessary, appeal to the claims manager - in writing if necessary.
If they continue to refuse to cooperate, you may well need to hire an attorney to send a strong demand letter. Sometimes an attorney is the only option. I'm not suggesting actual litigation. Simply the intervention of an attorney to negotiate on your behalf. In my experience, once an attorney becomes involved, they are far less likely to lowball you.
Sorry for you loss. Hope this helps.
Jane Pytel
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