Auto Insurance Claims: fair market value....what am i entitled to, ford explorer xlt, vehicle valuations

Question
I recently purchased a 2004 Ford explorer XLT on 9/18/08. Unfortunately, my vehicle was totaled due to the fault of another driver and his insurance has claimed liability. I haven't even made the first payment on this vehicle and put 3,000 down on the lien. I owe 12,333.00 on the payoff. The adjustor states the fair market value is 13,500. The blue book value is 15,795. This vehicle only had 31,000 miles on it and had luxury package...leather seats, sunroof, tow package, and 3rd row seating. I feel like i am gettin the shaft and need advice before i make a decision.

Thank you,
Kim Camp

Answer
Hi Kim,

Insurance companies utilize the services of an outside company to do vehicle valuations. You should request a copy of the documentation they used to determine the value of your vehicle. Once you have that, you can check the report for accuracy. Be sure they have listed all of the correct options, mileage, etc. You can also call the places that they have listed as having comparable vehicles to be sure the figures listed are correct.

If you find that all of the information is correct, then you will have to hire a professional independent vehicle appraiser to help you determine the correct value of your vehicle in your market. For more information on total loss claims visit www.collisionclaims.com .

I hope this helps
Richard Hixenbaugh