Auto Insurance Claims: Q re Car Totaled, extended warrantee, brand new car

Question
My daughter's brand new car was declared a total loss last week after another
student struck her.  The insurance liable is only offering 18k and our loan payoff
is 21k.  I am about to make my attempt to negotiate a more reasonable
settlement but need insight into what we are entitled for exactly.  I'm so upset.  
Any advice on what to be aware of on how to pursue this matter.  Thank you!

Answer
Hi Christina,

This often happens. Unfortunately, the insurance company owes you what your car would have sold for on the day of the accident not for the amount of your loan. If you purchased an extended warrantee, you should cancell it and some of the money will be refunded to you.

Insurance companies will often try to low ball you on the value of the car. You should go to www.autotrader.com to see what used cars like yours are selling for. Print out the informnation to help you negotiate a better deal.

I hope this helps
Richard Hixenbaugh