QuestionI am in California and my Car Nissan Altima was stolen yesterday from Wal Mart parking lot, I called the police and subsequently informed my insurance - Mercury.
The car was bought from a dealer about year back. I had installed a MP3 player and GPS Navigation System on my Car.
Insurance type is comprehensive
Questions
1. How will the insurance company calculate the value of my car ?.If they use KBB will they take retail value or third party or Trade in ?.
2. Do i need to disclose the price at which i bought car ?.
3. Will the settlement include my personal belonging in the car (Including the GPS)?.
4. What i need to consider/be careful about so that insurance company do not rip me off ?.
Thanks,
SD
AnswerHi SD,
The insurance company should be paying you the fair market value of the vehicle. Fair market value is the retail value. The determine the fair market value of your car you should check the following websites:
1) www.nada.com
2) www.kbb.com
3) www.edmunds.com
4) www.autotrader.com
Between these 4 you should be able to get a good idea of the value of your car.
As for your personal belongings, most insurance companies do not cover anything you add to the vehcle unless you specifically add it to your policy and pay an additional premium. If you have homeowners insurance, you may have coverage on there, but I do not recommend making a claim or they may cancell your insurance.
I hope this helps.
Richard Hixenbaugh
