Question- Massachusetts
hi, i was recently involved in an accident in my car. the insurance determined it to be a total loss. they sent me out a ccc report indicating the fair market value (fmv) to be $3300. i submitted some local classifieds from online and local dealerships of comparable vehicles to be around $5000. the adjuster then raised the offer to $3900, saying all she can do is improve the condition of vehicle and this is the final offer. i then submitted receipts for bumpers, exhaust, alarm, remote starter, speakers and etc (all parts that are permanently attached to vehicle) that added up to around $3000 for review. the adjuster got back to me and offered me $500 more, grand total of $4500. these receipts were provided to me by the previous owner. i was informed that the insurance company should honor parts that are affixed to the vehicle with proof of purchase. i understand that parts depreciate, but when i asked the adjuster how the $500 depreciation offer was calculated, i was told it is just a rough estimate. that just doesn't seem right. the adjuster informed me that not all parts add value to my car and i did not insure my car with those upgrades, therefore they can't give me any better offers. my car is worth $4500 according to nada and $5000 to used car dealers without any upgrades. the adjuster told me that i can obtain an independent appraiser to write up an appraisal and possibly go through arbitration if i feel that my car is worth more. here is where question begins.
1. Is the insurance obligated to reimburse for parts i have receipts for? whether it be 100% or 50%.
2. how can i increase the offer without going through arbitration?
3. if i do go through arbitration what are my chances of getting FMV of my car plus reimbursements of parts and how much does it usually cost?
Thanks for reading and any help is appreciated.
sorry if this seems like a long post.
Answer1. Is the insurance obligated to reimburse for parts i have receipts for? whether it be 100% or 50%. - No, there is no "obligation per se." The receipts can increase your value, but not in a dollar per dollar basis. Adjusters fight this a lot, so you want to be prepare for strong opposition. See: http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html
2. how can I increase the offer without going through arbitration? Again, see the article above, also, take a look at these materials: http://www.auto-accident-blog.com/go/Total-Loss-Ebook.php
3. if i do go through arbitration what are my chances of getting FMV of my car plus reimbursements of parts and how much does it usually cost
Well, you are arguing the value of your car, so the reimbursement for parts will be built in into the FMV of the car (not in addition to). The arbitrator decision is usually not appealable. Arbitration could be $500 to $700.
Good Luck
http://www.quirogalawoffice.com/
http://www.spokanewills.com/
