QuestionMy 2003 Lincoln Aviator was stolen approximately 3 weeks ago. The insurance company is planning on settling today. If I do not agree with the settlement amount, how do I go about proving the amount should be higher? How does the company come up with ACV considering there is no vehicle to appraise? I have read several articles that claim insurance companies will low ball the consumer in order to save money on their end. In case I run into this problem I would like to be fully prepared.
AnswerDepending on the State there are slightly different regulations, but the remedy when you disagree is the same. Invoking the appraisal clause of your policy is the best bet when you need to "unstick" the feet of an unfair insurance settlement offer. We help people with this type of issue all the time, whether they hire us or not. Without a doubt, you should get a copy of your policy (not declaration page) and if you can't find the proper section, look us up and we'll show you where to find the information you need to resolve your claim. Information is always free at Petty Details, LLC! I hope this helps.
Briefly, the standard appraisal clause says something like this:
"if you and we disagree on the amount of your claim, either of us can demand an appraisal. In this case you will hire an independent appraiser, and we will hire and independent appraiser. If our appraisers cannot agree on the amount of the claim, then the appraisers agree on an umpire and the umpire settles the matter"
This is a layman's explanation so as to not get too confusing with strange language. . . anyway, that's how it works!
JP
