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what leverage do i have in negotiating a settlement?

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Posted by Chris Rico on December 22, 2001 at 08:16:47:

I have a 1995 honda prelude si with 128000 miles, in excelent condition, these cars have a incredible resale value. The insurnace compnay (not my insurance company, i have no policy or contract with this compnay, i am making a claim against their policy holder) just made their first offer of settlement using the ndc blue book of $8,900. I know the car has quite a few miles but i believe it to be worth more than that, also i don't think i could buy a comparable car for that amount.

What leverage do i have in negotiating?
I checked the Kelly Blue Book value and it says $9,745
is the kbb of any authority in determining actual cash value?

i had 2 estimate done by body shops for cost of repair, both shops took milage into consideration,one valued the car at 10,400 another at 10,700.
are these estimates of any authority?

Are allinsuarnce companies subject to NAIC regulations?
or are there state regulations that take precident?
i am a resident of Missouri but the accident took place in Kansas

in NAIC Section 8. Standards for Prompt, Fair and Equitable Settlements Applicable to Automobile Insurance

See rules.

in option 2: cash settlement
can the insurer take their pick of options a-d
if option d does the ndc blue book fit the criteria?

Can they charge me fees?
they said i would have to pay a $50.00 title fee so they could purchase the title from the bank

Can i charge them Fees?
how come an insurance company can make up all these fees here and there and a normal person can't?
After all they owe me money, i should be charging them!
Again i have no policy or contract with this company, i have not signed any agreement with them.

how about unecessary delay of settlement?
the accident took place on 12/4 it's been almost 20 days, and they only have 30 days right?
they have taken their sweet time for sure.

can i make a compliant to state or naic?
can i sue for punitive damges?
If i have get a lawyer, can i sue for lawyers fees?

OK i know a lot of questions without focus, sorry.

if you can answer at least these questions it would be most helpful.

What govermaent regulations are insurance companies subject to? NAIC, STATE, other?

What is the best way for determing the Actual Cash Value, that the insurance companie can't argue with?

thanks in advance

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