What Do YOU Expect?

krsn1 · Guest

Hello:
I have a dispute between my auto insurance company and myself for my car that was deemed total loss by my auto insurance company. The dispute arises because the insurance company is paying me, what they call, the ìActual Cash Valueî of my car and this amount is significantly below the fair market value as indicated by Kelleyís Blue Book and other well-known car valuation sources. They came up with this fake value using what they deem as "independent" appraiser, hired and paid by the insurance company! Additionally, for the past month and a half, I have searched through various sources-internet, newspaper, magazines, etc., and have found that cars similar to mine are being sold at significantly higher price in the local market of Boston, MA.

The insurance company adjustor is adamant that the price she is offering me is the "actual cash value" of my car. She tells me that if I dont accept it, I will have to go through a process of arbitration wherby I will have to pay an appraiser out of my pocket.

I have no idea how to find appraisers and the ones that are listed in the Boston yellow pages have all refused because they only work for insurance companies!

Please let me know if you can provide any information or help in this urgent matter.

Thanks for your time,

-Paresh
krsn1@yahoo.com

tonyb · Joined: 04 Jan 2004 Posts: 17 Location: Montgomery, PA

Hello,

The correct order is most important. It is your claim to file and usually it must be done formally within 60 days of the loss, or have a written extension of time to file. However, before filing your claim you must know what you are entitled to and some of that you appear to know with your research of market value.

First, here are the rules for determining automobile actual cash value:

: : NAIC Unfair Property/Casualty Claims Settlement Practices Model
Regulation
: : Section 8. Standards for Prompt, Fair and Equitable Settlements
Applicable to Automobile Insurance

See rules

Now that you know the rules to determine the amount of your claim, you need to document your research on the value of your automobile, i.e., actual newspaper ads, dealer estimates of value, etc.

Next comes filing a formal claim. That is usually done by filing a "Proof of Loss," form with the insurance company.

After filing your claim if it is contested by the company and they seek "appraisal," a form of arbitration, the disinterested appraiser that you select only needs to be someone who understands your claim and the rules for determining the amount of your loss and claim. It could be an attorney, adjuster, accountant, etc., anyone who understands the process too would help.

If you are interested, the claim and appraisal forms and procedures are all contained in the book, "Policy Ensurance," available in libraries and major book stores: http://disasterprepared.net/contents.html

Best of luck with your claim.

Your Insurance: You Know What to Expect