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Offer of Total Loss

 
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flameli



Joined: 12 May 2005
Posts: 1
Location: Oregon

PostPosted: Thu May 12, 2005 12:32 am    Post subject: Offer of Total Loss Reply with quote

Hi, my van was stolen and found crash within a few hours. I have been working with my insurance adjuster in getting a settlement for my van. Today she told me that she is offering me 5200 for it although when I submitted my paperwork, I included printouts of how much it would cost me to replace the exact same vehicle. The printouts stated that it could cost me between 7995 to 9995. I also stated in my total loss forms that I had just replaced all four tires, replaced all the belts and also had the oil change done. I do not know what to do, I have never been in this position before. Please advice on what my options are. I did do kelly blue book and it states that my van could be sold private party for 5685, not including the money I just invested in the last three months or so. Please advice asap. What can I use as leverage for negotiation?
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thanks, linda
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tonyb



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

PostPosted: Thu May 12, 2005 10:34 am    Post subject: What you can use as leverage for negotiation Reply with quote

Your situation is similar to another posted on this forum and the answer is the same. What you can use as leverage for negotiation is to file a formal claim. That is not the same as reporting that you had a loss. 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:

Full article in the book, "Policy Ensurance"

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 formal claim filing. This is usually done by filing a "Proof of Loss" form with the insurance company within 60 days of the date of loss.

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," which is available in libraries and major book stores: http://disasterprepared.net/contents.html

Best of luck with your claim.

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