More details to this question:
I have a classic car policy for $15000 in coverage. The car was in an accident and the adjuster totaled the car for 7200. The company offered me 6900 using comps from every-day drivers. I would think if the car was insured for 15000, the payout would be closer to this number.
1 ANSWER
When a car is totaled, the value is based upon "fair market value" for similar cars in similar pre-accident condition.
Since you have a classic car, then you should obtain an apprasial of your own to dispute the value assigned by the insurance company.
Answered on Feb 24th, 2016 at 10:41 AM
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