QUESTION
true car value vs insurance value
Asked on Oct 18th, 2015 on Automobile Accidents - South Carolina
More details to this question:
I paid around $12,000.00 for my 2003 Mitsubishi eclipse a year and a half ago. The insurance totaled it from the flood, and only wants to pay me $3,700.00. I had about $2,000.00 more to paid in full. Do I need a lawyer to get more for my car?
1 ANSWER
Aviation Law Attorney serving Mount Pleasant, SC
Partner at
J. Brooks Davis, Attorney at Law
2 Awards
The insurance company has a duty to compensate you enough money to theoretically "replace" your exact same car. They will estimate the value of a similar car with similar mileage, etc. and that's what they'll offer you up to your policy limits of course. It is possible that $3700 is a fair replacement value for your vehicle. The amount you paid and the amount it is worth are two different values. The insurance company is more concerned about their well-being than yours. That said, they will try to pay you as little as possible. It would be to your advantage to invlove an attorney. They probably will not take you very seriously on your own.
Answered on Oct 18th, 2015 at 6:13 PM