Accident Help

[Zee]

In IL we are required to pay retail market value as determined by at least three similarly optioned, mileage, same model, year etc vehicles that are currently available on the market at the time of the database search. All policies include a dispute provision where if the insured is unable to locate a car for the offer within 30 days, the insurer is required to ID a specific vehicle at that price and has the option of purchasing it for you. It can't get much fairer than that.

Most of the problem stems from and individual seeing a similar car for sale for let's say $12,000. So they take away that their car is worth at least that. I say BS 'cause there is no way a seller (private or otherwise) lists the car at their bottom line AND there is no way most anyone would look at the car and write out a $12,000 check. Reality is that the buyer would offer between $10-10,500 and the seller would be looking for between $10,500 -11,000. The deal get's done @ $10,800 or so. However, such an offer would be a "low ball" if it came from an insurer cause you can print up an add where Joe six pack is listing his car @ $12K. Sorry, it's worth only what it can be sold for and if the insurer offered $10,800, you would be made whole as either you or your insurance company could go out an buy that car for that amount.

Here's the kicker, this goes both ways. All an insurer needs to do is prove the car could be purchased for that amount. Then it is up to you. Either you take the car or the offer. So, it's a cash deal from the dealership perspective from me. If an insurer is a better negotiator than you (which I would bet that we are since we do this for a living) and I can get that car for $10,000, guess how much I owe you if you would rather have the offer? Yep, $10,000.



Trust me. Most reputible insurers have no interest in low balling a customer. We are not interested in overpaying either and the time and money spent fighting over the value of a car is nothing but a hassle from an insurer's perspective.