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Rules vary by state Posted by Bill Homer [Email]  (#3427) [Profile/Gallery]
(more from Bill Homer) on Thu, 14 Apr 2005 11:16:35
In Reply to: Getting a fair price from insurance company, Mark Anderson, Tue, 12 Apr 2005 04:28:31 Members do not see ads below this line. - Help Keep This Site Online - Signup |
In Illinois, a "totalled" car can not be kept by the original owner if it is less than eight years old - not sure why, probably to deter insurance fraud. The rules vary by state.
In addition to the book value of the car, be sure to ask for sales tax and license transfer/registration fees. You will have to pay these on a replacement car, and the cost will probably be over $1K on a $10K purchase. This is the law in Illinois, conveniently forgotten by the insurer of the party that hit me.
Ask your insurance company what they would pay you under your policy. If it's more than the other company, take your company's offer and allow them to "subrogate" the claim, i.e. they fight with the other company, not you.
In any case, the other company will probably try to lowball you with their first offer, assuming that you need the money immediately to buy a new car. Have some patience, if the offer is not acceptable, negotiate with them.
posted by 129.188.33...
, Thu, 14 Apr 2005 11:16:35 <-- Viewing This Message
, Tue, 12 Apr 2005 13:52:59
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