Yesterday I helped a client obtain an additional $800.00 on the property damage portion of his case. My firm doesn’t take a fee on this portion of a claim. Some lawyers leave clients up to fend for themselves. If your lawyer tells you that he doesn’t help with this portion of the case he/she is being lazy in my humble opinion. Negotiating this portion of a claim is a bit nuanced. Here is what you need to know:
Reasonable Value At Time Of Loss
1- The at fault party owes the reasonable value of the vehicle at the time of the loss. This is not what you owe on it. It is what a reasonable buyer and a reasonable seller would agree upon on the open market. Listing prices are helpful but not the end all because nobody pays full retail for a vehicle.
Comparable Vehicles
2- Best way to prove the value of your vehicle = similar vehicles in the surrounding area. This means cars/trucks that are nearby. Sending a similar car in California will not help make the argument stronger. Look for similar make, model, mileage within hopefully 100 miles.
Let The Insurance Company Go First
3- Let the other side make the first move. Do not answer the following question “what do you think it is worth?” Let the insurance company come up with an determination of value. If you think they are wrong be ready with the comparables. Provide them to the insurance company and ask for a re-evaluation.
Correct The Options And Trim
4- Be absolutely sure the insurance company has all of the bells and whistles on your vehicle. If the information is incorrect so will be the valuation.
Getting The Dealership Involved
5- You may need to hire an expert. To do this go to the dealership where you bought the vehicle and ask to speak to the general manager. Ask for a written opinion of valuation and give it to the insurance company. Depreciation can also be determined by a dealership manager.
Filing A Lawsuit
6- If the tactics above do not work you can file a lawsuit. Make sure the costs of litigation justify the fight.
Although I am an injury lawyer and not a property damage lawyer consultations are free at Dettman Law in Louisville, Kentucky.
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