Question:
I am claiming thru my insurance co the total loss of my vehicle because the at fault driver has only limited coverage for property damage.my claim exceeds that.My insurance has offered me below acv of my car.My question is : In arizona is there a way to dispute the value of your car thru arbitration or mediation? If insurance co refuses to do that is that considered "in bad faith"?How long should one wait for the insurance co to respond after you have notified them that their offer is unacceptable?
Answers:
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Why are they offering you "below ACV?" Is your vehicle a salavaged vehicle?
As for arbitration..read your policy. Towards the back, there's a section called "right of apprisal," where YOU pay for an independent evaluation, they pay for one, and then an arbitrator decides. And NO, this isn't bad faith.
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They don't have to respond...they made you an offer, you rejected it. You want more money, you have to submit evidence to them proving your vehicle is worth more. If you can't do that.you're the one holding up your claim, not them.
At this point you need a lawyer who specializes in insurance law. By the time you pay him his cut, you might have been better off accepting the insurance company offer. How do you know it's below acv? Are you using Kelley Blue book or NADA? Are you being honest with yourself about what kind of shape the car is really in? They take everything into consideration: Tire condition, interior, paint, dents & rust, overall cleanliness. Don't try to get retail value for something that isn't in showroom shape. Ain't gonna happen.
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Usually, yes, you can go through arbitration, your insurance company may have an arbitration procedure, or you can hire an independent arbitrator. You could also hire an attorney if you get no where with arbitration.What are fronting policies in auto insurance?
Go to this web page http://www.iii.org/individuals/auto/file... for some good information.
It could be as easy as finding a few vehicles similar to yours, show them the pricing on those and they may increase the settlement.
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Don't listen to the moron telling you to get a lawyer. ACV is what it is. Do your research -- locate as many vehicles as much like yours in condition and mileage for sale in your area. Be sure and list the locations and contact numbers. Call the adjuster back and explain what you found (providing ACV is more than they offered). If you still hit a wall then, respectfully, request to speak to his/her manager. Keep this up until you get a satisfactory answer (you know, there may be a legitimate reason they are offering you less -- or you could be dealing with a sorry adjuster -- happens all the time). I assure you, there is NO advantage to an insurer in NOT offering you a fair market price for your automobile. Above all, do not become combative or threaten lawyer. You will find your file placed on the bottom of a stack of claims three feet high on some poor adjusters desk. Remain clam and professional and you will resolve this.My friend is buying a car for me to drive. Can the insurance be in my name?
I recently had an insured who told me that the company was not offering enough. I went to www.nada.com and checked on the retail value of his vehicle. The amount he was being offered was exactly what NADA was. He said that his vehicle was in perfect condition. When I started questioning it, he admitted there were scratches and a couple of dings on the vehicle. You need to be realistic on what the company is offering you. Check NADA and see what the value is. Also check a couple of dealerships to see if they have a similar vehicle. If they do and the price is higher than yours have them write something up for you to show to the claims adjuster to see if they can increase the amount being offered.Yelling, screaming and threatning to get a lawyer gets you no where with a claims adjuster. It actually makes your claim go to the bottom of their stack.
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The company is not going to refuse to go to arbitration or mediation but remember that if you do that, you have to hire and pay for your arbitrator and if a judge is needed then both parties pay for half.
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