My 2016 vehicle being totalled due to hail damage
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My 2016 vehicle being totalled due to hail damage
My car was in 2 major hailstorms and it has only 7700 miles on it. My insurance company is totaling it. I do have GAP insurance purchased through a finance company. Anyway, if I want to keep the vehicle they want roughly $10,000. I understand that I can’t get that financed because it will have a salvage title; I will be able to get only liability insurance. They tell me that they can get approximately $9500 from salvage less the $500 deductible. Anyway, do I have recourse or am I stuck?
Asked on December 7, 2018 under Insurance Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
What was the current fair market value of the car when it was totalled? If it was more than $10,000, the insurer is paying you too little: when a car is totalled, you are entitled to the then-current fair market (or "blue book") value. If they won't pay you the fair market value, you could sue them for the full, then-current value.
If you are getting the fair market value, you have no recourse: all you are entitled to when a car is totalled is its fair market value.
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