i feel settlement offer is unfair
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i feel settlement offer is unfair
Had an accident which was the fault of
the other driver, their insurance has
offered me what i think is a fair
settlement on the value of my vehicle
the problem is that i had a complete
rebuild of my transmission 1 month
prior to the accident which cost me
2498.00, i submitted the receipt after
the settlement offer which they then
took into account and added a value of
448 to the previous offer. I feel this
is too low from the cost of the
transmission.Is this a fair amount in
your estimation?
Asked on March 28, 2016 under Accident Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The cost to make repairs, buy replacement parts, etc. is irrelevant to the determination of a fair value; the fair value is the then-current fair market value of a car of your car's make, model, age, features, and mileage with a recently rebuilt transmission. If the added value to fair market value is, say, approximately $448 over the value without the rebuilt transmission, then the offer is fair. Again, it's the value, not the cost, that matters; for example, say that $448 is the fair additional value to your car from having a recently rebuilt transmission: if the mechanic had been your father, brother, or friend and did the work for free, you'd still get an extra $448 even though it cost you nothing.
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