Quote:
Originally Posted by Educaid
You kinda left out the part that you just got the car a month ago. I assume you paid the market price for it and therefore that's what you should get for it if its totaled. What did you pay? Sounds like you want more than what you paid for it.
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You can't logically make that assumption. Maybe there were extraordinary circumstances that affected the price (estate sale, seller moving out of town, seller lost job… needs money, etc.). Maybe the seller just didn’t know what the car was worth.
When the car was purchased, and
for what price are immaterial. If he was able to negotiate or leverage a deal on the purchase, that’s his business – it in no way affects the value.
By that logic, if he bought it through an estate auction for $1000, that would be the value? Absolutely not!
And a very important point about retail value versus private party value: There is a certain amount of risk associated with buying any used car. Buying from a dealer minimizes that risk because you get some sort of warrantee – usually 30 days. But you pay for that reduction in risk. If you settle for the “private party” price you’re assuming an unreasonable amount of risk so that the insurance company can save a few bucks. Remember, you were sitting at a stoplight doing nothing wrong. Part of making you whole is NOT exposing you to an unreasonable degree of risk.
Another quick note: The insurance company is going to want you to sign off on the work, so they can close the claim quickly. There is no advantage to you by doing this. Let it lay for a few weeks or a month. Make sure no other damage crops up that is a result of the accident. Because once the claim is closed, you’re out of luck. Don't be unethical, but don't be stranded either.
Again, good luck.