[Shotimes] OT-insurance co saga part II

[Ron Fleshman]

<<I didn't get a chance to answer anyone's questions. al fitz I think
asked if 
about what insurance co and some other questions. basically, here's the
low 
down.

the ins co is Nationwide (and they are not on my side)
she had no full tort insurance
no comprehensive or collision coverage

basically a stripped down insurance policy.

so, here's the question.

can we refuse their offer?  If they come up with a money figure, can we 
refuse it, legally, in hopes of getting a higher offer?

or what?

getting ticked, need a hand.>>

Then, if your company (or hers)is Nationwide they have no contractual
obligation to do anything.  If you had collision, they could fix or
settle with you for the car.  I emailed you privately and asked if you
bought the car for a reduced price.  If you did, they only are obligated
by law to reimburse you for your loss.  No auto insurance policy that I
am aware of is a replacement cost contract.  All insurance policies are
ACV (Actual Cash Value) of the property you had insured.  If your car
was salvaged, then its value was less than a comparable car of the same
model, year, and trim level.  That is why they issue salvage titles--to
protect the consumer so that they know that the car has been severely
damaged.  You guys apparently knew this when buying the car.  I only
hope you got a bargain, because all any insurance company will do is put
you back in the shape you were in before the accident, less depreciation
considering the value of the car.  If you paid 60% of the book value for
the car, there is no reason why you should expect more than that.  

I'm not trying to be a bad guy here, but I just want you to know that
you can hire a law firm to represent you on this, but you will probably
spend a lot of money and get nothing more on the car.  You can negotiate
the medical bills, including bodily injury compensation with the
offending company.  Do you have to accept their offer?  No.  You don't
have to accept anything, but be aware of the laws of your state.  You
may have only a certain amount of time to negotiate a settlement.  I
know a guy who bought a flood-damaged car which had a salvaged title.
It was a 2000 Mustang GT.  The book on the car at the time of sale was
$17K.  He bought the car for $6K and got it back in shape for about $3K
more, so he had $9K in it when he got drunk and totaled the thing.  The
insurance company offered him $9K for his car.  He went to several
sources and found a value of $16775 for the car.  The company wouldn't
budge due to the fact that he would make a $7700 profit if they were to
settle at that figure.  He sued.  He lost.  He got the $9K, but was out
$1200 in legal costs.  

Ron
98 TR
92OW
Insurance sales/claims for nearly 20 years