2 month antediluvian truck totaled, should I procure MSRP from slack driver's insurance company?
I bought a brand new 08 Silverado that had 220 miles on it from them transferring the truck to the purveyor, so basically I had to income another 900 dollars in transfer charges. I have the truck for not even 2 months, haven't made a payment, and ran it up to 3500 miles. A drunk driver hit me skipper on, I luckily came out of the accident near minor injuries.
My main thing I'm wondering, is that I be an idiot and didn't get GAP insurance because I am a good driver and wasn't expecting to enjoy anyone else wreck into me totalling a big truck.
The MSRP when I bought it was $33,400, but after rebates, verbs charges, taxes, and a little bit of negative equity from my antiquated trade-in, the loan came out to $29k. My insurance company's adjusted say it's worth $26k, since the wreck is this drunk driving idiot's fault, can I get HIS insurance company to discharge the full amount? Also, since this truck is basically BRAND NEW, would I be asking too much if I told them I want full MSRP for it?
Thanks!
-Trevor
You can ask but you won't get MSRP. You will get just "fair market value". What you rewarded for it, what owe or what you don't owe on it has Absolutely nothing to do next to what you will get for the truck.
I know, it sucks doesn't it? But nope, your actual loss is the FMV -- but you ought to at least get NADA full retail.
If you sue, and it go to a jury trial, and I'm on the jury, I'm voting in your favor, and using all my powers of persuasion to carry the rest of the jury on our side.
If you have a policy with "latest car replacement", that will probably fill surrounded by the missing piece for you.
"> An insurance company is only required to clear you the actual amount of your loss. ie: the actual cash value of your truck. How much you might owe on it is your problem, not the other drivers or his insurance company.
The truck be considered used at the time of the accident and has already depreciated several thousand dollars since you first drove it stale the lot.
They are solely obligated to pay you the Actual Cash Value. Your vehicle was not brand bright as soon as you drove it off the lot. I wouldn't bother going against the other guy's insurance company. They really are not going to do any better.
Instead, see if your insurer will use the Bill of Sale and deduct for mileage one and only. Some insurers will offer replacement if the vehicle is less than one year older and has no more than 15k miles on it. Mine does. Source(s): Claims - 22 years.
You can tell them you want MSRP but you won't get it, nor will they retribution off your loan.
The insurance company will cover the actual cash advantage of your vehicle. Nothing more. The value of the vehicle drops the second you drive off the lot. Source(s): Claims 7 yrs
Nope. You get the value as determined by the insurance company. Consider yourself lucky you're getting as much money as you are. New cars depreciate significantly the moment they're driven sour the lot.
You don't stand a chance of getting this. At the time of the calamity you had a USED truck. You can not ask for the full MSRP of a brand new truck. The principal surrounded by the law is called "Undue enrichment". You would be laugh out of court if you try this.
Related Questions:
My main thing I'm wondering, is that I be an idiot and didn't get GAP insurance because I am a good driver and wasn't expecting to enjoy anyone else wreck into me totalling a big truck.
The MSRP when I bought it was $33,400, but after rebates, verbs charges, taxes, and a little bit of negative equity from my antiquated trade-in, the loan came out to $29k. My insurance company's adjusted say it's worth $26k, since the wreck is this drunk driving idiot's fault, can I get HIS insurance company to discharge the full amount? Also, since this truck is basically BRAND NEW, would I be asking too much if I told them I want full MSRP for it?
Thanks!
-Trevor
You can ask but you won't get MSRP. You will get just "fair market value". What you rewarded for it, what owe or what you don't owe on it has Absolutely nothing to do next to what you will get for the truck.
I know, it sucks doesn't it? But nope, your actual loss is the FMV -- but you ought to at least get NADA full retail.
If you sue, and it go to a jury trial, and I'm on the jury, I'm voting in your favor, and using all my powers of persuasion to carry the rest of the jury on our side.
If you have a policy with "latest car replacement", that will probably fill surrounded by the missing piece for you.
"> An insurance company is only required to clear you the actual amount of your loss. ie: the actual cash value of your truck. How much you might owe on it is your problem, not the other drivers or his insurance company.
The truck be considered used at the time of the accident and has already depreciated several thousand dollars since you first drove it stale the lot.
They are solely obligated to pay you the Actual Cash Value. Your vehicle was not brand bright as soon as you drove it off the lot. I wouldn't bother going against the other guy's insurance company. They really are not going to do any better.
Instead, see if your insurer will use the Bill of Sale and deduct for mileage one and only. Some insurers will offer replacement if the vehicle is less than one year older and has no more than 15k miles on it. Mine does. Source(s): Claims - 22 years.
You can tell them you want MSRP but you won't get it, nor will they retribution off your loan.
The insurance company will cover the actual cash advantage of your vehicle. Nothing more. The value of the vehicle drops the second you drive off the lot. Source(s): Claims 7 yrs
Nope. You get the value as determined by the insurance company. Consider yourself lucky you're getting as much money as you are. New cars depreciate significantly the moment they're driven sour the lot.
You don't stand a chance of getting this. At the time of the calamity you had a USED truck. You can not ask for the full MSRP of a brand new truck. The principal surrounded by the law is called "Undue enrichment". You would be laugh out of court if you try this.
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