What Is The Fair Settlement Value For My Damaged Car? What If I Owe More On It Than It Is Worth?

The insurance company should be able to tell you what sources they are using to determine what is known as the "actual cash value" of your vehicle. If you believe their offer is too low, you can conduct your own research by contacting dealers, looking at advertisements of similar vehicles that are for sale, and checking the NADA or red book or blue book guides. If you owe more on your vehicle loan than the Actual Cash Value, the insurance company is not obligated to make up the difference.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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