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What Is My Car Worth?

Why doesn't the insurance company pay what my car is worth?

  • I got in a car accident couple months ago and my car was totaled. Now, couple weeks ago, i got a call from my lawyer telling me that the other party's insurance co. finally decided that they take 100% fault and the value of my car was estimated about $6800. 1 week after that call, I get another call from my lawyer telling me that the ins co has a "policy limit" so they will only pay me $5000 which includes the cost of my car + towing and storage fee(from a body shop where my totaled car was parked) . Now the towing and storage fees may be up to $2000 - $3000...there is another story behind this but I'm not gonna go into that right now. What is this policy limit??? I mean, what if my car was a brand new car, and the value was 20,000? Would they still only pay me $5000 for it because of their policy??? It doesn't make sense to me.. And also, what is covered under property damage? The cost of towing & storage is included in this??

  • Answer:

    every month cars devualate,,,just take a look at the black book, insurance company never loose...

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The other party only has a $5000 property damage liability limit, meaning that is all their insurance company is obligated to pay. They won't pay more than that. Period. All of your loss (excluding injuries) is covered under that coverage - actual damage, towing, storage and rental. Your lawyer will tell you what the next move is (either use your underinsured coverage from your own policy, or sue the owner for the rest).

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