Companies forced to pay the ‘undisputed’ amount, in other words, the value of the vehicle. Then the insureds can try to work them over for the rest, with no down side. The number of open files will skyrocket as all incentives for the insured to settle for market value have disappeared. And after all, nobody EVER values their car higher than it is actually worth. Every car someone wants to sell is in good or excellent condition, and I say this having helped many many insureds come up with estimated value on their cars when deciding whether or not to buy physical damage coverage. They just bought the car for $700.00 but it’s WORTH $3,500 even though KBB retail is $2,300 and the car has torn seats, cracked dash, oxidized paint and a tendency to stall.
Companies forced to pay the ‘undisputed’ amount, in other words, the value of the vehicle. Then the insureds can try to work them over for the rest, with no down side. The number of open files will skyrocket as all incentives for the insured to settle for market value have disappeared. And after all, nobody EVER values their car higher than it is actually worth. Every car someone wants to sell is in good or excellent condition, and I say this having helped many many insureds come up with estimated value on their cars when deciding whether or not to buy physical damage coverage. They just bought the car for $700.00 but it’s WORTH $3,500 even though KBB retail is $2,300 and the car has torn seats, cracked dash, oxidized paint and a tendency to stall.
and becoming an indpendent appraiser for insured’s only!