Legal Question in Insurance Law in Florida

fair market value of written off vehicle
A car carrier company had insurance against its own driver negligence. I had looked for a high top conversion van to purchase for about six months and finally found a deal at $5000 which I believed to be substantially less than fair market value. The insurance company originally was using NADA book values but when it found out my purchase price was less, would only offer me the purchase price, less the driver's deductable. Are they right to calculate fair market value as the price? The transaction was arm's length but I cannot find a similar, clean title, no accident, similar mileage, etc vehicle within $3000 of my purchase price.

Asked on 2/04/08, 6:29 pm

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

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Re: fair market value of written off vehicle

You are entitled to the fair market value, regardless of what you paid for it.

Answered on 2/04/08, 10:15 pm

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