Legal Question in Consumer Law in Iowa
My new car of 3 weeks old was in the possession of an auto accessory retailer while getting a new stereo put in. While in their installation bay the business next door caught fire and my car along with the new stereo components are a total loss. Their insurance company has given me a cash value payout amount that is less than what I just paid for the vehicle just 3 weeks ago. What legal right do I have to expect them to pay me exactly what I just paid plus the purchase price of the stereo components?
1 Answer from Attorneys
That would be contained in the language of your insurance policy. Maybe there's a casualty deductible? Have your policy reviewed by an attorney. You must know, however, that a new car takes a significant depreciation hit as soon as you drive it off the lot.
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