Legal Question in Insurance Law in Maryland

Re: Help w/ negotiating totaled car settlement

Your situation is quite typical. An optimal resolution

of your issue revolves more around the specific coverage

under which you are making your claim than the language of the

assertion itself. Clearly a poorly conveyed claim will not

avail you of much remedy.

You should first pull together the applicable insurance policies.

The language on the type of coverage is crucial. The language could

stipulate "Actual Cash Value", "Replacement Value", "Cost of Replacement",

"Market Replacement", or a variety of other terms. Each of these terms have

specific meanings and there are ways of applying them to optimize your recovery.

Here's a case in point for a recent settlement that I worked out. A 2001 automobile

was totalled. The policy provided for "Actual Replacement Value". The insurer wanted to

settle based on values for the 2001 Model as it was priced in 2001. The insurer's problem was that the

vehicle was equipped in a particular manner and that no 2001 Models of similar equipment were available in

the defined local market. After properly asserting the claim, the insurer had no choice but to value the

vehicle based on 2002 Models that were available and similarly equipped. Obviously, 2002 prices are higher than

2001 prices, thus the insurer paid more than what the insured had purchased the car for in 2001. This is just one example. The

outcome with your particular matter may vary.

I recommend you seek the advice and assistance of an attorney who is knowledgeable of property insurance matters. If your claim is

on a party or insurer in Maryland, I am available to assist you for a moderate fee.

G. Joseph Holthaus III

(410) 799-9002