Legal Question in Insurance Law in Maryland
Help w/ negotiating totaled car settlement
I was rear-ended by a truck on a highway in NJ in a car registered/insured in MD. The insurance company for the truck company (or its load) totaled the car and is offering a low settlement. The car is old but was in perfect condition and naturally had a high value to us - and would cost much more to replace (old story). I am trying to negotiate a higher settlement using advertisements for comparable cars. Any suggestions on writing a legal-sounding letter?
There were no injuries except that my neck was sore for a few days but I did not see a doctor.
Not that this is new to attorneys but I am very angry that we take a loss on this accident when it was clearly the other driver's fault.
1 Answer from Attorneys
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
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