Legal Question in Insurance Law in New York

Auto Insurance claim payout

I had an accident and totaled out my 2000 Honda CR-V. the insurance co is offering me less than what it is fair marekt value. I have researched NADA & kelly Blue Bk and found that the retail value is between 19,950 - 18,550. I have also sent current ads of same vechiles selling between 18,000 and 19,500.

This $$ offered by the ins co does not include the $4,000 in options or the sales tax $1,600 paid at the orig time of purchase. The insurance Co offered 17,000 which includes the sales tax. I have faxed copies of my finding to the ins adjuster. What are my rights???? If I retain an attorney will I get the fair mkt value of the vehicle?


Asked on 5/29/01, 3:44 pm

1 Answer from Attorneys
R. Freeth Silverman Sclar Shin & Byrne

Re: Auto Insurance claim payout

I suggest that you consider the tactical situation. If you hire an attorney it will, in all likelihood, cost you more that $1,000 (in fact, a $5,000 retainer is fairly standard). Further, it is unlikely that a court/judge would be very sympathetic to your cause.

Legally, the insurance policy is the contract between you and the insurer. It probably has a clause as to what it's obligations to you are in a case such as this. It is likely that they are within the bounds of their own contract, as it is probably very open-ended, or broadly worded.

Ultimately, if you want to proceed you need to consult an attorney in person.

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Answered on 7/31/01, 9:41 am


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