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I agree to a degree. 10K would not replace that vehicle so I will be looking to gain compensation from the other insurance co. There are those vehicles on the market in spotty places. They run about $30K at this point in time.
Made whole is getting the vehicle back at an affordable payment. It was at 2% now it is 8%.
If your insurance company paid off a 28k loan and gave you 10k that’s 38k vs your claim the vehicle is available for 30k ish.
Your interest rate isn’t relevant to the conversation and actually replacing your vehicle isn’t the standard insurance coverage. You were paid 38k end of story. Good luck getting more money but 38k sounds fair. I don’t think the court system care if you had a loan or not, you got 38k
If your insurance company paid off a 28k loan and gave you 10k that’s 38k vs your claim the vehicle is available for 30k ish.
Your interest rate isn’t relevant to the conversation and actually replacing your vehicle isn’t the standard insurance coverage. You were paid 38k end of story. Good luck getting more money but 38k sounds fair. I don’t think the court system care if you had a loan or not, you got 38k
If I have to pay $more per month due to interest rates that is suffering to me.
If I have to pay $more per month due to interest rates that is suffering to me.
You're not understanding. You already settled the car damage portion of the claim by accepting payment. If you felt $10k wasn't enough, you could/should have refused to accept payment and negotiated. The time to do that has passed. The other guy's insurance company will argue the same- that you already settled the car damage claim. The factors you introduced about monthly payments and interest rates are totally irrelevant to settling a claim. Car damage claims are settled based on the value of the car, not on those other factors. Your attorney will most likely pursue a personal injury claim and that is where you will hopefully be "made whole".
I agree to a degree. 10K would not replace that vehicle so I will be looking to gain compensation from the other insurance co. There are those vehicles on the market in spotty places. They run about $30K at this point in time.
Made whole is getting the vehicle back at an affordable payment. It was at 2% now it is 8%.
Yeah, but the insurance company is not responsible for the fact that interest rates went up since you bought that car. You'd be better focusing on aspects of your injury claim than thinking you can get any more for property damage at this point. That was settled when you took the $10,000.
Did the insurance company force you to finance your car? Or should cash car buyers be forced to pay higher insurance rates with lower payout possibilities because you financed? It’s nonsensical
You "accepted" it when you deposited the $10k check. That settled the matter. You have nobody to blame but yourself. Again, as I stated earlier, you made 2 mistakes. First was blindly accepting the $10k check. Second was not hiring a lawyer right away. Had you hired a competent attorney and followed their legal advice, the outcome may have been different. If there was any more money in it, the attorney could have disputed the $10k with your insurance company. At this stage I doubt you get another penny for the car. The personal injury claim with pain & suffering component is likely where you'll get the most juice.
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