Car Totaled, No Money for Market Adjustment Added to Sales Price at Purchase (1 Viewer)

[Dezbelief]

I was in an accident and my 2022 vehicle is totaled. I am fine, minor injury. The occupants of the other vehicle are fine too. The other drivers' insurance has accepted 100% responsibility. When I purchased the vehicle I was forced to pay a market adjustment because of the scarcity of available vehicles. Insurance is refusing to pay the market adjustment. Is there any chance of getting all/some of it if I go to arbitration?

 

[belljr]

You could negotiate for higher value but I doubt you get all if any of the market adjustment. It would be similar trying to negotiate on being reimbursed for say the extended warranty you purchased.

Its no different to why they try to sell Gap insurance. You piad X total the car the next day and its only worth Y

I would still negotiate

just my .02

 

[CletiusMaximus]

I was in an accident and my 2022 vehicle is totaled. I am fine, minor injury. The occupants of the other vehicle are fine too. The other drivers' insurance has accepted 100% responsibility. When I purchased the vehicle I was forced to pay a market adjustment because of the scarcity of available vehicles. Insurance is refusing to pay the market adjustment. Is there any chance of getting all/some of it if I go to arbitration?

You might be injured and not even know it.*

*name of my intramural basketball team in law school — YMBIANEKI

 

[Dezbelief]

I was in an accident and my 2022 vehicle is totaled. I am fine, minor injury. The occupants of the other vehicle are fine too. The other drivers' insurance has accepted 100% responsibility. When I purchased the vehicle I was forced to pay a market adjustment because of the scarcity of available vehicles. Insurance is refusing to pay the market adjustment. Is there any chance of getting all/some of it if I go to arbitration?

You might be injured and not even know it.*

*name of my intramural basketball team in law school — YMBIANEKI

That seems to be the recourse. After going round and round with the insurance rep on the market adjustment I was offered more than expected for the PI.

 

[DA RAIDERS]

Lwyrup

 

[fruity pebbles]

I mean, don’t they always pay what the cars worth currently?

 

[gianmarco]

Without being that familiar with this at all, I would think they would pay "replacement cost" (potentially minus depreciation). If they get you in the same vehicle you had, what's the difference if you paid a markup at the time?

I think the bigger issue would have been if you had done this a couple years ago and they wanted to replace a vehicle and you couldn't do it for that amount because you also had to pay dealer markup, adding to the replacement cost.

Otherwise, what you paid seems irrelevant now. You get what the car is worth or, with it being pretty close to new, negotiate to get the same or very similar vehicle and then you aren't out anything with little to nothing out of your pocket.

Good luck and glad you aren't hurt.