Quote:
Originally Posted by val_lixembeau
Thanks for the really informative post.
Remember that insurance isn't to buy you a brand new car, because your car wasn't a brand new one.
That said, it sounds like either they low-balled you on the fair market value, or else you overpaid for your car in the first place... I can see a three week old car being worth even a couple of thousand less than a brand new one, but $7k? Whoah.
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My car WAS a brand new one. A 2013 model that had only 160 miles on it. The FMV of the car was about $26k, which I found out to be just a little bit higher than what the going rate was ($23-$25k).
Being that they could only cover me for the FMV, I ended up losing my down payment, which was $7k ($33k out the door price, $7k downpayment, $26 financed). Not something they could reimburse. But I did manage to refund $3250 of that $7k from extended maintenance and warranty, so all I'm out is about $3750, which are taxes and fees (which I'm still fighting to get back).