i have a rv it was in a flood the insurance totaled it out but wont pay full coverage of the loan they are about $10,000 to short what i owe is what a used trailer is selling for now. need help
The best lawyer in the world can't make an insurer pay more than the vehicle is worth if that's what the policy stated.
However….. you might want to have a 'word' with the agent, or whoever else, sold you the policy without fully appraising you of this fact !
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February 4, 2009 at 08:48 pm
The insurer does not owe you what the loan balance is, they owe you the Actual Cash Value on the trailer. You currently are upside down on your loan (you owe more than what the trailer is worth). If you cannot provide proof that the trailer is worth more than what the company says it's worth (I mean an appraisal or something documented) then there's no point going to a lawyer because they won't even consider your case.
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February 4, 2009 at 08:56 pm
They don't OWE you the "loan balance" unless you bought GAP coverage. THe fact that the RV isn't worth as much as you owe on it, is NOT the insurance company's problem.
I can give you a couple attorneys here in Houston, but they're going to CHARGE you, and tell you the same thing - the insurance company owes ACTUAL CASH VALUE, not loan payoff. That's how the policy is written.
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February 4, 2009 at 09:08 pm
The best lawyer in the world can't make an insurer pay more than the vehicle is worth if that's what the policy stated.
However….. you might want to have a 'word' with the agent, or whoever else, sold you the policy without fully appraising you of this fact !
References :