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Only had the car for one week, insurance wants in on the great deal I got
After searching forever for a car I found what I was looking for and what a great deal. Car needed some repairs but even after that it was still a great deal. My daughter had an at fault accident in NYS and now insurance company will only pay what I paid and not fair market value. I have looked and cannot find a similar deal. They claim NYS law will not allow them to pay more than what I paid because I purchased it through a licensed car retailer. How can that be? I am loosing out because I cannot find another deal and because the accident happened too soon?
This makes no sense. We have never heard of this and in fact, it seems to be against what insurance is supposed to do. You are supposed to be put back in the position you were before of the accident. You had a vehicle that was worth X amount (fair market value) and you are owed X.
I f you were to sell the car, you would receive X. You would not receive less because you hold a different license. The price would still be X.
We don’t know what NYS says about this, but this is the first time we hear this. Also, the at fault party must put you back on the position you were. You had a vehicle was worth X, and that person owes that. If they insurance does not pay, you can go after the person who caused the damage.
Contact a local attorney.
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