Legal Question in Insurance Law in Florida

auto insurance settlement

My son was in a motorcycle accident and the insurance company is 'totalling' the bike because the repairs are too costly. The insurance company wants to give him less than book value for the bike and also take the bike. Can he possibly get less for the bike but keep the bike?

Asked on 8/19/07, 2:17 pm

1 Answer from Attorneys

Alan Wagner Wagner McLaughlin, P.A.

Re: auto insurance settlement

If the bike is totaled, the insurance company owes you what the bike is worth -- it's fair market value (what a willing buyer would by and a willing seller would sell for, each with knowledge of the bike's condition -- obviously, before it was damaged). The "book value" is irrelevant to that issue and is a common way that insurance companies rip people off from what they should receive. Research what the bike is worth (eBay, papers, dealers, newspapers) and then negotiate for that amount.

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Answered on 8/19/07, 2:29 pm

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