Vehicle total loss - low claim amount
Recently been in an accident with my car totaled with insurance bought rm100k 1st party. But when the claim approved, the insurance offer amount is only rm44k. An appeal was submitted to the insurance since the car was selling around rm80-90k at the moment. May i ask how do insurance or adjustor determine the market value of the vehicle? And what else can i do to increase my claim amount? Thank you. Vehicle is a Honda integra dc5 type r (2007)
Possibility you are under-insured when you insured for your insurance. Also possible market value of your car had dropped. The payment will be based market value of your car at the time of loss if you are insured adequately at the time of insured. Unless you are insured under agreed value, then payment of total loss will be based on agreed value. Hope it helps.
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