What to do if my mother’s car was stolen.and the insurance company will only pay blue book for it?

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What to do if my mother’s car was stolen.and the insurance company will only pay blue book for it?

This leaves her responsible for the “gap” and she gets no compensation at all. No car and no money to get another one.

Asked on September 12, 2013 under Insurance Law, Colorado

Answers:

Anne Brady / Law Office of Anne Brady

Answered 10 years ago | Contributor

What the insurance is responsible to pay is all based on what the policy says it covers.  If it says "fair market value" than that is what she gets.  If it says "replacement value" then that is what she gets.  Apparently, you mother opted for "fair market value" coverage because the premiums were less.  You get what you pay for.


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