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Smart Shopper Questions About Auto Insurance & Accidents
4407 messages, Last post on Nov 27, 2009 at 7:06 AM
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Maybe I could take a class or two from you and fill in all those gaps in my meager knowledge...I always appreciate anyone who can teach me a thing or two (or three, or four...)
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Replying to: marsha7 (Aug 09, 2008 10:31 am) Today CE is via the internet and much more efficient, but not as much fun or personal. 
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Hey anybody I just found out my vehicle which was hit by a storm a few weeks ago, is deemed total loss. Its a 2000 5speed nissan sentra with over 123K's on it. I got the value from the ins. agent and I just don't know if its enough. Sure it covers my loan since I was still paying on it, but the balance (after they pay it off)is not enough to get another vehicle, and I need one. I dont want to finance again, I'd like to just buy another used one instead but is there a way to know if the ins. co. is giving me a fair share? is there any way to know this? thanks
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Replying to: uturnsue (Aug 18, 2008 11:34 am) Then you sort of average all of them out and come up with a ballpark #. Some guides are: www.edmunds.com (click on "used cars") www.kbb.com www.nadaguides.com These guides will NOT agree but they should be reasonably close. Keep in mind that "excellent" means a *very* sharp clean car. Most 8 year old cars are "clean" or "average". Very few are "oustanding". Actually you should be glad it covered your loan. Some people don't end up that "whole". |
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Replying to: uturnsue (Aug 18, 2008 11:34 am) > It's a 2000 5-speed Nissan Sentra…I'd like to just buy another used one Depends upon the type of storm damage. If it's hail (or sand) damage and the repair would consist of removing hail dimples and repainting the car, then tell the insurance company that you'd like to keep the car. You will still receive the insurance payment less one or two hundred dollars for the salvage value of the car. If there is water damage or a tree fell on the car, then take the full insurance claim and either buy another 2000 Sentra, making sure that the insurance pays for all of your costs including sales tax, dealer fees, etc. Or use the insurance check as a down payment on as new a car as you feel comfortable with the payments. > I got the value from the ins. agent and I just don't know if it's enough…Is there any way to know this? Your car is worth what it would cost to replace it, say $5500 plus sales tax and dealer fees and minus the outstanding loan balance and minus the comprehensive deductible. |
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Replying to: uturnsue (Aug 18, 2008 11:34 am) |
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My 2007 Chrysler 300C was totaled last week. Somebody left-turned my wife. She had minor injuries, Thank God! The diver of the other car admitted it was his fault at the time of the accident, now he is singing a new tune. So, we decided to go through our insurance and letting them go after him. So, here is were a need help: The 300C was totaled by my insurance company. We had bought it NEW last Oct. (10 months old) for ~$33K. They offered ~$24K. I did some research and found that Edmunds.com and NADA value was around $27K - $27.5K. So i called and told them, they bumped their offer to up $400. to $25K. I told them that that was to acceptable. They played hard ball, and said that was all they could do. So i asked to talk to supervisor . I called and left a message. He never returned my call. However, 2 hours later, the adjuster called my back and offered $27K. So here is my issue. The Chrysler 300C came with a Lifetime Warranty on the power train. If, I take the $27K and buy a used 300C I do not get the Lifetime power train warranty -- it is non-transferable. So i am basically out a lifetime warranty, which is why i bought the car to begin with. The adjuster said I was SOL, that the Lifetime warranty was an incentive and had no effect on the price of the car. which maybe true, but I am now out a lifetime warranty. He said they insure cars not warranties. Do I have any recourse on the Lifetime warranty? If my insurance doesn't compensate, Can I go after his Insurance company? What would make them jump from ~$25K to $27K so fast. Does the fact that the car is less than 1 year old factor into the value? It just seems strange that they would play hard ball and then jump the value up $2K. Thanks for the help! 
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Replying to: chuckie68 (Aug 23, 2008 4:16 am) So in other words, the insurance company is saying that their offer includes the value of the warranty. While you are entitled to dispute their settlement, I would advise you to pursue that dispute based on market evidence (doing your own research or hiring an appraiser and going into arbitration), but not pursue it on the warranty argument---I just don't think that holds any weight. As for the company boosting their initial offer, well, welcome to the insurance business. You might try researching other price guides to see if they are any higher. There are some with a reputation for generosity that you have not explored.
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Replying to: chuckie68 (Aug 23, 2008 4:16 am) 1. I think you could make a good case to try and recover the sales tax you paid since the car was less than a year old, and 2. If your company pays, you may be faced with paying the collision deductible unless they waive it. Make sure they realize that you are aware that if they then recover from the other party you will want to be reimbursed for the deductible. |
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Replying to: houdini1 (Aug 23, 2008 10:46 am)
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