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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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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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FWIW, anytime you use your collision to pay for damages that is not your fault, it is common custom for your insurance to recover the full amount from the liability carrier...then, since they paid out $15,000.00 but your damages were $15,500.00, and they did recover the $15,500.00 they will routinely write you a check for your deductible...while it is always OK to remind them of anything you want, the refund of the deductible is SOP...
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Replying to: mikefm58 (Aug 23, 2008 1:10 pm) This is good info for Chuckie to have. |
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Replying to: marsha7 (Aug 23, 2008 1:33 pm) Sure it's common practice, and being in the insurance biz I am sure that you are aware that at times mistakes are made. It never hurts to be prepared and to look out after your own interests when negotiating a claim. |
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| Absolutely correct...mistakes can be made and reminding the adjuster is never a bad idea... | |
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Replying to: Mr_Shiftright (Aug 23, 2008 7:22 am) The adjuster "warned" me not to use KBB. That their numbers where always too high, and was based on "asking" prices from dealers not actual deals. KBB value was just over $28K -- a thousand more than their best offer... |
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