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Smart Shopper Replacement Cost by Insurance Company for Totaled Vehicle
195 messages, Last post on Jun 24, 2009 at 1:20 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Hi! I totaled my new 2004 Mustang and the insurance company wants to pay me for the vehicle what it's worth BUT DOES NOT INCLUDE SALES TAX, LICENSE, DOC FEE, ETC. Shouldn't they to replace the vehicle -- that's what it cost to replace it!!! I already paid the sales tax once, SHOULD I HAVE TO PAY IT TWICE ??? Thanks. URGENT This is how they figured the total value: 17646.00 2004 Mustang 3500.00 rebates 1429.33 sales tax 13.75 title fee 500.00 Deductible 15089.09 ins co retains salvage value 4438.57 salvage value 10650.61 owner retains salvage value IS THIS RIGHT ???? Thanks.
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You might also check in our popular discussion called Questions About Auto Insurance & Accidents. Some of our members who have expertise in this area may be able to provide more info, though it looks like mr_shiftright has given you as much as possible without seeing your policy. kirstie_h Roving Host & Future Vehicles Host |
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This is my *corrected* response to your question (too many typos and I also did some further checking for you). ------------------------------------------------- It looks like they ARE giving you sales tax, license fees (remainder of unused portion of your license fees that is) and doc fees. You need to take out your insurance policy and read it to answer this question as it pertains in your state laws. In California they have to give you the sales tax plus the Actual Cash Value (ACV) which is not the same as "replacement cost". ACV takes into account everything associated with depreciation of the vehicle once it leaves the showroom floor. So you aren't going to get the price of a brand new Mustang + sales tax, but rather a slightly used Mustang + sales tax, etc. As for the actual numbers, it's kind of hard for a consumer to know what a good settlement is because most price guides, like the Blue Book, don't give values for 2004 "used" cars. So you have to figure something like the price of your car new versus how much the insurance company has knocked you for depreciation. So what I mean is that the depreciation amount has to seem reasonable. If you want to dispute the settlement numbers, you can always hire your own independent appraiser and then go into arbitration. This will cost you about another $500 to "fight" the insurance company but there is no guarantee that the referee in the arbitration will give you what you want. He may 'split the difference" between what you want and what the insurance company is offering, and you have to decide beforehand if this is likely to be more than the extra $500 you spent to get to arbitration in the first place. So read your policy and chat with an appraiser, would be my advice. Also you can contact your State Insurance Board for rules and regulations in your State. Good luck with this MrShiftright Host |
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is that justice would require you to pay all the appropriate taxes, fees, etc. on the replacement car. sorry. just because I drop a camcorder in the john doesn't mean the state takes $38 out of a cop's salary because I can't put my hand through an obvious grip, and flip the strap over my neck. no, I paid the sales tax on the item because I bought it, and that's the law. if I have to buy another one tomorrow, there's no exemption for klutzes and fools. sorry to say that if somebody T-bones you as you turn on the green light to get to your own driveway 500 feet away with a new car, and you buy another car, you are still liable. in a really perfect world, the state's insurance law would mandate that the person at fault pay the associated processing fees, like the guy who loses a lawsuit has to pay court costs plus (usually) legal fees for both sides. but somehow, that seems to not transfer to indemnified torts, as they would say down around the courthouse. I wouldn't get 'em either from my insurance outfit. they will pay the sales tax on repairs to my car, however. |
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Hi - I hope I am posting in the correct place. My 1997 Ford Taurus LX sedan was totaled while it was parked. I'm trying to do some research and see what the insurance company is going to pay me - I'm concerned because I still have car payments left to make - not to mention need down payment for another car. The adjuster called and said that the car needs to be taken to another location to have a value set and they use "ADP" to determine the market value. The car has many options - power moon roof About 14K miles less than the norm (has 68K not 84K). Leather/power seat, cd changer, keyless entry, new tires (4 months old now) etc. Any ideas? suggestions? Tips on what to do or say If I don't like their quote? (BTW other drive is obviously at fault and did have insurance) Thank you in advance very much for any input. |
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You could appraise it here at Edmunds for starters. Just hit the "used car" button up top of this page. Also you can go to www.traderonline.com and check out similar cars for sale. The insurance companies use a computerized appraiser and THEY MAKE MISTAKES on miles, trim level, etc., so make sure you double check that. As for your loan, you can't always expect the FMV (Fair Market Value) to be enough to pay off your loan, but if you've had the loan for a few years you may have enough equity in the car by now. But since you were also paying interest, it might turn out that you'll get less than the payoff for the car. Be prepared to fight if you don't like the payoff, but do your homework so that you can show them comparables for sale and price guides. Numbers on paper work better than just words on the telephone. Sometimes the insurance company will cough up more if you are persistent and diligent. If you can't get anywhere with them, hire your own appraiser and submit that as proof. If that doesn't work, you may have to try mediation with a referee. If that doesn't work, you may need a lawyer.
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My car, 2001 Toyota Camry ce, 59k on it, is totaled by other driver. My question are: 1. How much is it cost to a replacement? 2. How and what do I do if I don't accept insurance co's unfair offer? Thank you very much for any suggestion. Kank2 |
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See response #8 above Kank! Host |
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