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Replacement Cost by Insurance Company for Totaled Vehicle

196 messages,  Last post on Nov 17, 2009 at 7:17 PM

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What is this discussion about? Car Safety, Buying Insurance, Coupe, Convertible, Hatchback, Truck, Sedan, Wagon, SUV, Van

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#18 of 196 by Mr_Shiftright HOST Dec 28, 2004 (11:49 am)
You need legal advice on that one. I'm a bit surprised AAA doesn't cover you however. But by all means consult expert legal advice. This is too complex an issue for random suggestions I think.   MrShiftright Host
#19 of 196 How much I could get back from my insurance company? by bh458 Mar 04, 2005 (3:26 pm)
Hi,   Just several days ago, my lovely 96 Integra GS-R was stolen. I do have comprehensive coverage. Just wondering how much I am able to get back from my insurance company. And if it offers me too little, what could I do?   My car info: 96 Integra GS-R, Perfect condition, Multi CD Disc, 100,000 miles.   thanks,
#20 of 196 lwhat to do by Mr_Shiftright HOST Mar 08, 2005 (5:34 pm)
if you are offered too little, and you dispute the settlement, I'll bet your insurance policy requires you to go to arbitration. You MIGHT be able to avoid this if your insurance company tells you they will review an appraisal from your own appraiser. This may cost you about $150. If the insurance company doesn't like your appraiser's appraisal, then you go to arbitration which will cost you about another $300 or so. Generally, unless the arbitrator reallyl has it in for you, you'll get back a settlement that will usually cover the costs to get to the arbitration in the first place, but perhaps no more than this.   If you are disputing the settlement, you need evidence to show why it's not a good settlement. This will require you to look for "comparables" which mean comparable in miles and condition and equipment to your car. Also, you can look at the Kelley Blue Book at your public library, but be sure to make all deductions for miles, condition, etc. The book tells you how to do this.   good luck,   MrShiftright Host Replies to this message: eviljoe (Apr 08, 2007 11:39 am) cccompson (Apr 08, 2007 2:52 pm) paisan (Apr 08, 2007 4:37 pm) and 1 more... joel0622 (Apr 09, 2007 8:19 am) blueiedgod (Apr 21, 2007 7:32 am)
#21 of 196 2004 Passat cost ? by kartoos Apr 08, 2005 (7:50 am)
My 2004 Passat is a total loss after being involved in any accident (fortunately nobody was hurt and I walked away with no broken bones....impressed with the way the car handled the crash). Anyway, my insurance valued my car (16000 miles) at 21,371 $ (after the deductible)....I am not sure if this is a the right price. KBB gives 21,555. Should I just take it ? or maybe re-negotiate with insurance ? Any advice would be greatly appreciated...thanks.
#22 of 196 value by Mr_Shiftright HOST Apr 08, 2005 (9:19 am)
If they are offering you KBB retail price, that's about as good as it gets. If it's wholesale price they are offering, well, then you can start complaining. But KBB retail is actually very generous.   Why dont you double check and use Edmunds' True Market Value system as well. It's on the edmunds.com Home Page when you click on "used cars". You'll see a tab for "appraising your vehicle".   NOTE: make sure their offer doesn't include tax and license in that figure they gave you. You are entitled to tax and license fees over and ABOVE the value of the car. Sometimes they combine the two and try to sneak that past you...so in essence you are not getting KBB you are getting 10% or so less than that....as license and fees in some states equals almost 10%. Replies to this message: kartoos (Apr 08, 2005 9:51 am)
#23 of 196 Re: value [Mr_Shiftright] by kartoos Apr 08, 2005 (9:51 am)
Replying to: Mr_Shiftright (Apr 08, 2005 9:19 am) thanks for the info. I just used Edmunds TMV system to for an appraisal and got a dealer retail value of $20,317. My insurance gave me an actual cash value of 20,556$, not including the tax and license...so it looks good.   Also I was asked to sign a power of attorney to transfer my title over to the insurance company...is that the normal procedure ?
#24 of 196 title by Mr_Shiftright HOST Apr 09, 2005 (9:21 am)
Yes, if they total your car, they own it. If you want your car, you can buy it back from them for usually like 10-13% of value, but then you don't get tax and license.
#25 of 196 Do I have a means of recovering more than Blue Book?? by spits Apr 13, 2005 (8:29 am)
I was involved in an accident where a construction company truck ran a stop sign and pulled directly into my path. I hit him and while I haven't had my truck appraised yet, I'm sure it's totaled ('93 Ranger). The driver was cited by the officer making the report for running the stop sign (I had a witness to the accident). My question is: Do I have any legal recourse to get reimbursed for more than the blue book? The truck was my daily driver and now, through no fault of my own, I'm without it. I expect to get a meager settlement given the estimated value of the Ranger. It seems as if I should be able to pursue a settlement that will give me an opportunity to replace the vehicle without experiencing any financial penalty. Any inputs would be appreciated.   Thanks.
#26 of 196 some ideas by Mr_Shiftright HOST Apr 13, 2005 (1:40 pm)
I'm no attorney but I believe if you read your insurance policy their only obligation is to give you Fair Market Value for your truck and no compensation for the inconvenience. That is to say, you get paid a fair price for what you lost. If you think you can find evidence that the KBB price isn't fair (by showing comparables, or other price guides), you can do that, and you can even demand arbitration and have a referee make an award.   Of course, you can pursue civil action of any sort you wish with the trucking company but I'm not sure what you'd sue them for exactly.
#27 of 196 Total Loss!! by gtthbnz600sl Apr 23, 2005 (2:23 pm)
I recently, was involved in an accident where my 2001 Silverado was totaled, and I have a couple of questions about settling with my insurance co.   First is, do you know how ADP and FIA come up with there final figure on how much a vehicle is worth. I mean I realize there are factors like mi., options etc.. and you should add or sub. for theses things, but I was told they do a market research within a 100 mi. radius of my zip and then some how, without averaging the 20 or so trucks they located, they came up with a figure. In this case it was roughly $16,250. I did my own research and came up with only 16 trucks with similar mi. and options and averaged them out to come up with a figure of $18200. I faxed this back to my adjuster and she then had to send it to a second outside co., (FIA)?, and they countered me with $17,250. Go figure!     Next question is should I settle, am I asking to much, or do I have a foot to stand on. I also included a couple of the book prices in my fax, and their averages were almost identical to mine. Unfourtunatley, Edmunds was not among those, as I was not aware of the site but will be if I pursue this any further.     I also wanted to add that it has already been since 3-18-05 since the accident accured and the seem to be drawing it out as long as they can. Any suggestions?

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