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Replacement Cost by Insurance Company for Totaled Vehicle

272 messages,  Last post on Feb 12, 2013 at 4:55 PM

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

Messages Page 27 of 28

#253 of 272 Re: Total loss on '01 Accord? [01accordlx] by explorerx4

Jan 24, 2011 (7:35 pm)

Replying to: 01accordlx (Jan 23, 2011 10:42 am)
What did the insurance company offer for the car?
It was not just a fender bender if the right front air bag deployed.
Hopefully your passenger is ok.

#254 of 272 Re: Total loss on '01 Accord? [explorerx4] by 01accordlx

Jan 24, 2011 (8:23 pm)

Replying to: explorerx4 (Jan 24, 2011 7:35 pm)
No offer yet. Thankfully I did not have a passenger with me.

#255 of 272 Re: Total loss on '01 Accord? [euphonium] by 01accordlx

Jan 24, 2011 (8:34 pm)

Replying to: euphonium (Jan 24, 2011 12:29 pm)
Thanks, that does make sense. Any recommendations on how to negotiate with the adjuster? I have been checking the local listings to get a documented record of sale prices on similar cars. Is there much else I can do? I expect them to make the offer tomorrow. Thanks again!

#256 of 272 Re: Total loss on '01 Accord? [01accordlx] by euphonium

Jan 24, 2011 (9:18 pm)

Replying to: 01accordlx (Jan 24, 2011 8:34 pm)
local listings to get a documented record of sale prices on similar cars
Keep in mind the sale price of a vehicle is the most they can charge for it. Most vehicles are sold for less than the asking price.
 
Suggest you go to the top of the screen & click on USED CARS which will eventually lead you to "Appraise my car". Give that an exercise for True Market Value.

#257 of 272 Questions re -- 2006 CRV Total Loss by crv123

Jul 20, 2011 (8:55 pm)

Hi All --
 
We were rear-ended last week and our 2006 CRV was totaled. We weren't moving and the driver who hit us was determined to be 100% at fault. I am now in the process of negotiating the total value of my car with my insurance company. They will subrogate with hers later. I've read through much of this forum and thanks for all of the information. I am in the process of pulling together alternate calculations and supporting detail to submit to the insurance company. Here are my questions:
 
1. We added many options/accessories to the vehicle when we purchased it. I've already obtained a list of the items from the dealer and had the dealer give me approximate costs. Does anyone have advice on how to assign value to these items? The only item that was listed in the insurance company comp detail from JD Powers were my fog lights. They assigned them a value of approximately 30% of what I paid? Would it seem reasonable to suggest the same rate apply to the other items? FYI...We had added $3800 of accessories which included fog lights, back-up sensors, running boards and others so the current valuing of these items could be significant given the value of the comparable CRVs that don't have them. (Note: I have looked at the comps on autotrader.com and can see from looking at them that the majority don't have fog lights, back-up sensors or running boards. I can't tell about most of the other accessories).
 
2. Assuming we buy another 2006 CRV as the replacement vehicle regardless of whether or not I add the same long list of options/accessories to the replacement, I am going to need to add fog lights and back-up sensors as I see those as safety features. Would it be reasonable to argue for replacement cost as the cash value of those items? That would certainly increase the amount that I might list in the alternate calculations I am doing.
 
3. We also had a 120,000 mile extended warranty. The car was totaled at 75k miles so there is a fair bit of value left. I would like to add the pro rata value of the remaining coverage into my alternate calculation as it is part of my loss.
 
4. We have always had our service done at the Honda dealer. Does that in any way increase the value of our car for this purpose? I know it would have been a selling and/or trade-in value point, but I'm wondering if there is some value to attribute here...and if so, how would I value it?
 
I think those are all of my questions at the moment. Thanks very much in advance for any help/guidance you can share.

#258 of 272 Re: Questions re -- 2006 CRV Total Loss [crv123] by euphonium

Aug 06, 2011 (11:19 am)

Replying to: crv123 (Jul 20, 2011 8:55 pm)
After 6 years, your personal add ons may be worth $500 total. You're grasping. As for the balance of the extended warranty, it is an insurance contract and you should cancel it immediately and receive the return premium.
 
Having the dealer pamper your car does not add value & why should it.
 
Had you claimed against the at fault driver's company, you would be in a position to accept up to $10,000 for signing a non injury statement. So, why are you claiming on your policy?

#259 of 272 mileage adjustment for totaled car by vmm39

Feb 08, 2012 (1:44 pm)

I had an accident in last week; the truck hit my Van from behind while kids were crossing the road in school zone , fortunately nothing happened to kids but my van was seriously damage. I have Kia Sedona van year 2003 which has 36500 miles on it and I am in California state. The Insurance Company decided to totaled van and offered a compensation. The vehicles (3 vans , two 2003 year and one 2004 model) used for comparison are with high mileages. The mileage adjustment amount shown in the statement are in the range of 0.018 - 0.021 /mile. Is there any guiding for mileage adjustment amount? How much they are supposed to pay per mile? The mileage adjustment shown for 53000 miles is $1035, 20000miles = $378 and 13000 miles = $270. One van used for comparison is 2004 instead of 2003 but year adjustment amount deducted is $1275. Can someone guide me, Thanks in adv.

#260 of 272 Question : how the mileage adj is calculated for totaled car [vmm39] by vmm39

Feb 09, 2012 (9:40 am)

Replying to: vmm39 (Feb 08, 2012 1:44 pm)
I had an accident in last week; the truck hit my Van from behind while kids were crossing the road in school zone , fortunately nothing happened to kids but my van was seriously damage. I have Kia Sedona van year 2003 which has 36500 miles on it and I am in California state. The Insurance Company decided to totaled van and offered a compensation. The vehicles (3 vans , two 2003 year and one 2004 model) used for comparison are with high mileages. The mileage adjustment amount shown in the statement are in the range of 0.018 - 0.021 /mile. Is there any guiding for mileage adjustment amount? How much they are supposed to pay per mile? The mileage adjustment shown for 53000 miles is $1035, 20000miles = $378 and 13000 miles = $270. One van used for comparison is 2004 instead of 2003 but year adjustment amount deducted is $1275. Can someone guide me, Thanks in adv.

#261 of 272 97 Honda Accord SE Damaged by themissinglink

Feb 28, 2012 (2:47 am)

Hi all, I'm hoping I might be able to get a little more advice on here. My 97 Honda Accord SE was in an accident last week which was the other drivers fault. While going around a corner, the driver got scared, hit the gas, and crashed into a big dumpster, pushing it 4-5 feet, hitting my PARKED car on the drivers side, and pushing it 2-3 feet. I haven't driven the car in about a month due to neck surgery I had at the beginning of the month. In the accident the drivers side front panel, and door were dented (door only opens about a foot, and drops down immediately) and the passenger side tires were deflated (they were full before the accident). I expected the battery was dead, and when the tow truck driver got here, he charged the battery, and filled the tires to drive onto the flatbed. I noticed when he drove it up, the car didn't sound the same as it did 4 weeks ago.
 
I received a call from the adjustor in the afternoon, and he told me the only damage was to the front panel, and drivers door, nothing else could be wrong, and he was quoting $1200. I immediately asked questions about the suspension, alignment, etc, to which he said that couldn't of happened as it was a side impact, and not a front end collision. My mom just 2 months ago was in a side impact collision, and her car was totaled, so I knew this was BS. And for him to state nothing else could of happened is absurd, as the car was pushed sideways, an unnatural movement, 2 feet. I told him I would not accept this, and would get back in touch.
 
I immediately called the Honda dealer, and they said they thought more damage was done, but couldn't do anything unless I got a new battery, which I told them to go ahead and do at my cost. Just talking about the impact, Honda stated I at least would need 2 new tires, if not 4, and an alignment, which at cheapest would be $300 for 2 new tires and alignment (adjustor said only the panels could be damaged, YEA RIGHT!). I then called the auto body shop and told them the ordeal, and when I brought up how the door falls down when opening, he said the frame could of been bent (which the adjustor told me a) this car doesn't have a frame, it has a unibody (which is the same thing in a way), and b) that it might just need new hinges). The auto body shop was shocked, as they are the first to admit, they don't know how much damage there is until disassemble.
 
I let both Honda and the body shop know, my fear was that the car is a 97, 15 years old, and I knew it wouldn't take much to get up to a price where the insurance would just total the car, and I don't want anyone to waste their time on the car if that was the case. I kept trying to pry the adjustor to tell me what if more damage came then $1200, and he made it seem like I'd be on my own. I'm glad I didn't accept his claim, and will be hearing back from Honda and the Body shop on Tuesday for their estimates, then will be getting in touch with his boss.
 
Does anyone have any suggestions on how I should deal with this. I feel as if it's completely absurd that I'm having to fight this hard, when I did nothing wrong at all. I've never been in a car accident (knock on wood), yet my car now has...any advice would be appreciated.

#262 of 272 Re: 97 Honda Accord SE Damaged [themissinglink] by euphonium

Feb 28, 2012 (10:57 am)

Replying to: themissinglink (Feb 28, 2012 2:47 am)
What is the advice of your insurance agent? Your car should be totaled. Get as much as you can & settle soon.

Messages Page 27 of 28

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