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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
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A Toyota 4Runner ran into the back of our 1998 Protege. The car will likely be totaled due to the rear end damage. We no longer had collision coverage, so the other insurer will be paying for the car. The other insurance company's appraiser came when we were out and wrote that our car was in "fair" condition and had previous hood and roof damage. The "damage" in each place is a tiny ding that is not deep and didn't affect the paint (no rust on the car). In fact, the light must shine on the car at the correct angle to see the "damage." The car has always been maintained well because it is our only car. I'm not looking for a lot of $, but true FMV for a car that has been very well maintained but (admittedly) needed a wash. Any suggestions on how to proceed with the insurance company? Thanks.
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Replying to: fondue (Nov 21, 2005 6:36 am) If this were your own insurance company you'd have a lot more restrictions placed on you by contract. But yes, next step...if you are not satisfied with the settlement, is to hire your own appraiser.
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Replying to: Mr_Shiftright (Nov 21, 2005 12:40 pm) On a related topic, typically how long does an insurance company give you on a rental car they're paying for when (1) their driver admits liability and (2) your car is totaled, thus requiring purchase of another car? (We only had one car for two working adults before the accident, so another car is a necessity.) Thanks again.
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Replying to: fondue (Nov 28, 2005 12:51 pm)
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Replying to: Mr_Shiftright (Nov 28, 2005 1:05 pm)
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Replying to: fondue (Nov 28, 2005 1:14 pm)
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Replying to: Mr_Shiftright (Nov 28, 2005 4:07 pm)
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Replying to: fondue (Nov 29, 2005 4:16 am) If the OTHER driver was at fault, then the OTHER driver's insurance company should provide you with (1) EITHER (A) [If your car can be repaired] The gross diminution in value (which consists of the repair cost PLUS the "residual diminution") or (B) [If your car is totalled] The fair market value of your car at the time of the accident. AND (2) The value of loss of use of your car. In the real world, loss of use is usually dealt with thru rental cars. In the repair case, a typical rental length would be the time for repair. In a replacement case, rental length depends on how long it's "reasonable" for you not to acquire a new car. If you can't afford a new car without the insurance company's settlement check, then they should be paying for your rental til they cut it.
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Replying to: jrynn (Dec 03, 2005 10:31 am) As for rental cars, I agree they "should" provide you with one, but what I'm saying is that I don't believe there is any law compelling them to do so because they have no contract with you.
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Replying to: Mr_Shiftright (Dec 05, 2005 9:47 am) Diminuation of Value Rental Cost while being repaired Sales Tax if your vehicle is totaled, yet if repaired, they do pay sales tax. It is up to the Claimant to "prove" his loss and document all of his proof. Insurance companies do NOT operate like FEMA in a hurricane. 
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