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Smart Shopper Replacement Cost by Insurance Company for Totaled Vehicle
196 messages, Last post on Nov 17, 2009 at 7:17 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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Replying to: euphonium (Dec 06, 2005 10:04 am) On rental cars, you never know...some are sympathetic (up to a point), some adversarial...sometimes I have even heard that they'll bribe you by asking you to settle your claim with them quickly regarding medical liability....just sign here and we'll get you that rental car... People have to keep in mind that insurance companies just run by the system...they don't care if you win a few and they don't care if they lose a few, as long as the numbers come out in the black in that Big Balance Sheet in the Sky.
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Replying to: Mr_Shiftright (Dec 06, 2005 12:12 pm) Our insurance (Progressive) then submitted what they had paid to the other driver's company. So it pays to have rental car on your own policy even if the other driver is at fault. |
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Hello …All. Your advice is appreciated to settle this insurance claim. I am in the process to settle a claim with the insurance company of the driver who hit my car. Here’s a recap: • The insurance claim adjuster completed inspection of my car and they claimed that based on their “value Factors” they used, the estimate repair of $3,100.00 is too high for the value of the car. • He gave 2 possible options: 1- Total loss - They will take car and pay me for the market value of the car. 2- Owner retain car - They will give me less than $3,100.00 They’re submitting documents to their in-house adjuster to write up the options. I told them that the damage is just cosmetic and I want to keep the car. I mentioned that If want it to sell this car “today” prior to his/her client running into my car I could get $5,940.00. (Estimate based on Kelley Blue Book). Please note, I’m still waiting from their in-house adjuster with the 2 options amount offers. Based on the summary above, can you give me tips on how proceed with this claim. What happens if their offered is very low? What happens if I refused their offer? Thanks for your help in this matter. Regards, AP11.
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Replying to: ap11 (Jun 09, 2006 10:11 am) In many states, the insurance company is required by law to total the car if the damage is a certain % of fair market value. so if you can boost the total fair market value, they might then fix the car. I have to say though that your estimate of value seems quite high. I suspect $3,000--$3,500 is about right unless perhaps the car was in stunning condition with very low miles. You might just pay the appraiser a small amount for a "look see" before he goes through an entire appraisal. He may encourage or discourage you.
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