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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: 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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Replying to: Mr_Shiftright (Jun 09, 2006 3:43 pm) Again, thanks for your advice. Regards, Ap11 |
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Hello there, I am dealing with an insurance company and would apprepriate some advice from car/insurance experts. I paid about $25,000 in 2003 for a new Mazda 6, top of the line, fully loaded. This car has just 15000 miles on it now and it was hit while parked on the side of the street and it has been totalled. The KBB fair market value is $19,000 for retail and $14,500 for trade in. The insurance company (of the other driver) says they will pay me $15,000 for my car. Given that I paid $25K (including tax & license) and will probably have to pay $19K + TL, which is about $21K, if I want to buy the same car back. The $15K figure from insurance company is not even close to what I conside fair. What would be a fair amount that I should expect from the insurance company and if the offer from them is way off from this fair value, what options do I have? Any help or suggestion is greatly apprepriated.
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Replying to: djho (Jun 14, 2006 10:45 am) http://www.edmunds.com/used/index.html?tid=edmunds.g.home.header..2.* And see what you get. Use the "customized appraisal" feature when that option pops up...it allows you to plug in options, your geographical location, color of the car, etc. Insurance companies will rarely, if ever, offer you Kelley Blue Book retail. It's simply too high, as it tends to represent dealer asking prices. Edmunds is (usually) more in tune with actual realized prices. If the Edmunds amount is more than what they are offering you, print out the Edmunds results and forward it to them...and the Kelley printout as well, why not? If they don't raise their offer, you can go to non-binding arbitration and you can also sue them, since this is a third party insurance company that you didn't sign a deal with. |
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I recently had a 2002 Acura RSX type S stolen. The car was found and is totaled. They have yet to offer me a figure for replacement of my car, but I know it is not going to cover the 8,000 dollars I have put into it. Is it possible to dispute the figure with similar cars with aftermarket parts? What do you think I should settle for? Do insurance companies typically compensate aftermarket parts? I was talking to a AAA adjuster and he said he would honor a percentage of them, but my adjuster with Farmers said a straight "No." Should I demand to talk to a manager? My parents, whose name the car and insurance is under, has been with them for a LONG time. Thank you for your responses as the loss is heartbreaking (I've saved for a car since I was 6 years old)
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Replying to: rsxelrate (Jul 09, 2006 10:25 pm) You'll have to read your policy regarding "betterment". Some companies have stricter policies than others, because they don't want to be responsible for insuring a Honda that someone has poured $100,000 into without telling them. Their argument is that you didn't pay premiums on a $100K car, so you don't get insured for a $100K car. If you were offered a percentage of your betterment, I'd consider taking that. The rationale here is that your aftermarket parts are no longer new, they are "used parts" and should be valued as garage sale items, not new items. Remember, you can bargain, offer receipts, and also go to arbitration. You don't have to settle for what they first offer you, but you do have to be realistic about the terms of your policy and what is attainable. |
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My elderly neighbor backed into our parked 1995 Ford ClubWagon full-size van (145,000 miles). Initially, her son offered to pay without taking it to insurance and recommended auto body repair place. We took it there and they estimated the damage at $5000 and said that the insurance company will probably total it. We have no collision on this vehicle. We have contacted her insurance company and are waiting for the appraiser to come out. From the research we've done, it looks like the car could be worth anywhere from $3000 to $5000, but we're guessing it will be on the low side as we use this car for transporting food and it is only in fair condition. Our concern is that we use this van for business and can't afford to buy a new one unless we get the higher figure to use for a downpayment or that amount to repair it as that is what the estimate said it would be. We are very worried because losing this car will affect our livelihood and don't know what to do. Any suggestions as to how we should proceed and how likely it will be that it will be considered totalled? We are so grateful for any suggestions or information.
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