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Totaled car - misery of insurance claims, insane market, etc. (1 Viewer)

Sand

Footballguy
So my 22 year old (in a car I own he had for college) totaled the car.  Not his fault - the other party was clearly at fault.  Luckily, despite airbags deploying and a pretty darn high speed collision, he and his girlfriend are ok.  And, miracle of miracles, the other driver had insurance.  That seems to be the exception to the rule.  So now just to deal with the mangled metal.  For those that know this stuff how bad does the insurance try to screw you these days with a total loss settlement?  With the car market the way it is I expect something insulting, to be honest.  I'm not sure what happens if there is an impasse occurs on that valuation.

Looking at cars the vehicle that he has now has risen in price from 14k to 20k in a year and a half.  I'm absolutely floored by this.  This is the class of car I could have gotten for 10k a couple years ago.  I know prices have gone up but damn.

 

El Floppo

Footballguy
So my 22 year old (in a car I own he had for college) totaled the car.  Not his fault - the other party was clearly at fault.  Luckily, despite airbags deploying and a pretty darn high speed collision, he and his girlfriend are ok.  And, miracle of miracles, the other driver had insurance.  That seems to be the exception to the rule.  So now just to deal with the mangled metal.  For those that know this stuff how bad does the insurance try to screw you these days with a total loss settlement?  With the car market the way it is I expect something insulting, to be honest.  I'm not sure what happens if there is an impasse occurs on that valuation.

Looking at cars the vehicle that he has now has risen in price from 14k to 20k in a year and a half.  I'm absolutely floored by this.  This is the class of car I could have gotten for 10k a couple years ago.  I know prices have gone up but damn.
I've got nothing... but good luck- and really glad the kids are ok. scary business.

wait a sec... @-fish- might know something about this if he's still hanging around here.

 

Binky The Doormat

Footballguy
So my 22 year old (in a car I own he had for college) totaled the car.  Not his fault - the other party was clearly at fault.  Luckily, despite airbags deploying and a pretty darn high speed collision, he and his girlfriend are ok.  And, miracle of miracles, the other driver had insurance.  That seems to be the exception to the rule.  So now just to deal with the mangled metal.  For those that know this stuff how bad does the insurance try to screw you these days with a total loss settlement?  With the car market the way it is I expect something insulting, to be honest.  I'm not sure what happens if there is an impasse occurs on that valuation.

Looking at cars the vehicle that he has now has risen in price from 14k to 20k in a year and a half.  I'm absolutely floored by this.  This is the class of car I could have gotten for 10k a couple years ago.  I know prices have gone up but damn.


good luck man - let us know how they value the car for replacement!

 

culdeus

Have good
So my 22 year old (in a car I own he had for college) totaled the car.  Not his fault - the other party was clearly at fault.  Luckily, despite airbags deploying and a pretty darn high speed collision, he and his girlfriend are ok.  And, miracle of miracles, the other driver had insurance.  That seems to be the exception to the rule.  So now just to deal with the mangled metal.  For those that know this stuff how bad does the insurance try to screw you these days with a total loss settlement?  With the car market the way it is I expect something insulting, to be honest.  I'm not sure what happens if there is an impasse occurs on that valuation.

Looking at cars the vehicle that he has now has risen in price from 14k to 20k in a year and a half.  I'm absolutely floored by this.  This is the class of car I could have gotten for 10k a couple years ago.  I know prices have gone up but damn.


You need to find 3 comps of your vehicle, like yesterday.  Get dealers to send you a pdf of the window sticker and tell them you are in the market, they will do that.  Try to have at least one less than 200 mile away.

Get your original window sticker and indicate all options you have.  

You can get condition back on tires under some mileage, maybe some other repairs.  You need receipts for those and there aren't many items like that, but it helps.  

 

ghostguy123

Footballguy
This just happened.  A car we bought 4 years ago for 8500 was totalled.  Got 11 grand a couple months ago.  

A friend of mine also said you can negotiate a little.

And yes get comps being sold at used car dealerships and show them.

 

jobarules

Footballguy
My car was totaled once and the insurance company actually gave me more than I was expecting so don't just assume they are gonna try and screw you.

 

GroveDiesel

Footballguy
Any idea what the other woman’s coverage level is? 

I was involved in a 3 vehicle accident last summer where a car tried racing ahead of a tractor trailer at a highway merge, didn’t make it, clipped directly into the front bumper of the tractor trailer which spun the car across 2 lanes directly into me and sent me into the guardrail.

The fun began when it turned out that the car driver’s insurance was the state minimum for PA which is a whopping $5k total per incident. So their insurance offered me a prorated payout of $200 and I had to claim under underinsured on my own insurance. Good times.

 

Psychopav

Help us, Joebi-Wan Brynobi, you're our only ho
You need to find 3 comps of your vehicle, like yesterday.  Get dealers to send you a pdf of the window sticker and tell them you are in the market, they will do that.  Try to have at least one less than 200 mile away.
Seems like this would be pretty easy using Autotrader.  Might not even have to talk to anybody.

 

titusbramble

Footballguy
Seems like this would be pretty easy using Autotrader.  Might not even have to talk to anybody.


This, pretty much. There's a solid industry guide that gives pre-accident value for anything that gets shifted up/down based on mileage, condition etc. If you don't agree with the valuation, just return with comparable vehicles in the open market. Disclaimer, while I work in the industry, I'm in the UK and on back end reporting rather than actively involved in front end disputes

 
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culdeus

Have good
Seems like this would be pretty easy using Autotrader.  Might not even have to talk to anybody.


The only time I had to do this I was forced to give a window sticker from dealers.   I expect this was a hoop they had me jump thru to waste my time, perhaps.

 

Sand

Footballguy
Any idea what the other woman’s coverage level is? 
I get the impression it's excellent.  She was in a C300.  The insurance agent has pushed hard to close the medical side.  My son deferred on signing anything on day one and they doubled the offer on day 2.   :lol:

We're not doing any lawyer shenanigans, but he did visit the ER after the accident (nothing serious, thank goodness) and it takes a while for those bills to come in.

I was involved in a 3 vehicle accident last summer where a car tried racing ahead of a tractor trailer at a highway merge, didn’t make it, clipped directly into the front bumper of the tractor trailer which spun the car across 2 lanes directly into me and sent me into the guardrail.

The fun began when it turned out that the car driver’s insurance was the state minimum for PA which is a whopping $5k total per incident. So their insurance offered me a prorated payout of $200 and I had to claim under underinsured on my own insurance. Good times.
This is exactly the type of crap that I expected.  Down here the uninsured rate is really high.  One needs good UI insurance.  

 

Gopher State

Footballguy
Make sure you ask for sales tax on the value of the vehicle.  I would also ask for dmv fees and amount of license plate if you cannot get a refund from the state on the plates.

 

eoMMan

Footballguy
In this market, you’re best off buying new and not being picky about color, trim, etc. Dealerships have low inventory. 

With what is currently be charged for used cars, it’s not worth it.

 

Sand

Footballguy
In this market, you’re best off buying new and not being picky about color, trim, etc. Dealerships have low inventory. 

With what is currently be charged for used cars, it’s not worth it.
I'm very aware.  The market is absolutely bonkers, though.  Just ridiculous.  I bought a Bronco Sport last year (second lowest trim).  I paid 27.5 + doc fees, taxes, etc.  Just looking online and my car, used, is worth 38-39k right now.  That's just jaw dropping.  I would never pay that much for a car - I'm almost completely priced out of the market for myself, not to mention my starving college kid son.

 

D-Day

Footballguy
On the medical bills, wait to settle.  Like a couple of months.  Some injuries show up later than you would think.  And I wouldn't worry about it affecting the property claim.  

On the vehicle claim, check Auto Trader, KBB and/or some others.  Wait until you get an offer, and if it is in line, take it.  Why expend time and worry when a fight may never come.  

 

BassNBrew

IBL Representative
I'm very aware.  The market is absolutely bonkers, though.  Just ridiculous.  I bought a Bronco Sport last year (second lowest trim).  I paid 27.5 + doc fees, taxes, etc.  Just looking online and my car, used, is worth 38-39k right now.  That's just jaw dropping.  I would never pay that much for a car - I'm almost completely priced out of the market for myself, not to mention my starving college kid son.


Your should probably stop investing in stocks and switch to autos.

 

culdeus

Have good
I'm very aware.  The market is absolutely bonkers, though.  Just ridiculous.  I bought a Bronco Sport last year (second lowest trim).  I paid 27.5 + doc fees, taxes, etc.  Just looking online and my car, used, is worth 38-39k right now.  That's just jaw dropping.  I would never pay that much for a car - I'm almost completely priced out of the market for myself, not to mention my starving college kid son.


Sell it.  The bronco sport is garbage, pocket the money and get a full bronco. jmo

 

Sand

Footballguy
Sell it.  The bronco sport is garbage, pocket the money and get a full bronco. jmo
Slide over the 65-75k I'd need for a full size and I'd be happy to.  Those are so far beyond what I'd pay for a vehicle you might as well tell me to buy a Maybach.

 

Punxsutawney Phil

Footballguy
You are going to get screwed here.  The only way to come out on top is to get the kids to commit insurance fraud and start complaining about their backs.

 

Sand

Footballguy
Punxsutawney Phil said:
You are going to get screwed here.  The only way to come out on top is to get the kids to commit insurance fraud and start complaining about their backs.
This is the anticipated result.  They do have to deal with me over the car, though.  I will get out of them what can be gotten.

 

belljr

Footballguy
I always wondered this.....

So lets say they say the car is 15000.....   you disagree and you say 20000......

What do you have to actually do (recourse) if they say nope ... its going to be 15000

 
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Ron Swanson

Footballguy
I always wondered this.....

So lets say they say the car is 15000.....   you disagree and you say 20000......

What do you have to actually do (recourse) if they say nope ... its going to be 15000
Ultimately you can file suit. Insurance companies want to resolve claims quickly. They know claims that drag out cost them more money. Time is on your side if you can make alternate transportation arrangements. As long as your valuation is reasonable, just send your proof and stand your ground.  

 

Sand

Footballguy
Punxsutawney Phil said:
You are going to get screwed here.  The only way to come out on top is to get the kids to commit insurance fraud and start complaining about their backs.
Just got the ACV offer.  It's laughable.  Off by at least 20% as to what they should have offered.  Low, of course. They're not even in the same ballpark as the current market.  Luckily this is a very common car - lots of examples out there in the used car market close to this.

Protracted fight incoming.  

 

Sand

Footballguy
Now the insurance company refuses to pay for any rental car, even though the claim hasn't been finalized and I've gotten no check.  Not sure whether to hold it and be an ####### or let it go.

Did get the kid a new car.  It was almost exactly what he had before and was 21% more than what they offered.  

 
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culdeus

Have good
Sand said:
Now the insurance company refuses to pay for any rental car, even though the claim hasn't been finalized and I've gotten no check.  Not sure whether to hold it and be an ####### or let it go.

Did get the kid a new car.  It was almost exactly what he had before and was 21% more than what they offered.  


It's bull#### but once they total it and make an offer they don't have to do the rent car thing but like 5? Days (TX). Even if the offer isn't expected. 

 

Sand

Footballguy
Just got the ACV offer.  It's laughable.  Off by at least 20% as to what they should have offered.  Low, of course. They're not even in the same ballpark as the current market.  Luckily this is a very common car - lots of examples out there in the used car market close to this.

Protracted fight incoming.  
So we went and took pics of the car.  They grossly mismeasured the tire tread, circled "pre-existing damage" that doesn't exist, etc.  They added in nebulous crap like "projected sold adjustment" to comparables to reduce payout with no basis.  So I sent them a counter offer with pictures, new comparables, the whole nine yards.  They came back today with an increase of $600.00.  No basis, no reasoning, just throwing in a bit of extra money to make it go away.  They didn't even look at my counter offer, I'm sure.  Complete ####### scam.  

I'm seriously considering fighting this in court.  I've never sued anyone, but maybe it's time.

Ultimately you can file suit. Insurance companies want to resolve claims quickly. They know claims that drag out cost them more money. Time is on your side if you can make alternate transportation arrangements. As long as your valuation is reasonable, just send your proof and stand your ground.  
Unfortunately this doesn't seem to be the case.  My kid has new wheels, so no worries there.  

 
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jobarules

Footballguy
So we went and took pics of the car.  They grossly mismeasured the tire tread, circled "pre-existing damage" that doesn't exist, etc.  They added in nebulous crap like "projected sold adjustment" to comparables to reduce payout with no basis.  So I sent them a counter offer with pictures, new comparables, the whole nine yards.  They came back today with an increase of $600.00.  No basis, no reasoning, just throwing in a bit of extra money to make it go away.  They didn't even look at my counter offer, I'm sure.  Complete ####### scam.  

I'm seriously considering fighting this in court.  I've never sued anyone, but maybe it's time.

Unfortunately this doesn't seem to be the case.  My kid has new wheels, so no worries there.  
What price do you think is reasonable and what are they offering?

 

Sand

Footballguy
What price do you think is reasonable and what are they offering?
The ACV I've come up with, using actual comparables (5 of them) is $20,300. They are offering $17,600.  I just send them a reply with a best offer that noted their bad faith (this is supposed to be a search for ACV, not a bloody flea market negotiation) and made clear that stunt is noted if this goes further.  And then noted that time for lawyers, etc. were going to cost Progressive way, way more than the $2700 we are apart.

Right now they have me with a bit in my teeth.  They took 9 days to get my kid a rental despite their insured admitting fault at the scene.  Then a completely dishonest appraisal of the vehicle.  If this did go to court the judge would nail them to the wall.  Their out-of-thin-air adjustment cements repudiates any argument from them that this is a search for the ACV of the car.

 

Sand

Footballguy
They came up another $600 and suggested I get my insurance to subrogate against them.  Getting my insurance involved is a dice roll, so who knows.  I'm going to counter again, just wondering where I should place the next offer.

 

Chris B.

Footballguy
They came up another $600 and suggested I get my insurance to subrogate against them.  Getting my insurance involved is a dice roll, so who knows.  I'm going to counter again, just wondering where I should place the next offer.
Wait, you haven't filed a claim with your carrier? What company are you with? 

 

Sand

Footballguy
Wait, you haven't filed a claim with your carrier? What company are you with? 
State Farm.  I was hoping not to claim and subrogate.  The other driver was 100% at fault.  Currently considering an independent appraiser to go out and do their thing.

 

Chris B.

Footballguy
State Farm.  I was hoping not to claim and subrogate.  The other driver was 100% at fault.  Currently considering an independent appraiser to go out and do their thing.
Making you whole and subrogating against the at-fault motorist is literally their job. You're paying the premium for this service and expertise. It's your call, but filing the claim would save you a ton of headaches. 

 

Sand

Footballguy
Making you whole and subrogating against the at-fault motorist is literally their job. You're paying the premium for this service and expertise. It's your call, but filing the claim would save you a ton of headaches. 
I do send them ~5k a year, so this part is certainly right.   :P

 

Ron Swanson

Footballguy
@sand

Stand your ground. It is in their best interest to settle fast. Stay a persistent and unbending thorn in their side and you will prevail.  And if for some reason you don't you can always go the legal route at that point. You hold all the cards if you can financially weather the storm. Stay strong.

 

Sand

Footballguy
@sand

Stand your ground. It is in their best interest to settle fast. Stay a persistent and unbending thorn in their side and you will prevail.  And if for some reason you don't you can always go the legal route at that point. You hold all the cards if you can financially weather the storm. Stay strong.
Right now this money Progressive is holding is doing better than the markets, so all is well.   :lol:

 

Drunken Cowboy

Footballguy
My wife totaled her car a year ago and it was a big fight with USAA. First it shouldn't have been totaled. It was 3 years old with super low mileage and the damage wasn't that bad. The initial offer was a joke. I sent them every comp with 100 miles. They were all way over the offer. They raised the offer with some comps that were not close in mileage and were 500 miles away. I got one more concession out of them, but still don't think it was market value. 

 

pollardsvision

Footballguy
I do send them ~5k a year, so this part is certainly right.   :P
Pat and Aaron got to eat somehow, right?

Off-topic, but I'd shop insurance if you haven't lately. For insurance companies, I'm immediately skeptical if they have enough customer money leftover to pay NFL QB's or sponsor major college bowl games. Well, basically any company with a big national advertising campaign.

 

STEADYMOBBIN 22

Footballguy
Pat and Aaron got to eat somehow, right?

Off-topic, but I'd shop insurance if you haven't lately. For insurance companies, I'm immediately skeptical if they have enough customer money leftover to pay NFL QB's or sponsor major college bowl games. Well, basically any company with a big national advertising campaign.


IIRC, Insurance companies are one of the most profitable corporations that exist. Your point still stands. 

 

sho nuff

Footballguy
Glad we didn't have to deal with a mess.  I guess it helped that the car my son totaled was an 04 that we had since he was a baby.  Got close to $2500 more than we would have thought and were happy with that settlement.  (though, the extra we got from our thoughts...the used car market at the moment took away any such "surplus" as did the money we had put into the car recently to fix a few things...had that thing running the best it had run in 5 years).

 

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