Posted: Thu Jun 19, 2008 1:42 am Post subject: negotiating ACV after insurance claims total loss
My parked car got hit by a hit and run driver. I didn't have uninsured driver property damage insurance, so I'm stuck with a $1,000 deductible under my collision coverage and a low-balled ACV estimate that is significantly less than what I paid for the car a month ago. It's in amazing condition: the best I saw after test driving over a dozen of the same make and model.
The damage was significant, but no frame damage is apparent. Body shop estimated $5,000 at most, and I bought the car for $7,500, which was a pretty good deal given the condition. They're claiming the AVC is $6,100. The insurance company is clearly pushing the total loss claim because it's in their interest. Anybody have any strategies for contesting the total loss decision and asking that the company pay for repairs?
If there's nothing I can do about the total loss decision, how can I negotiate to get a more realistic appraisal of the ACV? I know I can threaten to have an independent appraisal. Is that my best course of action? _________________ Register Now to have your Insurance queries solved.
Give them supporting documentation to show the value of the vehicle is more then they claim. What you paid for it is, alone, not a determination of it's value.
What you paid for it is, alone, not a determination of it's value.
What a person pays or owes is in no way any indication of the vehicles value...
If you'd like post yr/make/mode/mileage and ALL options and any unrepaired PRIOR damage, and I'll run a value for you see if we are close...go over their evaluation and make sure there arent' any mistakes clerical or otherwise...Also it is not in the ins company's best interest to total vehicles...Generally it ends up costing more, because the salvage 'quotes' rarely hold up, and sell for less then the costs of distribution...Look at your scenrio, if it cost 5k to fix and 6100 to total how is it is their best (economical) interest to pay 6100 rather than 5k? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
