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 Posted: Thu Dec 18, 2008 5:04 pm Post subject: Total loss ACV: Additional Options |
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I had a accident with an ensured of kentucky farm (not my fault), and my car was declared as total loss.
The insurance company use NADA for the ACV. The problem is that a lot of addional options of my car car are not listed in NADA. The company said if they are not listed, they are not accounted for. Is it reseanable claim? Or can I insist to account for these additional options?
Thanks in advance for your advices.
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Halcyon#
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| Posted: Thu Dec 18, 2008 6:26 pm Post subject: |
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First, if this is what the adjuster told you... you need to speak to someone else in the company.
But I'm betting that there was a misunderstanding. Many times items are not options, they are automatic on the vehicle so they are already included in the value. Is it possible that this is the case here? If they are truly options, then they need to be accounted for. It's unusual that NADA would not include them but it's possible that they might be aftermarket items. None the less, yes, they needed to be considered. |
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tcope
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| Posted: Thu Dec 18, 2008 7:58 pm Post subject: |
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Thanks.
My car is a 2000 Catera, and many options are not included in the standard package, such as Chrome Wheels, Heated Seats, OnStar, Personization and Memory Settings of Seats and Mirrors, etc. The options of my car that are listed in NADA are Bose Audio and Sunroof.
The adjuster told me "Options that are not listed in the NADA guide are not added."
In this case, who should I speak to in the campany?
Anything else I can do? |
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Halcyon
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| Posted: Fri Dec 19, 2008 5:34 am Post subject: |
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| lori? |
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Halcyon
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| Posted: Fri Dec 19, 2008 5:55 am Post subject: |
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You are required to speak to the supervisor of the claim department. I'm not getting what they mean by the options are not included in the NADA site. Both the original and the aftermarket parts should be considered while deciding the actual cash value of the car. There may not be a huge difference in the acv already determined because of the after market accessories, but you should receive compensation for those as well.
And, Lori will be shortly around, just hang tight. |
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simon
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| Posted: Fri Dec 19, 2008 6:04 am Post subject: |
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Well, not all models of cars have all the options. Some of the options are standard, which you don't have to include separately while computing the value of the vehicle, but if you have any additional feature in the car, you are required to add the values of those for the final estimation.
The value that you may receive from the NADA site isn't the absolute. It requires adjustments in terms of mileage, lien, trade-in, local market and so forth.
IMO the adjuster you are dealing with is a new one in the business and therefore inexperience.
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skyband
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| Posted: Fri Dec 19, 2008 2:24 pm Post subject: |
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Good Morning Hal!
| Quote: | | My car is a 2000 Catera, and many options are not included in the standard package, such as Chrome Wheels, Heated Seats, OnStar, Personization and Memory Settings of Seats and Mirrors, etc. The options of my car that are listed in NADA are Bose Audio and Sunroof |
Some of the options you're concerned with ARE standard with your vehicle...there are no additional 'packages' like 'le, se,' etc..., they appeared to be sold as a 4dr sedan, or 4dr sedan 'sport', (which always cracks me up but that's whole 'nuther' story) It appears your's is likely a sport because a 'sport' has the options you are talking about standard, | Quote: | | an optional sport package finally arrives with 17-inch wheels, heated sport seats, a spoiler, rocker panel extensions, xenon HID headlights and brushed-aluminum interior trim. Electronic drive-by-wire throttle control and a revised torque converter improve oomph off the line. Revised suspension tuning better controls ride motions and body roll, while tightened steering improves road feel. Two new colors round out the changes |
The difference between the sport, and non-sport ACV's are minimal, so...I'd say in this case the carrier would be correct, in that these options are included with this package (your VIN would decode this as a sport most likely)...Shows me (NADA) additional options are bose stereo, navigation system, power sun roof, and a deduct if NO leather seats...
Unfortunately I don't have to tell you I'm sure you already know this, but this car tanked in consumer reviews and the value fell thru the floor as compared to other cadi's in the same year..(or any really) I think they only made it for a few years and gave it up...
What are they telling you the value is? I'll run it for you if you want, provide the mileage and these four options i've listed. also is there any 'unrepaired' prior damage?
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Lori
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| Posted: Fri Dec 19, 2008 2:57 pm Post subject: |
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Thanks a lot for all your comments.
My car does include some options besides standard package, but not the whole sport package: it hasn't a spoiler, but has a sport suspension mode. From the following webpage a list of options can be found.
http://www.cars.com/go/crp/research.jsp?section=features&crpPage=featu res.jsp&makeid=8&modelid=67&year=2000&myid=1060&acode=USB00CAC051A0&mo de=&aff=national&defaultSelection=true
The value i am told is 5813, no unrepaired damage. The base value plus the low miles adjuster. The mileage is only 75000. From NADA, the value including bose audio and sunroof should be 6387.
You are right that in NADA, only these options can be chose. But in edmunds or kbb, there are some others options. But NADA give the highest estimate, even without thos options. Using NADA for acv is good for me, except that limited options can be chose. In this case, should I just request the adjuster to add these two options and accept the settlement?
Happy Chrismas! |
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Halcyon
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| Posted: Fri Dec 19, 2008 3:15 pm Post subject: |
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Ok, so you had the 'luxury' package then? See here's the deal...just because something was and 'option' new and had a dollar value or increased value, does not mean that those options continue to add value as a vehicle ages...for example once a vehicle is about ten years old the only thing that adds value is maybe 4wheel drive, and certainly low miles...i think that's likely what you are running into .... your vehicle is nine years old... | Quote: | | In this case, should I just request the adjuster to add these two options and accept the settlement |
I DEFINATELY think this is what you should do...(IMO) NADA has over valued this car, (think you'd agree as well since you have done your research, taking personal feelings out of the equation)...so yes, I would have them add those two options, and get the draft in hand..  (quick)
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Lori
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