Do I think the insurer would sign such an agreement?

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PostPosted: Thu Dec 04, 2008 9:36 pm   Post subject:   

I'd recommend the action not be taken unless the poster actually could establish that the offer was being lowballed substantially as in the 28,000 vs 23,000 settlement in the earlier post. Do I think the insurer would sign such an agreement? Not likely, but it might reveal the insurer's intent.

If the intent of the insurer was to resolve the issue of accruing storage which might lower their profit from the resell of the salvage later, it might behoove them to come to the bargaining table in a fair manner if they had not before. If an impass came, it could be proven in court that the claimant attempted to mitigate the storage in a reasonable manner. There might be other reasons for preserving salvage as well. If there were bodily injuries, the attorney might want the salvage preserved so it could be inspected by an expert. What better way to elimate that issue than by reselling the salvage and destroying it or selling to a rebuilder.



I'd still rather deal with my own insurer in either event. I have a contract with them and there are no artificial deadlines imposed other than the state requiring settlements to be made in a timely manner.



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PostPosted: Fri Dec 05, 2008 2:24 am   Post subject:   

Quote:
Used accurately these programs may offer a realistic value for your loss, but most often they are undervaluing your loss due to the user of the program or information used that is inaccurate.
Couldn't agree with you more Mike..



Have to disagree here though...
Quote:
artificial deadlines
first and third party claimants all have a duty to mitigate their damages...I have never understood why people thought not allowing their vehicle to be moved would really make an adjuster increase an offer...when more times than not the opposite result is what happens...OP release the vehicle to a tow free lot...YOUR HOUSE...I've done this several times...if someone has 'this issue' then fine, how about I pay to tow it to your house...done, you have the car where you can guard it...it costs nothing to set there, you can have whomever you want come over to see it...then when this is finally settled we'll come get it and haul it to the auction...problem solved...



As to the rental see this is how statements are turned and twisted around the adjuster never said
Quote:
,The insurance adjuster is not budging off his numbers and only giving me 3 days to except thier offer
or even 'accept my offer or you're out of the rental' you're out of the rental in three days period whether you accept it or not...and the same thing would happen with your own carrier...the adjuster on either side can add a day or two IF THEY WANT TO..but it's the same, and in no way matters whether or not you accept or reject the offer.



For some unknown reason the general public is under the misconception that threatening to hire an attorney will make an adjuster qiver in their boots and open up the check book wider...not so...while we are 'supposed' to act as if it's our own check book in some ways, we certainly know different, I mean really it's not my money..and frankly in a lot of instances I'm thrilled to pieces if some insureds/claimants actually do get an attorney...makes my job a lot easier, because the attorney typcially KNOWS how claims work and what we need to settle them...also most attorneys will not even take a property damage claim such as this...or if they do it will be for a flat rate or by the billable hour...and no you can't recover those fees..so if you pay an attorney 2k to work on this, (that's only about 8 hours or so)...and you are 3k apart, well you got 1k more...



OP I'd be happy to run a value for you (with a different program that the one this company used) if you provide either the VIN or yr/make/model/series/I'll need all options and mileage, also is there any UNREPAIRED prior damage? also the state this occured in.



Something else to consider, as others have said, check with your own carrier, most carriers if they have a liability commitment (and they would in your case) will waive your deductible or the other carrier will front it.



Also just an fyi, either carrier will also owe you (in one form or another) the sales tax for the final ACV as well as title transfering etc.



Hopefully you will get this resolved soon, and we will gladly provide any help and information we can..



One more thing, (and for the record I hate these evaulation programs, however I must admit they follow the fluctuating market closer)...5k is a long way apart even for one of these programs..it couldn't be that your vehicle is a giant suv or some other gas hawg is it? I ask because as we all know the market for these vehicles fell through the floor when gas hit 3buck, and they went into the basement when it hit 4 bucks a gallon, now that it's back down no one trusts (yet) that it will stay down..(I predict after the holidays it will be back up by valentines day). This 'might' be the reason that nada or edmunds values are still up when actual market surveys (what that program is supposed to do) would be much much lower and follow the market much closer.


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PostPosted: Fri Dec 05, 2008 4:20 am   Post subject:   

Quote:
how about I pay to tow it to your house...done, you have the car where you can guard it...it costs nothing to set there, you can have whomever you want come over to see it...then when this is finally settled we'll come get it and haul it to the auction...problem solved...




Better check with your community ordinances. An inoperative vehicle can be considered a nuisance as it is in my city and you would be subject to a fine and court costs if you park it in your yard or drive. If you cant garage the damaged vehicle, you'd better consider other options. But then again the city fine may only be 25.00 for a fifteen day violation, as opposed to twenty five a day in the local storage facility. But then again, if you fail to move it after the violation the city will move it for you where it will be stored and you will be charged with the city storage and towing fees along with your fine.

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PostPosted: Fri Dec 05, 2008 10:19 am   Post subject:   

ok mike...'IF' it's not against a city ordin. or 'IF' you have a garage...sorry thought that went without saying.. Rolling Eyes



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PostPosted: Fri Dec 05, 2008 10:43 am   Post subject:   

.

.

.

Tcope,



A revisit to a comment you made earlier in this thread:



""Keep in mind that the insurance company can also deduct the salvage value of the vehicle and issue

payment to, in their view, settle the claim. They can also then send a letter to the state to inform them that the vehicle was a total loss (as they may be required to do).""




Thinking about the above a little further... it would seem that at first an insured would be intimidated by the thought of their insurer cutting off a good faith negotiation abruptly and slamming them out of a fair settlement leaving the insured out in the cold with an low ball check.. as in slam dunk insured looses.



But on second thought... such an action by the insurer could possibly hand the "Insured" a Slam Dunk Bad Faith case in a court of law.



Do you know of any Case Law where the above has occurred??





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PostPosted: Fri Dec 05, 2008 10:50 am   Post subject:   

I'm going to jump in on this question fred, and i'm sure todd will respond as well...first of all you 'can' do that, but it is a last resort only (IMO) in over twenty years I've done it maybe three times..and it was more that the owners would flat not return calls respond etc...if they say, 'that's too low' etc, but provide no proof of same, (which is always asked for) and then don't return calls etc...you can deduct the salvage amount and issue payment as owner retain, now they don't have to cash the draft...this usually causes one of two things to happen, either the owner will call back and want to discuss it further, which is what i wanted anyway...or they know their value had no merit or there was no proof to substantiate it or it was unreasonable and they cash it and go on...



I personally don't know of any case law, nor would i consider this bad faith, if done as a last resort, which it (i would think) would have to be...



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PostPosted: Fri Dec 05, 2008 3:37 pm   Post subject:   

Quote:
'IF' it's not against a city ordin. or 'IF' you have a garage...sorry thought that went without saying..




Now you're asking entirely too much. Presuming men have the ability to read the mind and understand the "what goes without saying" in the thoughts and exhortations of a woman, let alone one we are not bound to through marital bliss or license.


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PostPosted: Sat Dec 06, 2008 2:14 am   Post subject:   

Quote:
Now you're asking entirely too much. Presuming men have the ability to read the mind and understand the "what goes without saying" in the thoughts and exhortations of a woman, let alone one we are not bound to through marital bliss or license.
LaughingLaughingLaughing oh mike..you crack me up...wait i have to look up ''exhortations'' (jeopardy tune playing now) .......ok got it, yep you're still crackin' me up....(and you're correct...it is rarely a good idea to assume what a chick is thinking Wink )


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PostPosted: Wed Sep 05, 2012 12:55 pm   Post subject: Autosource Evaluation  

In reviewing the valuation provided by my insurer I was able to get an increased value because the valuation did not accurately represent the condition of our total loss vehicle, a 2002 Honda Civic EX with 29000 miles. I am unable to challenge their computation of the adjustment for low milage (no details provided, just a statement that it is based on vehicle year, category, and market area), but it appears to me to be low ($1400, at 1.5 cents per mile). Any suggestions? Thanks!


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PostPosted: Wed Sep 05, 2012 2:14 pm   Post subject:   

Quote:
I am unable to challenge their computation of the adjustment for low milage


They have to tell you what their methodology is, or on what source they base their determination.



What is your source of information? Check the NADA guides for your make, model, mileage and condition, and market area, and see what you come up with. Use that, if different, to challenge their assessment.


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PostPosted: Sun Nov 11, 2012 1:18 am   Post subject:   

Beware, the above post is a misrepresentation


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