Posted: Wed Sep 10, 2008 10:25 pm Post subject: Total Loss?
My vehicle was involved in a collision. High speed chase ending at the rear end of my 2006 Grand Caravan.
Well, adjuster came out and estimated damage to 7800. They told me ACV was 14000. Well, They didn't total the car. I disagree with what the car is worth. I believe it's actually worth a lot less than that. I'm not looking to cheat anybody out of money.
Should i attempt to prove that it was worth less pre accident?
I was hoping they would total it because I have no idea how I am going to sell it or trade it in anywhere now. This guy hit it at 60mph and pushed it over the curb into the neighbors yard.
Does this sound crazy?
I don't really want the car back. The shop told me, "Yeah the rear end was twisted but we can fix it." I think they are crazy. I keep thinking of an aluminum can. Crushing it and how it will never be the same again.
Well, you can express your desire of ‘totaling' the vehicle to the adjuster, and he may even consider the proposal if the cost of repair doesn't differ much from the ACV of the vehicle, but there is no other way to convince the insurance company to “total” the car when it is repairable.
The insurance companies adjudge a vehicle as ‘totaled' when its cost of repair exceeds 75% of its actual cash value. And as long as the cost is below the threshold the insurer may wish to pay for its repair only.
You want to declare the car as totaled when both the body shop and the insurer agree that the car is repairable!!
Quote:
I believe it's actually worth a lot less than that. I'm not looking to cheat anybody out of money.
I don't think that you are cheating anyone. The insurance adjuster is qualified to evaluate the claims and when (s)he has a reason to believe that the car is worth more then IMO there is no reason to dispute it.
Normally people disagree with the insurers when they undervalue their claims, but it's the first instance when someone is disagreeing because his claim is overvalued
Hi Uthoff, you can't pursue the insurer to declare the car as ‘totaled'. Rupert is right, the worth of the damages needs to cross a certain threshold before the car can be deemed totaled. And in this case, the repair cost is around 50% of the ACV of the vehicle, which is fairly within the limit.
I'd like to hear the opinions of the other adjusters of this board on this issue.
I disagree with what the car is worth. I believe it's actually worth a lot less than that
WOW! That's a new one! usually the other way around!
Quote:
Should i attempt to prove that it was worth less pre accident?
NO!
Quote:
I don't really want the car back. The shop told me, "Yeah the rear end was twisted but we can fix it." I think they are crazy. I keep thinking of an aluminum can. Crushing it and how it will never be the same again.
That's not true, and their not crazy they know what can be repaired and what cannot...
Why don't you just take the repair amount, and sell the vehicle as is? You ought to be able to get 2-3k for it atleast...ask the shop if they want to buy it.... Do you have a loan on it? If so will this amount cover it? You have the option whether or not you repair your vehicle....you do not however have the option to decide if a vehicle is totaled or not, and sounds like it's a long way from a total loss... _________________ 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!
About the undervalue of the claim: We did the stupid thing of waiting until after we bought it to pull the carfax on it. It has a sketchy title history. So we've been trying to sell it. But we're afraid now we won't ever be able to get rid of it. Stupid tax as some call call it I guess. It was totally an impulse buy.
I've been struggling with how they decide this. We've had the car up for sale. And we've dropped the price 3 times because we're getting no calls about it.
About the shop and adjuster: The adjuster said he had no idea yet because he had to wait until it was up on a rack. The car was not sitting straight because it had all flat tires and the rear axle was sitting underneath the rear seat instead of the wheel well.
And when I noticed the car had been moved I went to the shop to see what they were doing. He said,"It's in that garage over there." He never showed me the car after I asked. He acted like he didn't hear me. I really got the feeling from him that he didn't want to show it to me. The way he handled it was very shady. His attitude has got me scared that they may just be looking for a quick payday. He has yet to call the ins. co. even after he told me that he's already found other stuff accident related. He just kept saying don't worry we'll take care of it.
So, I called the company and related this to them. They seemed very concerned. So, I called the shop per the company and stopped work now that it was on the rack. Their going to send the adjuster back out. Now that it's on rack.
I hadn't really thought about the option of keeping the money and selling the salvage.
My friend, its not always what you want or what not!
If the adjuster is confident that they can fix it...& in case they consider the repair charges to be no where near the ACV then there's not much that you can do actually. Yes, it will never be the same again...but then again you need to understand the conditions for declaring a vehicle to be 'totaled'.
Quote:
Does this sound crazy?
No, this doesn't sound crazy till the point of time accidents of varying force & magnitude would keep on occurring in this wonderful world. If someone could drive faster to break through the walls of a rural country school killing children...then this one seems a lot easier in comparison!
Regards, ArindamSenIndies
Should i attempt to prove that it was worth less pre accident?
Now, how would you go about it?
I'd rather say that this is something that sounds crazy to me that the kind of accident. You can't just hope to get it totaled simply because you don't know what to do with it anymore.
See, this is a time when a growing awareness of the fraud-busting measures is getting prominence all over the insurance industry. This could be a real good reason why you need to think twice before you ought to fake things out of nowhere. All the best! Evan
Are you saying it has a prior salvage title? If so that greatly drops the value of the vehicle...if it totals they will figure that out...do you owe anything on it? If so will 8k or better cover it or do you have GAP ins? _________________ 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!
We're covered on the total. We just really don't want it back. I guess if they fix it there will be a great deal on a Grand Caravan here in town
Yeah, I'm pretty sure it should have a salvage title on it. It's been in and out of Texas at least 3 times. But I would have a hard time proving that one.
Caveat Emptor. I should have been more thorough when we bought it. Lesson learned.
You'll be much smarter the next one you buy _________________ 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!
Well, they decided to total the car. Apparently, the adjuster missed something. I talked with the claim rep and he pulled up the numbers on the vehicle.
My concern now is with the GAP. Are these people a hassle to deal with. I've heard they can be difficult.
I believe they are going to try to say the the ACV should be higher. This is expected. They're a business and will surely look to pay as little as they have to. Will this effect my relationship with current insurance?
Will my insurance company hold strong to their offer? Frankly I don't want Joe Bob getting my car policy canceled because he doesn't want to pay out like he promised.
Also, reading the contract from them, the language says, "The portion of the deficiency that results from an original purchase that exceeds 125% of . . . NADA or equivalent for used vehicles is not covered." Will they attempt to exploit this in some way. We bought the car in 11/07 for 19993 (Total). I believe the value of the car was about 19000 when we bought it. It seems to me that this policy should have never been sold if it would have been invalid from the get go but I think maybe they just want to take the money and don't care if the sale meets their criteria or not.
I have a feeling that they are going to offer us about 12000 for payment of the car. Which about 1000 less than book value on a mint Van. Van wasn't mint so I believe this to be fair considering what I discovered after the accident. Are they going to demand and make me go back to the insurance company for more money. I believe ins. Co. will just tell them where to go. I'm not too worried about their stance.
Biggest worry, is GAP going to try to stiff me because of all this stuff.
Thanks in advance. Sorry for being so long winded.
I believe they are going to try to say the the ACV should be higher. This is expected. They're a business and will surely look to pay as little as they have to.
They may ask the adjuster 'why is the acv so low or it should be this' (that's what I've heard from a few) then the adjuster explains it...these people seem to always have the wrong car figured or something...any rate that is between your auto adjuster and the gap adjuster or whatever they call them...you shouldn't have to worry about that.
Quote:
Will this effect my relationship with current insurance?
I'm not sure I understand what you mean by that? If you mean in keeping a policy on your next vehicle or what? What relationship are you concerned about?
Quote:
Will my insurance company hold strong to their offer? Frankly I don't want Joe Bob getting my car policy canceled because he doesn't want to pay out like he promised.
Ok now I think I get it...yes most likely your adjuster won't change their mind about the ACV for the GAP company, nor will any arguement they may have regarding acv affect you or your policy.
No what they are say is they will cover you if you paid 125% of the value for the vehicle (25% too much) but anything over that, say you paid 135% too much you are responsible for that 10%...doesn't say they won't pay at all just not over the 125%...
Quote:
We bought the car in 11/07 for 19993 (Total). I believe the value of the car was about 19000 when we bought it
That isn't 125% of the value...so that shouldn't be an issue, however what do you mean by (total) did you roll something else except the cost of the vehicle into the loan, like a warranty etc? if so cancel that warranty you'll get some pro-rata amount back...if you have your sales tax or the balance of another loan or something like they they won't have to pay that I don't think...also if your ACV was reduced due to some unrepaired prior damage, I've seen some gap company's take this out as well..
Quote:
but I think maybe they just want to take the money and don't care if the sale meets their criteria or not.
You're jumping the gun here... Let's not look for problems...
Quote:
Are they going to demand and make me go back to the insurance company for more money. I believe ins. Co. will just tell them where to go. I'm not too worried about their stance.
No if they give you any crap at all about the value, give them your adjusters phone number and let them hash it out....they owe everything above the acv to clear the loan, (minus your deductible and if any 'other' things were in the loan)...if they continue in that vein...(or even start it cause we don't know that yet)...then let us know and we will give you some bullets...shouldn't be near the trouble you are anticipating...
Quote:
Biggest worry, is GAP going to try to stiff me because of all this stuff
All what stuff? the ACV being less that the payoff? That's what gap is for! _________________ 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!
Lori, first you have been a tremendous help and have helped me sleep better. Thank You.
Yes I was concerned with them dropping me.
You have assured me of the things I was worried about. The internet and uninformed friends can be the greatest cause of worry at 10 at night when you can't talk to anybody and all you have is Google.
Thank you. I think I read that you were an adjuster somewhere. I just wish it was here.
Thank you. I think I read that you were an adjuster somewhere. I just wish it was here.
You're welcome, and that's sweet, yes I'm an adjuster....glad I could help...let us know what happens and if any other questions pop up we'll be here...sleep soundly... _________________ 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!
