Posted: Wed Sep 10, 2008 8:31 pm Post subject: Preparing to get lowballed. HELP!!
Hello,
I was in an automobile accident about a week ago. Responsibility fell on the other driver and so his insurance company is taking care of things.
I'm waiting on an estimate currently but the insurance lady said that it would likely be totaled based on what the mechanic doing the estimate said. So now I will apparently be reimbursed the blue book value of my car as it was before the accident. Here's my concern:
It's a 1992 subaru wagon with 240,000 miles on it. Blue book is roughly 1,200 but that's not taking into consideration the little rust spots and other little things. I am prepared to hear a very low number because my faith in insurance companies has never been very solid. The bottom line, however, is that my car worked fine before hand and now it does not. I will not be able to buy a safe car for what they're giving me. I'm worried that his insurance company is going to take away my only means of getting back and forth and leave me with a check for a few hundred bucks. I'm not trying to take advantage and make a million dollars or anything but I need to be able to get back and forth in life and can't go out and find a car just like the one I had for the amount they're going to give me. If this was my fault I could at least understand that I made my own bed and now I've got to lay in it, but instead it seems I'm at fault for not driving around a more expensive car.
Is my only option to take what they offer and be happy and walk home? _________________ Register Now to have your Insurance queries solved.
First, I agree with you 100%, you had a good working vehicle and it will be very difficult, if not impossible, to find such a vehicle for what you will be paid.
But I can also see the value of your vehicle being around $1200 and that this is all that is owed by the carrier (whatever the market value is).
Yes, that sucks. I agree completely with that. The only way I know of to put it into perspective is that we all pay a price in living so close to other people (accidents will happen). But we benefit from it as well (think of what you would not have if you lived 1000 miles from the nearest person). To that I can only add that you might want to look at it this way... you take the market value money, sales tax, etc. and put it down on a little better vehicle, perhaps one with 100,000 miles less then yours. Your payments are very small but you have a much _better_ vehicle. After all, at some point you were going to need to buy another vehicle anyway, right? But if you waited chances are good that your vehicle would have failed all together.
Sorry Keith, I hate it when I have to total these old cars too...have you checked to see what it would cost to get it running and safe again? You can keep it (ACV minus salvage value)...talk to the shop and see if that is an option...
No you don't have to accept their offer, and if you can prove that your vehicle was worth more (contact local dealers etc)...then give them that information...also no company I know of uses the blue book...likely be NADA if you want to give me all the specifics, re: model etc...I'll check the value for you. _________________ 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!
keith, you can't be forced to accept the claim check. If you are certain that your claim has been lowballed, you can exercise your rights against it.
Quote:
Is my only option to take what they offer and be happy and walk home?
No, if you seriously want to retain the car, you are required to inform the insurer about it. The insurer then might write you a check deducting the salvage cost and the deductibles, which IMO will further lower the check amount.
I think you need to wait for the adjuster to look into the matter and then decide accordingly.
can you just not accept the offer and submit a request for a higher one?
you situation sucks. hopefully you will get a decent settlement to get a reliable car like ur old one
good luck
YOU SHOULD HAVE HEARD BY NOW, ANY NEWS AS TO THE VALUE, I KNOW THAT THE COMPANY I WORK FOR WOULD NOT TAKE OUT SALVAGE ON AN OWNER RETAIN TOTAL LOSS IF THE VALUE IS BELOW 1500.00. PLEASE KEEP IT, WE WILL NOT BE ABLE TO GET RID OF IT. MOST COMPANIES WILL USE ACV ACTUAL CASH VALUE NOT BLUE BOOK ALTHOUGH BLUEBOOK.COM AND PRIVATE PARTY PRICE WILL OFTEN SERVE AS A BALLPARK FIGURE. ACV CAN BE DETERMINED BY CONDITION OF VEHICLE TO AGE, MILEAGE TO AGE, MAJOR REFURBISHMENTS RECENTLY AND FINALLY IF THERE ARE ANY AVAILABLE CURRENTLY OR SOLD IN PAST 3 MONTHS AS REPORTED TO DMV.
Yeah...I've never heard of no owner retain cost...the company I work for if the acv is 2500 or less it is an automatic 150 owner retain...which is a great deal for the owner...otherwise a salvage bid is obtained from IAA.. _________________ 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!
