by MoInsuranceGal » Tue Dec 09, 2008 04:49 pm
Purchased a car 1 month ago; total loss this weekend. First payment not due for another 11 days and car not yet registered to me as still have not received lienholder info, etc. from dealer (loan company doesn't even have title yet). Insurance company says I must register car in order to get settlement; but settlement goes straight to loan company. I am in Kansas; any options?
Posted: Fri Jun 04, 2010 10:17 am Post Subject:
That darn CALI, I tell ya' :wink: that's why I said check with their DMV..I've probably transferred, oh 20 plates or better from vehicle to vehicle...crazy...well the fact remains if your vehicle is a total loss, and there is like what 11 months left on this registration that you would 'lose' if your vehicle totals then somehow that will be included in loss settlment.
I don't know how CA handles their sales tax all states differ on this, (some pay it out right, some in the form of a sales tax affidavit), that would be included as well.
KBB is never used by an insurance company to determine value, (Actual Cash Value)...or atleast I've never seen in 23 years...check NADA.com, Edmunds.com, the carrier may use a computer outfit like CCC...Most states have an percent rule lowest I've seen is 70 most are 80% (if the cost of repair is 80% of the vehicles ACV it's an automatic total). It can also total if the cost of repair is greater than the ACV minus salvage value.
Four month repair huh? Even with replacing a full frame, that would never take that long anywhere else..A month maybe..maybe even six week...but again, that's likely moot. Your truck sounds like it's gone..
Let us know how this works out (to help others), and if we can help with anything else as well, or you have any other questions we can assist with.
PS..glad you weren't hurt bad...takes a HARD impact to replace an entire frame.
Posted: Fri Jun 04, 2010 06:34 pm Post Subject:
Collision shop guy said my insurance company is going to total it. We'll see how much they offer me.
I found a form where I can apply for a registration refund:
dmv.ca.gov/vr/vr_info.htm (its like the 8th question from the bottom)
I'm going to give this a try if my insurance company doesn't reimburse me for the registration fee. I think I might be lucky that the accident was on May 30th and registration expired May 31st.
The reason they quoted 3-4 months on the repair is because they say it takes 6-8 weeks to get the frame. The guy said its because of the automotive recession. The factories used to have frames ready to go but now they don't make them until they're ordered. Not sure if thats true or not but it doesn't matter now.
What settlement price (is that the right term?) should I be looking for from my insurance company? NADA clean trade is $21,600 (Didn't let me adjust for the longer bed option), Edmunds doesn't really let me add all the options (TRD Sport package, towing package), and KBB private party is $22,945. What is a fair settlement price and are there other fees or charges (taxes?) that I should make sure they are accounting for?
Posted: Fri Jun 04, 2010 06:49 pm Post Subject: insurance
Well (..in PA, anyway), when I bought another car (after the Jepp was 'totaled') I didn't transfer the registration, but, I DID transfer the plates. I'm not sure what the laws are in CA.
Posted: Fri Jun 04, 2010 09:40 pm Post Subject:
You would be entitled to the sales tax on the ACV however, your state handles this...also title fee, and this registration thing, unless CA will reimburse it.
As to the ACV, I'd see what they determine the ACV to be, if it's not close to what you've seen (also just google some trucks like yours for sale in your area to see if you can get a grasp on the local market). Be sure and ask them to send you a copy of how they determined the ACV and go over that with a fine tooth comb, checking the data to make sure it's accurate for your vehicle.
Posted: Wed Jun 30, 2010 09:49 pm Post Subject:
Update: my claim representative gave me a settlement offer last week but it was for the wrong vehicle. It didn't account for my vehicle being a TRD Sport package or having a long bed as opposed to a short bed. The offer was very fair. It was above the original MSRP for the vehicle. They are going to send me a check for that settlement offer and are re-evaluating the vehicle to see that it does have the additional options/packages that I mentioned. They will send me a check for the difference assuming the vehicle has a higher value (which is almost certain).
As far as the registration goes, the insurance company is reimbursing me for the unused portion of the registration from the time of the accident (1 day). Strangely, the DMV value that at about $140 which seems unfair but to my advantage. I have sent in for a refund on the registration for next year ($347).
At the end of the day, I think I will be very satisfied with my insurance claim. I may also get my $500 deductible back after my insurance company gets a settlement from the other driver.
Posted: Thu Jul 01, 2010 12:09 am Post Subject:
Wonderful Krash, thanks for updating us!
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