Posted: Tue Jul 29, 2008 4:07 am Post subject: Figuring Value
I have been going through the messages here and am trying to figure ACV for my truck. I checked Kelley, NADA, and Edmunds. I also searched the used lots for 100 miles as well as the news paper. I come up with about $26,000 but when the adjuster called today he said it was only worth $20,000. I went through how i arrived at the number and he said that is a national average and does not apply. They also deducted 1K for the exterior condition and 1K for the interior. The only cosmetic any thing on the exterior was from this accident and the only thing in the interior was a coke stain caused by this accident. I understand the adjusters job is to get his company out of this mess for as low as he can but how do you reason with them and at what piont do you just call in the attorney? I was sitting at a red light when their customers car ran into me, I say car because the customer loaned the car to a "friend" who had a suspended license and was arested at the scene. She hit me so hard it moved me 20+ feet and caused damage to 3 other cars. I was the first to file a claim but he said since there are others involved that I cant claim all of the 25k she had any way. I always thought it was first come first serve.
Thanks for any advice you can provide.
It is a 2005 chevrolet Avalanche with:
Location Dallas Tx
36,000 miles
custom Leather package: leather upholstery, heated front bucket seats with ten-way power adjustment
dual-zone automatic climate control
six-disc CD changer
Bose premium sound system with headphone jacks and rear-seat controls
steering-wheel-mounted audio controls
ower adjustable pedals
HomeLink transmitter
OnStar
power-folding mirrors w/turn signals, driver-side automatic day/night and passenger-side tilt-down back-up-aid mirrors
compass and outside temperature indicator on the inside rear-view mirror
heavy-duty trailering equipment
rear entertainment dvd system with wireless headsets
rear-window defogger
power windows, power locks, power mirrors
cruise control, remote keyless entry with two transmitters, tilt steering column with leather-wrapped steering wheel
intermittent windshield wipers
Sun roof
Luggage rack
Dual front airbags, antilock 4-wheel disc brakes
Theft-deterrent system
Limited-slip differential
Wheel Flare and Molding Pkg
I went through how i arrived at the number and he said that is a national average and does not apply.
I think he is right in saying so......the totaled car evaluation is done depending upon the demand for that particular vehicle in the local market. Also, the insurance companies have their internal evaluation system which they apply in deciding the car's value.
However, you can demand the assessment sheet from the insurer to check whether it has included all the factors properly or not.
And, just hang around, you're surely going to hear from the seasoned adjusters of this forums.
Rick, you always has the option to negotiate the value with the insurance company. Jeremy has identified it quite correctly; most of the insurers use their own method and database to determine the value of a totaled car.
After deciding to total the car, the insurer will deduct certain amount for the wear-n-tear and also for the previous un-repaired damages (if any) from the value of the car, however, at the same time, should add the sales taxes applicable to the vehicle. But, if you're certain that the insurance company is lowballing the claim, you're required to contest it with all the supporting documents. _________________ Register Now to have your Insurance queries solved.
After deciding to total the car, the insurer will deduct certain amount for the wear-n-tear and prior un-repaired damages (if any) from the value of the car
Don't forget that they will also subtract the amount payable as deductible by you.
Have you tried getting quotes from the local car vendors for your car? what value are they proposing? This might can help you in understanding the difference.
Also in Edmund, you will get three different values each for the "wholesale auction", "loan value" and "retail price", which price have you taken? _________________ Register Now to have your Insurance queries solved.
Good morning Rick and welcome to the community...I'm going to look up a value for you here in a minute, but want to straighten a couple things out for you first...and hopefully save you some time...
First it is never first come first serve...ever.....a person that carries small limits (such as the one that unfortunately hit you)...each party will get their prorata share....so if your vehicle is even worth 20k and their are three other vehicles no way you are going to get even near that...You need to file this with your carrier and get this total handled thru them...They will pay you the ACV (actual cash value) of your vehicle minus your collision deductible...It sucks but they will atleast get a portion of your deductible back, and may reimburse it 100%..you are spinning your wheels with this other company they CANNOT pay you the value of your vehicle with these limits...go to your own company immediately..
Ok...what I come up with based on your info I came up with 23,375.00 now, you didn't say four wheel drive so I ran it as a half ton 2 wheel drive...if that is incorrect let me know...also the following options you didn't mention....if so add the following...bedliner-150-fixed running boards-150-LT package-1375-power sunfoof-600-roll bar-225-snow plow pkg-1000-theft RECOVERY-125-Z71 offf-road pkg-500-
Now as to the deductions for prior damage, they HAVE to tell you EXACTLY what those damages are and how they assessed them...coke spilled in the accident is not prior damage....nor is the damage from the loss..are you sure there is no prior damage? Hail, torn seats? dents dings?
As I said this company cannot pay you, and even if they could they have to wait on ALL the other cars information and amounts before they can....
Please don't hestiate to ask any other questions we'd be happy to help, in the mean while, contact your own company and get a collision claim started... _________________ 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!
are you sure there is no prior damage? Hail, torn seats? dents dings?
Thanks Lori, at least you are a bit closer. I am 100% positive there is no prior damage of any kind inside or out. I even quit smoking when I bought this truck so I didnt screw up the resale value.
I even quit smoking when I bought this truck so I didnt screw up the resale value.
That's great Rick...wish I had that will power! Did you turn the claim in to your company? _________________ 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!
Thanks Lori. I did file it yesterday with USAA and they are towing it to a salvage yard today so their guy can look at it. Now starts the search for a replacement which in it's self is a different kind of pain. I hate dealing with car salesmen. Is it reasonable to include the time lost to my family as pain and suffering? If you ever had to drag 3 kids to the car lot and sit for 5 hrs working the "deal" you would say yes.
No you can't get pain and suffering for that...although I agree I'd rather get a tooth pulled than do that! Been there many times....not fun....were you (or any passengers) injured at all? If so then of course you are entitled to your medical expenses, loss of wages and a pain and suffering settlement. _________________ 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!
So USAA towed my truck to a salvage yard so an appraiser could look at it. The other drivers ins already said it was totaled but I needed to file on my policy cause there wasnt enough to cover it. I called my adjuster today to see if the appraiser looked at it yet. She said yes and there is only 5K worth of dammage. I said did he look at the right truck ? The front end and entire rear end is destroyed and the frame is bent. She said here is his # you call him. I get ahold of him and ask about the frame he says oh yea Chevy has a special "kit" for the Avalanche that they put on the frame because this happens all the time. I said it is bent 3 inches there isnt a kit I can find that will fix that. Oh yes he said, they CUT the bad section off and weld in a new section . I asked if they reinforce the welds to be the same as a new frame he said not that he knew of. I asked if the towing load limit will be the same and he said no it will be less. Isnt that diminished value ? I was told that because it is now under my policy i cant claim diminished value .
So now I have to get it towed back to the body shop so they can determin for the second time if it is totaled or not.
I asked if the towing load limit will be the same and he said no it will be less. Isnt that diminished value ?
If that's true, I think THIS is the first time I would agree yes, that is diminished value...(you hear that Mike?)..Many states don't allow ''first'' party diminished value, it's excluded in the policy..Not all states but many....Also I'm very familar with the kit, however you have to be careful with the shop you chose...GM does allow this and sell it...what about the rest of the damage though? What was the other company's repair estimate? You shouldn't be paying for any of this of course...Has this adjuster seen the other repair estimate? _________________ 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!
...Has this adjuster seen the other repair estimate?
Not that i know of. I swear I have Paris Hilton as my adjuster. I even asked that. She wants to tow it to the SAME BODY SHOP that totaled it the first time. I called the shop and they said to leave it where it is and have her call them. we are going on 3 weeks now and still no decision.
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If that's true, I think THIS is the first time I would agree
The body shop said because the welds are not as strong as a solid frame the towing working load is greatly reduced. There is a plate kit like a patch that goes over the welds but the load limit is still not the same, it is close but not equal. glue 2 chopsticks together and try to pull them apart it takes far less effort to do than pulling a whole chopstick, or support then off the table and push down on them, the solid one will bend farther than the glued one before it will snap. I would agree 85% of people will never hook a trailer up to their truck but I do all the time. Just the angle at the boat ramp will put strain on the welds.
The body shop, which is approved by USAA, said they will not put the kit on mine because the bend is too great. They will only replace the entire frame.
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what about the rest of the damage though?
There is the rub. It needs to be 15K or more to total it. with the front end and rear end we are at 11K so i dont see why it is even an issue. Unless it is only 3K to install the kit. And that is all before they tear it down. He didnt have the radiator listed as he said it is fine. I said I was pretty sure it isnt suposed to be bent like a V and the front bumper was not attached to it(the radiator) when I bought it.
On another topic. When do you sleep Lori. I see replies from midnight to 4 am from you.
I swear I have Paris Hilton as my adjuster. I even asked that.
Oh my gosh Rick you bout made me spit my coffee on my keyboard, that is hysterical! sounds to me like after a full tear down then it will total...is that 11k figure with replacing the entire frame? and entire (new) frame replacement for this truck will run about 4500 or so....not sure about the 'kit" but if one of their preferred or DRP shops say that this vehicle doesn't qualify for this then I'm pretty sure they won't write it..sucks you have to wait...AGAIN...
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On another topic. When do you sleep Lori. I see replies from midnight to 4 am from you.
Well I get a few hours hear and there...work all day, take care of grandson at night (while his mama works)...sleep some and start again... _________________ 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!
Although I had fun with Mike on the Toyota thread, I shall vent my frustrations here. They still dont have an answer on my truck. It looks like they want to go ahead with a frame replacement which I just dont want to do. I know tcope will have something to say about it but the facts remain that it is worth less once " frame " is mentioned in any sale situation. So even if I get it fixed and trade it in the vaule is still lower. Now if we were talking 3 or 4 hundred i could live with that but we are talking 3 to 5 thousand.
So this is the part of the industries, both repair shop and insurance company I just dont understand. The first time it was at this shop under liberty mutual it was totaled. According to the shop manager, nothing could be done to fix it and they recomended it be a total loss and the adjuster agreed. Towed to the salvage yard, had to file with USAA for U I coverage and towed back to the same shop so another estimate on the proper USAA form could be done. FYI--This shop is preferred and recommended by USAA. NOW it is repairable and happens to come out to just under the trigger point of 65% (15k) of the value to total it.
6K for the frame 4k for the front end 4k for the rear end(14k).
It sure appears from my point of view that the shop that gets many of its customers from USAA doesnt want to bite the hand that feeds it. They are not a Liberty Mutual shop so what do they care how much it costs liberty mutual.
We are now almost 4 weeks into this and still no resolution in site. What are my options now ? Do I tow it to a different shop for a seperate estimate? Do I go to Liberty and demand Diminished Value? Do I hire a lawer at 33%? Do I tow it to my house take the repair check and sell it as salvage myself? Do I launch molotov cocktails over the fence in hopes of setting it on fire?
To some extent, I can see where Mike gets his jaded view.
I will wait here for the lightening to strike.
Oh yea, my adjusters voice mail message STILL says she will be back in the office yesterday.
Is it reasonable to include the time lost to my family as pain and suffering? If you ever had to drag 3 kids to the car lot and sit for 5 hrs working the "deal" you would say yes.
It feels real bad...but sometimes its about how we accept the harsh realities of life..
But one thing I'd really love to know is whether this adjuster would bear any impact upon his mind when he goes through the other repair estimate!
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I called the shop and they said to leave it where it is and have her call them.
Certainly a good way of avoiding things! Just that she keeps on calling them for good.
Regards..Fatman
Been there many times....not fun....were you (or any passengers) injured at all? If so then of course you are entitled to your medical expenses, loss of wages and a pain and suffering settlement.
