Posted: Mon Jun 02, 2008 9:19 pm Post subject: My buddy had his truck totaled a few years ago
My buddy had his truck totaled a few years ago. The ins offer for value was rediculous. He did some searching in the paper and found 3 or 4 similar trucks in his area being sold for much more. The ins company revised their offer to a much more reasonable amount that was right in the middle of what he found.
Is this normal practice or how doe sthat work? Does a person have the right to protest the value given? Otherwise it would seem the insurance company has incentive to undervalue everything in the system they use. Not an accusation, just an observation from a business perspective. _________________ Register Now to have your Insurance queries solved.
Does a person have the right to protest the value given?
ABSOLUTELY!
Companies differ on the systems they use to determine a vehicles ACV. There are computer generated systems like ccc and valuemate, that are supposed to find comps...Personally I've had to use these and didn't think much of them...Some carriers use NADA, which (IMO) is typcially pretty close to dead on..If there is a disputed value then the only true measure is to do a market survey, which is kind of what your friend did....(and the adjuster should have ), if there was a dispute...
You have to understand, (unfortunately) your friends vehicle isn't the only claim that adjuster was handling...They probably ''plugged in'' the information and maybe even made a mistake...(that's why it's ALWAYS important to actually look at the evaluation to make sure nothing was missed)....the adjuster thought they had the right amount, clearly they didn't and when your friend brought it to their attention it was re-evaluated.
Do some adjusters 'try' to pay less than is owed? I'd like to think not, it's not coming out of their own pocket...and not like you get a bonus for less payment or anything, so I don't see the motivation...More times than not probably just being lazy to be honest. And we have them (lazy employees) in ever occupation right? _________________ 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!
), if there was a dispute...
