by Guest » Wed Nov 28, 2007 06:15 am
our vehicle was a total loss and insurance co has offered a low acv for settlement. what recourse do we have to get a higher value for settlement? I have run kbb, nada and called area large dealers all of which suggest that their acv is too low.
Posted: Wed Nov 28, 2007 10:51 am Post Subject:
Good morning brokentraveler and welcome!
You've done what you need to do..gathering hard data that shows a difference in the ACV.
Let me ask you a couple of questions to see if we can help you further.
How much of a difference are we talking here? Year, make, model, mileage, options, and conditon, is there ANY PRIOR UNREPAIRED DAMAGE (not obviously from this accident)...? How did the insurance company arrive at their ACV (nada, ccc etc)? Did you throughly check the evaluation they ran to make sure they didn't forget an option, mileage correct etc? If an automated system make sure your zip code is correct as well...If a regional report (like nada) make sure again correct area was chosen... What state are you in?
When you call used car dealers ask them this question (rather than do they think the acv is too low)...''If you had this exact vehicle on your lot (give them mileage etc) what would you TAKE for it?" That is the question the adjuster will ask if they do a 'market survey'. Make sure you have names phone numbers etc of the people you contact.
If you'd like to provide answers to the questions, we'll see if we can be of additional help...
If all else fails most policys have an 'appraisal' claus that can be invoked.
I've seen this used maybe 10 times in 21 years... and more than half of the insured's were well, less than happy with the outcome, so be sure you do your homework before invoking this claus..
Let us know...
Posted: Wed Nov 28, 2007 11:39 am Post Subject:
Hello broken traveler, you have done a wonderful job by collecting all the data which may help you in establishing that the offered amount is low. I hope you have received them in writing and have kept them properly.
When the insurance companies adjudge a car as ‘totaled' they normally run a survey in the vicinity to obtain quotes from the local dealers before they actually make the offer to you. Lori is right. You need to ask the dealers what they would pay for the vehicle.
Frankly speaking, when you dispute with the amount offered by the vehicle insurance company you need to prove it before them. Hope, Lori will be able to offer you some more help once you answer her queries.
Posted: Wed Nov 28, 2007 12:04 pm Post Subject:
Yes at the final step you can invoke the ‘appraisal clause' of your policy or what is called ‘arbitration'. Any of the two disputing parties, you or the insurer, can invoke the clause. In this process a third party appraiser is hired and he then comes up with a settlement value which both the parties need to agree upon. The settlement through this process may take 2 to 6 weeks and within this period you can't receive any settlement. But as Lori has already mention it may or may not work in you favor.
Please keep us update….
Posted: Fri Nov 30, 2007 02:46 am Post Subject: Same problem here
My vehicle was just declared a total loss by my insurance company.
It is a 2000 Chevy Blazer LT. It was fully loaded (4x4, leather seats with memory, heated seats, Bose audio system, overhead storage console with compass\outdoor temp display, universal garage door opener). I was the original owner and paid $32000 (before tax) and I just hit 100,000 miles last month. The car was never involved in an accident previously and there were no scratches or dents anywhere. The interior and exterior were Near Mint.
Anyway, I was offered $6500 ($7000 less my deductible). I was given 35 different Blazers in my area that were selling for amounts as low as $5000 and up to $8000. However, 32 of those 35 were the cheaper, LS model. All of the LS models have cloth seats and no Bose audio. My LT model cost $6000 more than the LS when I purchased it. The three LT models they supplied me had cloth seats and no Bose system either. These were only available as options on the LT model.
When I looked locally, I cannot get a Blazer that is actually like mine for less than $9100. They are comparing apples to oranges. I told them to keep their check because I dont want it. I want a similar truck. Also, my 100,000 miles were gentle, well maintained miles. I went to the chevy dealer every 3000 miles for servicing. If I bought someone else's 100,000 mile truck, who knows how they maintained it?
Anyway, faxed over the window sticker of my car and two ads for similar Blazers and demanded $9000 or I will be forced to hire an independent adjuster. We'll see what happens. I am a licensed insurance broker in my state and I actually used to work for my insurance carrier as a subrogation examiner. I've never been on this side of the claim before.
Tony
Posted: Fri Nov 30, 2007 11:15 am Post Subject:
Trusso, are you the original poster? Or are these two separate questions in this thread? I don't care, just want to know if we are 'talking' about two different claims.....
Sounds like this company is probably using ccc, I'm not a fan, and there are flaws in the program, but many companies use it and feel it is a more acurate value...but it's only as good as the data entered by the people in the field collecting it, (there was more than 10 years i was forced to use it and found claims harder to settle-especially if I'd call on the vehicles more times than not the info was inacruate, but perhaps they have changed that in this length of time...I haven't used it since about 01 or 02)....So you are about 2k apart in your respective ACV's.
My LT model cost $6000 more than the LS when I purchased it
Of course it's much less now, my system adds $550.00 for this package. I ran your vehicle in the system we use (NADA)...I included all the options AND power sunroof, if there is no sun roof then would be 275.00 less...mine comes up with $7600.00....However these numbers aren't set in stone.Have you a response from the data you supplied the adjuster with? Based on my number of 7600.00, (were I handling the claim), if your suv is in excellent condition for the year/mileage I might be able to add another 500-750.00 or so coming up to about 8350.00.
These other two like kind vehicles you have found locally
When I looked locally, I cannot get a Blazer that is actually like mine for less than $9100
Are they at a dealership or indendent? What the adjuster will/should ask these two is, ''What will you take CASH for this vehicle?" That is what he/she should negotiate your ACV to that number....More than likely will be in the 8500.00 or so range, which is about where I figured....You might want to ask these owners the question as well..and provide that info to the adjuster.....You are correct...
They are comparing apples to oranges
. And hopefully they will see this with all the work you have put forth...I doubt you will need to hire an independent (whole 'nuther topic there that is pretty hot around here)....I doubt they could do any more research than you have, you've already done all the hard work....Please keep us updated....
oh, fyi......
I actually used to work for my insurance carrier as a subrogation examiner
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