Totaled! Less than 4 months old and <4K miles

by nailbiter » Tue Mar 11, 2008 09:58 pm

The set-up:

Minnesota
2007 Toyota Tundra
purchased NEW 10/07
<4K miles

The accident:
At work I park in a 2 level parking garage run by a valet service. The valet parks my truck in the basement level. There is a steep 40' ramp that connects the two levels. On the day of the accident, the valet drove my truck up the ramp, stopped at the top of the ramp, threw it in park (he thought), jumped out, and the truck immediately started backing up towards the ramp!!! The truck was in REVERSE! The truck raced down the full length of the ramp, all the way to the bottom where it wrapped the rear end around a 3' wide concrete pillar.
The Parking Garage is taking FULL responsibility, and has turned it over to their insurance company.

Estimate:
Toyota Collision shop estimated repairs at $20,200 (replacing entire frame), and he says it came up as a total loss warning on his system. Now the Parking Garage Insurance adjuster wants to take a look for himself. I have a friend who works for Progressive who gave me a value of $30,900 using their system. 70% = $21,630

My questions:
1) I WANT this totaled. If the insurance adjuster decides not to total it, is there anything I can do?
2) If it is totaled, am I legally entitled to a settlement which puts me back in a BRAND NEW truck, since a similiar model with equal mileage isn't available in my area?
3) If it is totaled, am I legally entitled to a settlement which reimburses me for the aftermarket items (topper and bedliner) which I have reciepts for?
4) If it is totaled, am I legally entitled to a settlement which reimburses me for the difference between the old truck payoff, and the new truck financed (assuming its an equal truck)? Meaning, regardless of current financing rates, my payments would be the same and for the same number of remaining months.

Thanks for any advice!
NB

Total Comments: 68

Posted: Tue Mar 11, 2008 11:48 pm Post Subject:

It might be because it's 5:30pm and I've had a really long day but here is my 2 cents...

I'd really just convey to the adjuster that you'd _rather_ have your vehicle be a total loss... if at all possible! It's actually going to be _MUCH_ (MUCH) easier for the adjuster just to total it out. $20k in repairs is probably going to include 1 1/2 months of rental. That is going to add another $1500 onto the claim. There will probably also be supplemental damages. As an adjuster, I'd much rather just total it out and be done with it. When it's all said and done, it might cost a little more for the carrier to total it but it's going to be 1/2 the work involved.

I could post until I'm blue in the face but I don't really see the need to be honest. I'd just explain the large rental expense, the probable supplements and all the extra time it would take just to handle the claim when really, the vehicle should be a total loss. I really think the adjuster will simply go along with it. I think most carriers would not have a problem with this, knowing that you want it totaled, as it eliminates _all_ the potential problems.

If it's a total loss, the carrier will pay it's Actual Cash Value/Market Value. This is _not_ what a brand new truck would cost... your vehicle was used (it became used once it was titled). It does not matter if the same vehicle was available, the carrier only owes what one _would_ cost if it were.

Yes, they need to compensate you for any AM parts added. But, you need to make sure they know about these items as they are easily overlooked.

The insurance company does not consider what you own on the vehicle. That is between you and the finance company. They will come up with the amount owed and then make a payment, up to that amount, to the lien holder. Any remaining amount will be paid to you once they have the title.

P.S. You get to have your car valet parked at work every day? Sweet! (Well, not in this case)

Posted: Wed Mar 12, 2008 12:19 am Post Subject:

Wow, how bizarre huh, I bet the guy feels really bad, especially if you are a regular customer. I am sorry this happen to you and that you are going through all this, hope it all works out for you.

I think tscope has done an excellent job answering your questions, please keep us updated as your case progress's.

Posted: Wed Mar 12, 2008 09:46 am Post Subject:

Hey nailbiter, I hope you have got answers to all your queries form tcope's post. I agree to you erb, tcope is doing an excellent job with the forums.

2) If it is totaled, am I legally entitled to a settlement which puts me back in a BRAND NEW truck, since a similiar model with equal mileage isn't available in my area?



I doubt this will happen. The insurer is only responsible to pay the amount that will put you in the same financial condition prior the accident. You can't receive more than what you owe, right!!

Posted: Wed Mar 12, 2008 11:50 am Post Subject:

(since I cant figure out how to quote on this board....)
Quote:
"I doubt this will happen. The insurer is only responsible to pay the amount that will put you in the same financial condition prior the accident. You can't receive more than what you owe, right!!" - Jeremy Holter

"The same finanacial condition"
Wouldnt it make sense then that if its the valets fault 100%, that this should not cost me a dime? I could understand if I got in an accident, and I was dealing with my insurance company that I may stand to lose something.

Posted: Wed Mar 12, 2008 11:56 am Post Subject:

) I WANT this totaled. If the insurance adjuster decides not to total it, is there anything I can do?

As tcope mentioned, tell the adjuster, but please be nice, people that 'demand' rather than talk with me like a human, tend to get my back up...(ok, well see folks adjusters are human)... :lol: seriously tcope was dead on I'd total this puppy in a new york minute...wouldn't want to (frankly) deal with you for the rest of my life, because you are NEVER going to be happy with these repairs..(and I don't blame you a bit! I wouldn't either!)....Another option would be to use your collision coverage, you company may be more accepting of your wishes they would then go to the other carrier for repayment...you may be out your deductible, but since liablity has been accepted most carriers will 'front' that...

2) If it is totaled, am I legally entitled to a settlement which puts me back in a BRAND NEW truck, since a similiar model with equal mileage isn't available in my area?

No absolutely not..you are entitled to what that/your vehicle could be purchased for...I was going to run a value for you to give you another 'take' but not enough information re: your vehicle there are about a million (ok six) tundras for that year, and options etc...I'd be happy to but will need all the info, (ie cab/motor/2 or 4 w/drive, and ALL options)...you just post it here if you want me to check the value for you for another opinion...

3) If it is totaled, am I legally entitled to a settlement which reimburses me for the aftermarket items (topper and bedliner) which I have reciepts for?

Yes, or if they are not damaged, you can take them with you to put on your new truck, because you won't be reimburse (likely) what they cost...for instance the bedlinder adds about 175 on this model, fiberglass cap, 700-800.00...as tcope said be sure you mention this also when the evaluation is done, ask that a copy be faxed to you or emailed and look it over very carefully, as I mentioned we are human and miss options some times... :roll:

4) If it is totaled, am I legally entitled to a settlement which reimburses me for the difference between the old truck payoff, and the new truck financed (assuming its an equal truck)? Meaning, regardless of current financing rates, my payments would be the same and for the same number of remaining months.

No you could owe 50k on this truck but you are still only getting it's ACV (actual cash value)..Do you have GAP insurance? Check with your lein holder, if so you should get a GAP claim started too (or atleast find out what you need to do so should it become necessary). You are however also entitled to the sales tax (based on the ACV) and title transfer etc....States differ on the way this is paid, some actually pay it some in the form of a sales tax 'credit' so you won't be paying the sales take on the ACV for your replacement truck...

As always tcope does a great job...just wanted to throw a couple of other points in the thread....I agree, a freakin' valet parking at work!? DUDE, you're doin' alright! :lol: :wink: Here in the midwest/redneck central, where I live, if there was a valet that asked for the keys to your car he'd likely get hit! ha ha.....

Please don't hesitate to ask any questions that might come up, we'd be happy to assist you in anyway we can...

Also a great resourse in your friend who is also an adjuster! :wink:

Posted: Wed Mar 12, 2008 12:11 pm Post Subject:

Thank you all so very much for the advice! You all rock.
Trust me, when I meet with the adjuster, I will bring donuts and coffee if thats what it takes to keep him/her on my good side.

Lori-
I'd really appreciate the ACV estimate. Here's everything I can think of:
2007 Toyota Tundra
Double Cab, 5.7L, 4x4, short box
SR5
4,000 miles

factory options: Stainless running boards, 6 disc changer, autodimming mirror, alloy wheels, rear sliding window, skid plate, bed mat, tow mirrors

After market options: LineX spray in bed liner ($500), Leer Topper ($1700)
Should I expect to be reimbursed in full for the aftermarket items?

Posted: Wed Mar 12, 2008 01:08 pm Post Subject:

Should I expect to be reimbursed in full for the aftermarket items?

This is kind of a 'maybe'....for example the value increased (per NADA)...only 175 for a bedliner...and the topper, only 800.00 but the adjuster 'might' since you've only had it a few months be able to budge some on that...I came up with an ACV of: 30,900.00 but you need to add the following to that figure.... these are ''plus'' JBL stero system=475.00, Navigation system 1075.00, Power sunroof=700.00, Roll bar=325.00, Theft Recovery system=125.00 (this is not a theft deterent, but a tracking thing)...Tow/camper Pkg=250.00 (you probably do have this, just means there is a hitch on the truck, also since you say your have tow mirros although there is no addition for the mirrors)....TRD Off-road =675.00....

So looks like your friend and I are pretty close....or EXACT! HA HA...this number includes the additions for the bedliner and cap....

Let us know how things progress and if there is anything we can do to assist you, or any other questions...

Trust me, when I meet with the adjuster, I will bring donuts and coffee if thats what it takes to keep him/her on my good side.


You're a smart cookie! People just don't understand this for the most part...and come in yellin' and demanding, and as I said, we're all human, and that just immediately makes 'me' (anyway) really not care too much about going the extra mile or caring too awful much about what they 'want'....

The same finanacial condition"
Wouldnt it make sense then that if its the valets fault 100%, that this should not cost me a dime? I could understand if I got in an accident, and I was dealing with my insurance company that I may stand to lose something.

Well yes, in theory...but you have to remember some people are just so upside down in their vehicles, they roll loan after loan after loan on top of each other, have huge interest rates, etc....so in situations where a person owes way more than a vehicle's ACV, there isn't anything the carrier can do....they owe the ACV, not necesarily to put you in the same financial situation you were in...In your case though, unless you owe more than 30k on your truck you should be just fine.

Posted: Wed Mar 12, 2008 01:31 pm Post Subject:

Lori-
Thank you! Since I cant give you and e-donuts, I'll make sure and "donate"...whatever that really means.

The payoff on the truck is 32,500. I dont know how I could be considered over financed, since I bought the truck at "dealer invoice", and at .9% financing.
I paid cash for the bedliner and topper less than 2 months ago.
Using your number of 30,900, if I add the 6.5% state tax, and $400 title fee, I come up with 33,308. Subtract the 32,500 payoff, and I'm left with $808.

My COST of ownership for 4 months and 4K miles then equals-
4 payments: $2400
+ Topper/Liner: $2200
- Ins settlement: $808
-----------------------------
$3792

How can anyone consider this as making me "whole" or "financially equal" to where I was before the accident? Honestly, will/can the adjuster take this into account when they do their magic?

I realize you're not an attorney, but in your experience, would I have any luck going after the Parking Garage for an additional settlement ontop of the Insurance Co's?

Posted: Wed Mar 12, 2008 02:02 pm Post Subject:

The payoff on the truck is 32,500.

You're sure this is ALL truck? One reason I ask is my data base shows me this trucks MSRP (with options) at 31,160.00! Let me ask you did you by chance finance the sales tax? Or buy an extended warranty (if so cancel it IMMEDIATELY 'if' the truck totals you'll get a refund prorated)....or maybe credit life or something else in this note? Or did you still have a small balance, did you not have a trade in or put something down? (just trying to figure this out)

Have those receipts ready for your bedliner and cap, the adjuster might be able to add the full amount since it's only been four months...worth a shot anyway...

You can't really count the payments and still count the ACV, I understand your point (re: cost of ownership) I also don't see where you added the sales tax to your cost of ownership...(just wondering)...

I realize you're not an attorney, but in your experience, would I have any luck going after the Parking Garage for an additional settlement ontop of the Insurance Co's?

Doubtful in this situation....because you still have prove the loss...meaning you would have to get that ACV higher, they won't (any court) take your cost of ownership into account, or I've never seen it done...something else to consider, if this truck doesn't total there would definately be the possiblity of a diminished value claim on the truck given how new it is...if the adjuster is for some crazy reason dead set on repairing this thing, bring that up as well...states differ on this, but most will allow third party diminished value claims if you can prove it (let's not go into that right now because it's long and complicated, and I'll need to research your state for you, if they don't total it, remind me and we'll look at that-also that doesn't apply in a total loss situation)....also are you now in a rental? If not ask for one, immediately!

Also just as a caution (don't want you to get wrong information from me especially) all states don't just pay the sales tax...some will give you a sales tax credit/affidavit, so I wouldn't count on that money just yet...

What about gap ins.? Do you have it?

Posted: Wed Mar 12, 2008 02:18 pm Post Subject:

Lori-
Thanks for the prompt replies.

Yes, I did finance the FULL amount including ttl.
No, I didnt trade-in or put any $ down.
No, I didnt carry over any balance.
No, I dont have GAP.
Yes, I did buy Ext Warranty, but I paid cash for this. Should I cancel this now, or wait until I know the truck is totaled?

I still have the window sticker, and the MSRP listed was almost $35K? Would this be different than your MSRP estimate?

I know Minnesota requires sales tax be payed....my friend at Progressive told me.

Thank you so, so, so MUCH!

Add your comment

Image CAPTCHA
Enter the characters shown in the image.