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
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
Posted: Wed Mar 12, 2008 06:43 pm Post Subject:
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?
wait till you know it's totaled, but once you have word it is call that day because those are generally pro-rata so your refund is based on how many days you have it...Yes, I did finance the FULL amount including ttl.
I thought so...so without the sales tax your payoff is about 30,500.00 then right? So if they value your truck at 30,900 then they will be paying it off plus 400 to you and the sales tax credit/cash, that sounds about right...what did you pay for the truck four months ago?
I still have the window sticker, and the MSRP listed was almost $35K? Would this be different than your MSRP estimate?
must be...could be a couple of different options, and if it included (your sticker) some 'dealer' items...Posted: Wed Mar 12, 2008 08:10 pm Post Subject:
Posted: Wed Mar 12, 2008 08:10 pm Post Subject:
Posted: Wed Mar 12, 2008 08:12 pm Post Subject:
Posted: Wed Mar 12, 2008 08:14 pm Post Subject:
Posted: Wed Mar 12, 2008 08:17 pm Post Subject:
Posted: Wed Mar 12, 2008 09:37 pm Post Subject:
...what did you pay for the truck four months ago?
Purchase price including all factory and dealer installed options before ttl was $32,100. So if I can get 30,900, + tax and title, and the full value of LineX and Topper.... I'd be satisifed.
I didnt hear from the adjuster today. Are they required to schedule their review when I can be there, or could they do it without me?
Posted: Wed Mar 12, 2008 10:55 pm Post Subject:
Are they required to schedule their review when I can be there, or could they do it without me?
No, they don't have to set up a time that you can be there too, really this would be very difficult and they would only get one or two looked at a day...they will/should call you though after they have looked at it...is it at a shop now? If so you could call the shop to see if an adjuster has been there to inspect it..When was the last time you talked to an adjuster or when did they say they were going to inspect it? I would give them 24-48 hours after they inspected it...If you haven't heard from them then call...and see what's going on with your claim...Be sure to ask that they email or fax you a copy of the evaluation so you can look it over to make sure they didn't 'miss' an option etc....If you have no idea when they are going to look at your truck, and you haven't heard anything for 48 hours or so, I'd call...and (again) ask, how things are progressing...please keep us in the loop and let us know if we can help you anymore...Posted: Wed Mar 12, 2008 11:39 pm Post Subject:
One other thing to keep in mind... you bought a new truck. That is what you paid for. But what was damaged was a used truck. There is a big difference when going from something that is "new" to something that is "used"... even though it was "close to new" with less then 5000 miles. That is part of the problem your faced with. It's very unfortunate that this is the case but that is just the way it is. I once heard a long time ago that a new vehicle depreciates 20% when it's driven off the lot. I don't know that the percentage is accurate or that it's not changed in the past several years but I think you understand what I'm saying.
The figures are not know yet but I understand where you are coming from... you paid $xxxx for this vehicle and here is it just a few months later and you _might_ get less. Part of this _might_ be just because the vehicle is going from "new" to "used".
Note: I say "might" a lot... that is because we _don't_ know what an offer may be at this time. As far as we know, it could be extremely close to what you paid for the vehicle. Don't be thinking you will be getting much less yet. The figures above may be correct... but they might not be either. One thing at a time.
Posted: Wed Mar 12, 2008 11:58 pm Post Subject:
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