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 11:58 pm Post Subject:
Posted: Wed Mar 12, 2008 11:59 pm Post Subject: Here is news you can really use nailbiter!
Some here may disagree, but you are most likely entitled to loss of value due to the negligence of the at fault party. Diminishment of value has been written out of first party policies or your insurance, but it can be collected if you can prove the loss in value.
Twenty thousand dollars in damage on a low mileage new truck would easily top ten thousand dollars in loss of value. I'll bet you might persuade the insurer to total your vehicle if they know you intend to pursue the additional loss owed to you. You are owed all damages. You are not bound by the contract of the party that was negligent. If they added up the cost of repairs, your rental expense or loss of use of your truck, and the loss in value, it will easily run over thirty thousand dollars.
A wise adjuster would pay your claim and sell the truck for salvage and only be out approximately twenty thousand dollars. But if you get an obstinate appraiser that does not believe you are entitled to loss in value, they will probably cost their company an additional ten to twelve thousand dollars that they would not have had to pay if they simply totaled it.
Google DV diminishment of value, loss of value, diminished value and you will find a multitude of people that can help you with more information. The "Make Whole Doctrine" says that you have to be placed in as good a position you held prior to the loss. What ever that takes are your damages.
Posted: Thu Mar 13, 2008 12:06 am Post Subject:
tcope-
Thanks for your advice and support. Like you said, I "might" get offered more than we're guessing, and I'll be fine. Then all my anxiety was for nothing, but its how I'm wired....Plan for the worst, and be prepared.
Has anyone ever used any of those online "Get the most for your totaled car" pay websites? If so, is there really any useful info that I cant get for free here or on other sites?
Posted: Thu Mar 13, 2008 01:21 am Post Subject:
A wise adjuster would pay your claim and sell the truck for salvage and only be out approximately twenty thousand dollars.
I hope you're right Mike!
The more I read, the less I know....
Lets say they total it and I cant get them to agree to a settlement I think is reasonable. Will my own Insurance Co (State Farm) be able to do better for me?
Posted: Thu Mar 13, 2008 01:30 am Post Subject:
You can go through both your carrier and the other parties carrier and see who gives you the better price. They should however be close. I think this is no brainer that it is a total loss. If not economic, then at least structural. I wouldn't really worry about it, they just want one of their people to eyeball it for the amount of money they are looking at.
Posted: Thu Mar 13, 2008 01:33 am Post Subject:
Anyone know why NADA shows my truck value as N/A?
07 Tundra DoubleCab ShortBox SR5 5.7L 4x4
Too new?
Posted: Thu Mar 13, 2008 02:32 am Post Subject: check out edmunds.com for appraising your vehicle
I was able to pull up your vehicle on edmunds.com and came up with a figure of 30,300 based on some of your information. You may have additional factory options that could increase the value. I didn't even add your topper or allow for your bedliner.
As far as comparing state farm to Progressive, I'll just say there is a reason you can buy insurance cheaper from Progressive and leave it at that. There is also a reason why they are experiencing no new growth in auto coverage or retention and consumers are not happy with their conceirge service. Yes I have documentation to back that up. What ever you do, do not let them take control or possession of your vehicle. If they offer to move it to a storage free facility, make them sign something that they will tow it back to you and charge no storage if you can not reach an agreement with them.
You most likely will find adjusters to be more experienced with state farm and some may even have collision experience. Many Progressive appraisers I have encourntered are sorely lacking in any collision in depth training or experience.
I'd put Progressive on a short leash and likely take my options with my own company if it was state farm. This of course is my opinion; I have operated a collision repair business for 27 years.
Posted: Thu Mar 13, 2008 10:50 am Post Subject:
Some here may disagree, but you are most likely entitled to loss of value due to the negligence of the at fault party. Diminishment of value has been written out of first party policies or your insurance, but it can be collected if you can prove the loss in value.
Not if it's totaled Mike, and I already agreed and advised the OP if it is repairable to look for a diminished value claim, and that if it comes to that (repairable) let us know and we would assist with that, I also told OP to tell the adjuster this from the get go.......(ok for you to tell her too of course, just pointing out that we agree on that point regarding this claim and this vehicle)Lets say they total it and I cant get them to agree to a settlement I think is reasonable. Will my own Insurance Co (State Farm) be able to do better for me?
Perhaps, and this is always an avenue that you can pursue. As Dasfuk stated, many times people will request that their own carrier also appraise the damage, and evalutate the ACV and 'take' the one that offers the most....nothing wrong with this (IMO)....your company would then subro the other .....Anyone know why NADA shows my truck value as N/A? 07 Tundra DoubleCab ShortBox SR5 5.7L 4x4
yeah, for the nada program you were using, NADA is what I used to get the value I supplied you with.Too new
As far as comparing state farm to Progressive
where is that at in this thread? did I miss that? I saw the OP's friend is an adjuster at Progressive is all... :?You most likely will find adjusters to be more experienced with state farm and some may even have collision experience. Many Progressive appraisers I have encourntered are sorely lacking in any collision in depth training or experience.
First of all I don't see where it is said ANYWHERE in this thread that progressive is handling this claim! So why are we bashing progressive?...and second of all OP, as you know in life there are good and bad every where, I'd see how my adjuster was doing then make this decision, if you come to a brick wall, or find your adjuster hard to deal with go to your own carrier ...and thirdly and probably most important, I don't think progressive even sells garage liability, which is what this claim is being handled under, (I would assume)...wow, mike where did all this progressive talk/bashing come from in this thread?Dasfuk, makes a good point here in this statement
I think this is no brainer that it is a total loss. If not economic, then at least structural
and I agree, but I forgot there are a few states that REQUIRE a vehicle total if there is complete frame replacement....I'll review the thread to see if your state is listed, if not please drop it in here and then see if I can find out if your state is one of those...Posted: Thu Mar 13, 2008 11:05 am Post Subject:
NB, I just thought of something that I want to clarify...when I valued your vehicle that included 975.00 (total) for the bedliner and cap...so if the adjuster gives you the 2200, for that, you would need to subtract that 975 from the ACV I provided....if you add the 2200 to the ACV that I came up with you'd be getting paid twice for that....(not that what I say really matters! :roll: )...just wanted to clarify.
Posted: Thu Mar 13, 2008 02:47 pm Post Subject: Sorry for the misinformation
Naibiter, I commend you for taking the time to research and educate yourself so that you can make an informed decision and know what is owed to you, so you can negotiate your loss from the perspective of what you are entitled. Knowledge is power!
You will probably take a hit for the depreciation of the vehicle being a few months old and with mileage on it. That should be expected, but I would look for comparable vehicles online to verify your values and what it would take to purchase one with comparable options and features to put you in a position you had before the damage occured. Don't rely on subjective values and arbitrary ideas that a vehicle loses a certain value from titling and being driven off a lot.
While there is good, actually excellent reason to bash Progressive, I was mistaken in that this was the company that was responsible. I am sorry, in this one case for the misinformation. Actually you could insert several companies into that slot based on my years of experience in knowing some companies that are forthright in offering settlements and those that are not.
While I think most of the information you get here is designed to inform and help you (NB) make an informed decision, I personally feel you should have the perspective of at least one collision repairer's benefit of experience of more than 35 years in the trade and over 27 years in business and helping customers with information that helps them obtain higher settlement offers on total losses.
An insurance adjuster's job is not to be fair to you, their job is to settle your loss on their terms based on the criteria that their company maintains is fair from their perspective. The only legal way to know what you are owed in damages is litigation, arbitration, appraisal, or a disinterested and unbiased third party expert. Most, but not all, resort to a "take it or leave" offer or "why don't you use your own coverage" if you do not agree to their offer. They play on your emotions and desperation giving you artificial timelines to make decisions. He who holds the gold holds the power seems to be a motto that too many adhere too.
Just yesterday, and I won't mention the name of the company because it seems that some think I take delite in bashing them, told a third party claimant, "All we owe you is what you should be able to negotiate with a dealer for the price of a vehicle if there was one available." geesh give me a break.
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