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: Mon Mar 17, 2008 01:16 pm Post Subject:
March 5th
WOW!! Thats NEARLY two weeks!!!! you should be hearing I'd have had that puppy settled long before now! :roll:
If I dont hear from the Insurance Co or adjuster today, I'll make some calls tomorrow.
certainly should and i'd start with the independent adjuster....let us know.Posted: Mon Mar 17, 2008 03:31 pm Post Subject: I thought that was monopoly money!
I didn't realize we were collecting real money for posts. If you like have the powers that be write a check to the Big Brothers and Big Sisters of Missouri or any The American Diabetes Association.
Posted: Tue Mar 18, 2008 12:22 am Post Subject:
Got a call today. Apparently the adjuster totaled it also. When the Insurance Co heard this, they passed my case onto another group of people to determine the settlement. Do Insurance Co's have Insurance Co's?
The guy I talked to today, just wanted to let me know the truck was totaled, and the case had been transfered to his office. He said the gal he was assigning my case to is on vacation til tomorrow, but I should expect to hear from her in the next day or two. He also asked if there is a leinholder, and what the payoff is. I gave him the payoff amount before I even thought about it. Was this dumb? I'm wondering if I should have left that out of it for now. Too late now.
I also asked him if I would be reimbursed for the topper and liner...he said to get my receipts together so I can fax them in. He didnt specifically say I'd be reimbursed...but it sounded promising?!
At this point, I'd settle for loan payoff + topper + liner. But of course I'd like as much as possible.
Anyone have any advice to prepare me for what lies ahead?
Posted: Tue Mar 18, 2008 01:10 am Post Subject:
Many insurance companies have specific units that handle nothing but total losses as they take a little longer to settle. This is where your file is going. They only want to know how much you owe to get an idea if there is going to be any money left over after they pay your lien holder. They get this information from the lien holder anyway and it's not considered when they determine the amount payable on the vehicle. They should pay you for the items you mentioned as they would add value to the vehicle. It might not be much, though (liners don't add too much, esp if they are the plastic ones... you can't give those away).
Posted: Tue Mar 18, 2008 10:41 am Post Subject:
Do Insurance Co's have Insurance Co's?
yes, they do! but that is not in play in your case (called re-insurance)....As tcope mentioned the guy was just wondering, (also if you were upside down, or if you needed to start a gap claim if you have that coverage)...sounds like hurdle one is over (they totaled it! :D )...let us know if we can be of further assistance, she should be calling you soon...
Posted: Tue Mar 18, 2008 02:39 pm Post Subject:
I'm wondering...
Since there are NO trucks comparable to mine (wih low miles) within a 500 mi radius, can I use the selling price of NEW trucks minus depreciation for the miles I had on my truck? If so, what is the going rate of depreciation for mileage?
Posted: Tue Mar 18, 2008 04:01 pm Post Subject:
Since there are NO trucks comparable to mine (wih low miles) within a 500 mi radius, can I use the selling price of NEW trucks minus depreciation for the miles I had on my truck? If so, what is the going rate of depreciation for mileage?
That would not work, as you'd then have the price of a _new_ truck with mileage... not a _used_ truck with mileage. That is, once a vehicle goes from new to used, it instantly looses value.Posted: Tue Mar 25, 2008 06:31 pm Post Subject:
update:
As of last Friday, the parking garage's insurance, ESIS, gave me their final offer:
ACV (including ttl) - $31,300
Full reimbursement for topper and liner
Since this is about $900 shy of my payoff, I decided to refuse their offer and run it through my Insurance, State Farm, to see if I get a better offer. I'm not optimistic, but its worth a shot.
Hopefully this will be settled one way or another by the end of the week.
What have I learned?.....
Buy the GAP INSURANCE next time!!!!
Thanks for all your help!
I'll post again when its all done.
Posted: Tue Mar 25, 2008 07:08 pm Post Subject:
Running it by SF is a good idea in my opinion. I agree, their offer is probably going to be close to the same amount but you never know. It could be more. Might as well find out.
Posted: Tue Mar 25, 2008 11:47 pm Post Subject:
You are a smart cookie there nailbiter! I agree good call ! Let us know...
Add your comment