by Guest » Wed Mar 26, 2008 03:41 pm
I was in an accident last Wednesday which was 100% not my fault (apparently that's not only my view of it since the other driver's insurance policy is paying for my rental car and have taken over the claim on my vehicle). I initially opened a claim with my insurer (Nationwide), and they have inspected the vehicle. The damage estimate according to them was around $6500, and they mentioned that it would require $5000 more damage to be considered a total loss. This means that they are valuing my car at around $15400 since Kentucky requires the car to be totaled at 75% of the car's value. Now the other driver's insurer (Traveler's) is going to perform their own inspection and estimate of damage since they are responsible for the claim.
I really want this to be written off as a total loss because I have had bad experiences with wrecked and repaired cars having issues for the rest of their lifespan. The idea of driving a car that has sustained $6500 in damage does not appeal to me in the least. I currently still owe approx. $4000 on the car loan. Given this information, I have some questions...
1. The value of $15400 is higher than NADA trade value and all KBB Private Party/Trade-in values, but it is lower than the NADA Retail and KBB Retail values. How is this value deteremined by the insurance companies, and can it be disputed?
2. My Nationwide adjuster told me that even if Traveler's does not total the car, I can request a "Constructive Total Loss" where I am given the value of the estimated damages minus the payoff on my loan plus the salvage value of the car as-is.
2a. Is this true?
2b. What is the typical offer on the salvage of a car (% of car value)?
2c. Is this an easy/common practice?
2d. Should I do this or get the car fixed and take my chances in a private party sale?
Thanks in advance,
Dan
I really want this to be written off as a total loss because I have had bad experiences with wrecked and repaired cars having issues for the rest of their lifespan. The idea of driving a car that has sustained $6500 in damage does not appeal to me in the least. I currently still owe approx. $4000 on the car loan. Given this information, I have some questions...
1. The value of $15400 is higher than NADA trade value and all KBB Private Party/Trade-in values, but it is lower than the NADA Retail and KBB Retail values. How is this value deteremined by the insurance companies, and can it be disputed?
2. My Nationwide adjuster told me that even if Traveler's does not total the car, I can request a "Constructive Total Loss" where I am given the value of the estimated damages minus the payoff on my loan plus the salvage value of the car as-is.
2a. Is this true?
2b. What is the typical offer on the salvage of a car (% of car value)?
2c. Is this an easy/common practice?
2d. Should I do this or get the car fixed and take my chances in a private party sale?
Thanks in advance,
Dan
Posted: Sun Mar 30, 2008 10:17 pm Post Subject:
How does a bank draft differ from a check? I have the deal for my new car all set up contingent upon receiving the settlement money. Travelers told me that I would get the payment on Tuesday, and I also lose my free rental car on Tuesday, so I need to turn that check around and get the money to the car dealership on the same day. Will my bank (5/3) be willing to turn a bank draft into a cashier's check on the spot, or will there be a delay to allow it to clear first? If there is a delay, what are my other options?
Posted: Mon Mar 31, 2008 02:44 am Post Subject: accident
Sorry to hear about the accident. However..I'm confused on something (nothing new for me..LOL). It was said, in this thread, that the OTHER insurance (Travelers) company 'totaled' the car. I thought the only people that could 'total' it was the INDIVIDUAL'S insurance company (Nationwide). Can someone educate me, on this issue, please?
Posted: Mon Mar 31, 2008 10:43 am Post Subject:
Either carrier involved in a claim can deem a vehicle a total loss...this isn't something only first party carriers can do...
How does a bank draft differ from a check?
Funds for a check are available generally within 24-48 hours, a draft has to clear the orgininating bank first, and can take 3-10 days to clear...I don't know of any state that allows claims payments to be paid in any other way other than a draft..I could be wrong, but I've never heard of one...that allowed checks..drafts are all we have...I have the deal for my new car all set up contingent upon receiving the settlement money. Travelers told me that I would get the payment on Tuesday, and I also lose my free rental car on Tuesday, so I need to turn that check around and get the money to the car dealership on the same day.
Most car dealers are used to this, and will work with a person....might be that you just sign the draft over, or they can call the issueing rep and get clearance (i have this happen about once a month on average)Will my bank (5/3) be willing to turn a bank draft into a cashier's check on the spot, or will there be a delay to allow it to clear first?
I doubt it but I have seen it happen on a rare occurance with a long time bank customer..but it's rare....do you have a parent or someone that could give you the money out of their savings or something and deposit the draft back into their account (although I don't think it will be necessary, I think the car dealer will be more than happy to wait)If there is a delay, what are my other options?
Really there are none, as far as it not being a draft....that I know...before you get too excited call the adjuster ask if it's a check or a draft, then talk with the car dealer...I think it will work out fine...I only tell people this because I had a kid one time, I paid for a claim, I said, "now this is a draft NOT a check do you understand the difference?" (in pure 19 year old know it all fashion), they said, 'of course I know'....then mom calls me screamin' a week later, 19 year old know it all deposited it to their checking account then began writing (and bouncing) checks all over town the same day they deposited it... :roll:
Posted: Mon Mar 31, 2008 11:17 am Post Subject: car
Thanks for the reply. Now..if Nationwide DIDN'T agree with the decision ( of reporting the car as a 'loss'), can they 'dispute it' with Travelers? Or....if the owner of the car din't agree with Travelers, can THEY dispute it?
Posted: Mon Mar 31, 2008 11:26 am Post Subject:
Thanks for the reply. Now..if Nationwide DIDN'T agree with the decision ( of reporting the car as a 'loss'), can they 'dispute it' with Travelers? Or....if the owner of the car din't agree with Travelers, can THEY dispute it?
Yes, if I'm understanding you correctly...if a person has collision coverage under their policy and another person causes the damage to their vehicle they always have the option of which company/coverage to use...for example if their owner carrier is offering them more than the other...they can use their own, then their carrier will subrogate the at fault carrier....is that what you mean?Posted: Mon Mar 31, 2008 12:26 pm Post Subject:
Hey Chargers Fan,
Nationwide would have no reason to agree or disagree with the decision to total the car because they are incurring no expenses on this claim. Since fault has been determined, and Travelers has taken over the claim, Nationwide will be reimbursed for their expenses and will not have to pay out anything on my claim.
Posted: Mon Mar 31, 2008 12:45 pm Post Subject:
Nationwide will be reimbursed for their expenses and will not have to pay out anything on my claim
How can you be 'reimbursed' but 'not' pay out anything?Posted: Mon Mar 31, 2008 01:30 pm Post Subject:
How can you be 'reimbursed' but 'not' pay out anything?
Well, they had expenses like tow bill from my impound lot to theirs, the cost of the time they spent on the claim until it was handed over, etc. By "not have to pay out anything", I meant they didn't have to give me a settlement check or pay for the damage to my vehicle.
Posted: Fri Apr 04, 2008 06:01 am Post Subject: accident
Thank you, BOTH...LORI and WILHELP. The last post clarified alot for me. I guess that's something I din't realize, either. Makes ALOT more sense now.
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