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 Posted: Tue Aug 04, 2009 2:30 am Post subject: Commerce insurance: Total loss settlement |
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| I have ask, no answer |
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denmic
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| Posted: Tue Aug 04, 2009 4:42 am Post subject: |
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specifically what is your question anyways?
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choco
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| Posted: Tue Aug 04, 2009 5:06 am Post subject: vehicle total lost |
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My truck "2005 chev. silverado loaded" was totaled, (parked, unoccupied) "Commerce" Insurance" Mass. The vehicle that hit me was also "Commerce" Mass insured. I believed that I am entitled to a reasonable replacement with same options, same year mileage etc. But commerce is saying value of my truck is approx. 17,000+
what I'm seeing is this to replace this truck. it's about 21000 to 24000. My truck was in good to near excellent condition. I feel that i'm getting railroaded due to the fact that they insured both vehicles, and are trying to cut their losses on my nickle. what should i do?? |
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denmic
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| Posted: Tue Aug 04, 2009 5:50 am Post subject: |
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| Why do you think your vehicle is worth $21k-$24k? Where are you getting these amounts from? Where are the getting their amount from? Have you reviewed their valuation to make sure it's accurate. |
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tcope
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| Posted: Tue Aug 04, 2009 6:02 am Post subject: |
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Hi Denmic,
| Quote: | | But commerce is saying value of my truck is approx. 17,000+ |
This difference that you're talking about usually rises when you're not aware of the evaluation process followed by your insurance carrier. They might consult the Kelly blue book or the NADA guide to evaluate the worth of a car and you exactly need to know how they arrived at the value.
My friend, there are certain things that you'd need to understand clearly. The replacement value is determinned by the adjuster as something between the retail and the wholesale worth of your vehicle.
On the other hand, they may also compare the worth of vehicles sold within the same area to get to a fair price. Do an average of the trade-in worth and the proposed retail value in order to get to the reference point.
Remember, the Insurance companies are in no way obligated to follow the Kelley Blue book in order determine the replacement value. The KBB could just be used as a reference by many of them, while in reality they frame their policies on separate values.
| Quote: | | it's about 21000 to 24000. |
Any references?
Pinkfloydfan
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Pinkfloydfan
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| Posted: Wed Aug 05, 2009 3:11 am Post subject: Price |
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Sorry I haven't reply sooner, as I been waiting from the insurance company to ask to see their value. (still waiting) also I've spent the better part of the day looking for a similar truck. When I do find something the prices range from $21000+. When I find a lower price 18000+ It has a higher mileage.
I've also learn that the software the insurance company uses a "grab price" this is the the lowest price a dealer will pay for a vehicle.
My references are what I'm finding at dealers., on various on line sites. I will get back with the sites I am using for reference, later.
Just for ref. now I found a truck minus a few options that I have and this is 21,495???
Thanks for your inquiry
denmic
ps Who pays for all this time I have to spend looking for a truck. Several hours so far and I am not done yet. |
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denmic
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| Posted: Wed Aug 05, 2009 3:21 am Post subject: |
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| Quote: | | My references are what I'm finding at dealers., on various on line sites |
When is the last time you walked into a dealer and paid what they listed the vehicle at? Ever heard of anyone buying a vehicle for this amount? I think your figures are asking prices... not selling prices.
| Quote: | | My references are what I'm finding at dealers., on various on line sites |
You could ask the other person's carrier to pay for your time. You have a point. But they won't pay for it. You have a duty to prove your loss and this is not part of the loss. The other carrier pays . That is it. What you do with the money after that is not related to the loss. |
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tcope
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| Posted: Wed Aug 05, 2009 3:27 am Post subject: For the record |
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We have (3) vehicles insured with Commerce for several years without any claims, except for a couple broken windshields. We were also contemplating using them for our homeowners. I don't this will happen now.
They will lose our buisness if they elect to short us, that will cost them thousands over the next few years.
denmic. |
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denmic
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| Posted: Wed Aug 05, 2009 3:39 am Post subject: Dealer price |
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I've already tried and sure, I did get a better deal. So far I'm manage To get a couple of prices down $200 big deal! when the spread is about $3000+
Tcope take note the other carrier is "Commerce" I couldn't have had a such a bad day. It's the fox watching the hen house. See original post.
thanks for posting
denmic |
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denmic
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| Posted: Wed Aug 05, 2009 4:07 am Post subject: To all |
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the options I'm discovering are this, for what their worth
Mass. division of insurance web site. Ph 617-521 7794
Div of consumer affairs, & buisness "consumer complaint"
Another one is requesting arbitration "I wonder how much that will cost them" and also cost me. I can't imagine why a company would spend so much on this. But when I look at it their way. If can shaft somebody out of a few thousand each time, and people don't contest it. Bingo, this amount become a hugh chunk of change. Big bonus for all, some adjusters do recieve these.
I have a relative who made about 20 mil in six years working for a big health insurance company. He was in change setting rates, and basically limiting what procedures were covered and how much they would pay.
That = stock options etc. I often wonder, if those polices sent people to the grave?
denmic "venting" |
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denmic
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| Posted: Wed Aug 05, 2009 4:10 am Post subject: |
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| Quote: | | Tcope take note the other carrier is "Commerce" I couldn't have had a such a bad day. It's the fox watching the hen house. See original post. |
I understand that... it just does not change how they handle the claim. If you were insured with them or someone else, they are still going to pay out money. So in that you are also insured with them makes no difference what so ever. You are a 3rd party to them, period. |
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tcope
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| Posted: Wed Aug 05, 2009 4:29 am Post subject: thanks |
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I understand 3rd party, But thats why I feel I should get a fairer price. What I have seen so far is not fair. For the record, our Dog was in the vehicle, with plenty of witnesses, went it was hit. When I mentioned any pending vet bills, The commerce adjuster laughed, and said they won't pay any vet bills. lucky for our dog and the nice soft seats of the extended cab the poor dog came thru OK, so far. She is still skittish when she gets in a vehicle now. Maybe I should I hire the dog whisperer and bill commerce. The fact that this women laughed, pisses me off and shows the type of people I'm dealing with.
denmic "Still venting" |
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denmic
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| Posted: Wed Aug 05, 2009 4:35 am Post subject: |
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| Quote: | | If can shaft somebody out of a few thousand each time, and people don't contest it. Bingo, this amount become a hugh chunk of change. Big bonus for all, some adjusters do recieve these. |
Adjusters don't make more money based on incorrectly paying claims. Actually, this usually results in an unfavorable review of the file is audited. Adjuster DO make mistakes though.
Let me also mention this... do you know of any business that does not want to spend as little as possible on operating expenses in order to increase their profits? If you know of one... let me know as I want to make sure I don't have stock in the company. Insurance companies are businesses. They also have stock holders who expect the company to make a profit.
| Quote: | | I often wonder, if those polices sent people to the grave? |
You have not even seen the insurance companies valuation yet. I'd wait until you review it before jumping the gun. Also, a dealer in this economy is only willing to come $200 off their asking price?  Sorry, this just does not agree with what I'm hearing about the deals people are getting on vehicles right now. |
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tcope
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| Posted: Wed Aug 05, 2009 4:41 am Post subject: |
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| Quote: | I hire the dog whisperer and bill commerce. The fact that this women laughed, pisses me off and shows the type of people I'm dealing with.
denmic "Still venting" |
Was your dog injured? Yes or no? If no, and you bring this up in response to an agreeable total loss offer, then how did you expect her to act? Truth is, adjusters hear this kind of stuff all day and every day. When I have someone yelling at me just because they don't agree, I'm going to shut down. When I have a person bring up unrelated non-nonsensical things, I'm not going to put a lot of weight into what they have to say. Call it wrong if you want... I'm just telling it like it is. If I'm speaking to someone and they raise valid points and/or concerns, then I'm going to treat them the same way. |
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tcope
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| Posted: Wed Aug 05, 2009 4:55 am Post subject: |
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| Quote: | | Sorry I haven't reply sooner, as I been waiting from the insurance company to ask to see their value. |
I'd be looking forward to it..
| Quote: | | Adjuster DO make mistakes though. |
This is quite the truth. Adjusters do make mistakes and the burden won't always fall on the claimant. The consequences would sometimes be shared by the carrier too!
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Pinkfloydfan
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