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 Posted: Thu Oct 29, 2009 6:58 pm Post subject: Lori, what the average percentage is deducted from te a salv |
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| I have salvage title on a 2004 toyota. it was in a wreck and it's a total loss. My insurance is deducting 35% of the car value because of the salvage title. Is that reasonable? I think it's too much, considering that insurance company does not discount the premium on branded title. |
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arbitro
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| Posted: Thu Oct 29, 2009 9:58 pm Post subject: |
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There is definately an arguement to be made re: reduced premium on a branded title, but I've never seen that fight won yet..although I agree with you...
35% is at the higher end on a 6 yr old car. The way to determine this is to complete a market survey, call several local good used car dealers ask them what they would reduce their asking price (although they likely won't sell one with a branded title). Before you do that ask the adjuster how they came to that determination (35%). What state are you in?
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Lori
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| Posted: Fri Oct 30, 2009 9:43 am Post subject: |
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So, do the carrier determine this deduction upon an average of the reduced asking price?
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anonymous00
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| Posted: Fri Oct 30, 2009 1:24 pm Post subject: |
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| Quote: | | So, do the carrier determine this deduction upon an average of the reduced asking price? |
Yes, and no, they determine it (negotiable in most cases), but each carrier doesn't necessarily use the same means to arrive at this/their figure. Another reason I would want to know 'how' this number was determined.
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Lori
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| Posted: Sat Oct 31, 2009 4:39 am Post subject: |
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I'M In Michigan, and All state is the insurance. From what i understood, they price the car or any car for today market value and than they lower the value by 35% if the car is branded.
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Stryker
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| Posted: Sat Oct 31, 2009 4:52 am Post subject: |
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All State in Michigan was the insurance company. After they figure out the market value of the car, they would deduct the flat rate of 35% due to branded title.
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Stryker
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| Posted: Sat Oct 31, 2009 1:46 pm Post subject: |
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I personally (and professionally) disagree with an across the board 35%...would 35% be the right number for say a 2008 camry? Damn skippy...but would it be the same 35% for an 1995 camry? or a 2000 F150? No I don't think so...The MI D.O.I. site is s difficult one to navigate, I didn't have any luck trying to find any answers..
My advise would be to ask the adjuster WHY the automatically deduct 35% and how that figure was arrived at....They HAVE to have some kind of data to back that up...they can't just pull that figure out of the air....Then if I disagreed with that number, and they wouldn't negotiate it, I'd do my own market survey, present them with that data, if nothing changed I would file a complaint with the MI DOI, (course tell them you are going to do same).
Depending on the yr/make, branded titles typcially reduce the value by 15-30% most of the time I'd say 20-25% is the norm.
Let us know how they came up with that number
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Lori
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