by Guest » Mon Nov 30, 2009 07:03 pm
About a year and a half ago my 02 Corolla was totaled in a hail storm. I bought it back from the insurance company and have been driving it since. Other than cosmetic damage the car worked perfect and was valued at $6,114 (if it had had no hail damage). About 3 weeks ago I was rearended on the freeway by a guy who admitted he wasn't paying attention. My car ended up sandwiched and is completely unfixable. His insurance accepted full liability but they're only offering me $500 for the car because of the hail damage. To me this doesn't sound right because it was still good for another 60-80,000 miles but since I've already gotten money for the hail damage maybe I can't get money again? My insurance claims guy told me he thinks I should get more than that but he is not allowed to get involved and told me I can try fighting it but I'm not sure if it's a fight I will win. thoughts would be much appreciated!
Posted: Mon Nov 30, 2009 07:55 pm Post Subject:
Since the vehicle has a salvage title that will effect the value dramatically. And since the vehicle will only value in a either a private or wholesale and not retail/trade in value. $500 seems low, but without more information it's difficult to determine.
Posted: Mon Nov 30, 2009 08:23 pm Post Subject:
I'd recommend that you obtain the information as to how they arrived at the value of the vehicle and the value as given to you. That is, did they obtain the value in good condition and then subtract the prior damage?
What I _think_ they did was to obtain the value without the hail damage and then deduct the cost to repair all of the hail damage. If they did this, it's _not_ correct. as a vehicle gets older it's main value is that it's in good working order... not that it has a few dents. Dents and some damage is to be expected on older vehicles and quite frankly, people expect it to have moderate damage. While some deduction should be taken for the prior hail damage, it should not be the entire cost to repair that damage.
This is why I mention that you need to understand how they arrived at $500.
I don't know values but $6000 for a 2002 vehicle seems a little high.
Posted: Tue Dec 01, 2009 12:59 am Post Subject:
T, I began thinking the same thing after I posted thats what they might have done and your right , that is not correct.
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