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 Posted: Tue Jan 26, 2010 9:30 pm Post subject: Auto total claim |
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a lady rearends my wifes car, car is totaled. her insurance(GEICO) has made a offer that is about 1,500 below nada or anything I can find on Autotrader or Cars.com or Carmax
What are my options now |
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tman2
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| Posted: Tue Jan 26, 2010 10:00 pm Post subject: |
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| Obtain a copy of their valuation and review it to make sure it's correct (correct information about your vehicle was used, etc) |
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tcope
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| Posted: Tue Jan 26, 2010 10:51 pm Post subject: Auto total claim |
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| it looks like they used valuescope. there were a couple of things wrong and the bumped it $132, the thing I noticed was out of 12 cars they compared with were GT's and ours was a Grand Prix SE so they knocked ours down because it wasn't as loaded as the GT |
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tman2
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| Posted: Tue Jan 26, 2010 10:52 pm Post subject: |
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| sorry, 6 were GT's |
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tman2
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| Posted: Tue Jan 26, 2010 10:56 pm Post subject: |
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| Quote: | | so they knocked ours down because it wasn't as loaded as the GT |
Which is fair if your exact vehicle was unable to be located during the market search. How does the condition of your vehicle fare to what was found in the market search. Would catagorize your vehicle before the accident as "dealer ready", meaning without having to be cleaned reconditioned or possibly repaired to be in equal condition to the same vehicle on a dealers lot. |
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Trench
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| Posted: Tue Jan 26, 2010 10:59 pm Post subject: |
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| it was clean,no scratches no dents no mechanical issues,no tears or burns |
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tman2
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| Posted: Tue Jan 26, 2010 11:01 pm Post subject: |
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| also when i did a check on autotrader for se's it pulled up 13 and cars.com pulled up 11 |
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tman2
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| Posted: Wed Jan 27, 2010 1:04 am Post subject: |
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| Take the number of vehicles that closely compare to yours, including milege. Be it 3, 4, 5 etc. Add the sale amounts of those vehicles together, then divide by the number of vehicles you selected. This will give you an average sale amount. For example; if you found 4 comparable vehicles and the total of those sale prices were $x, divide by 4. How does that number fare with the NADA amount? How does it compare with the settlement amount? Are there any vehicles you searched for relatively close to where you live? If so, go inspect them and compare your vehicle (pre accident). Was your vehicle comparable to the condition of these vehicles? Knowing this, will aid you in the settlement process. I will always go and visiually inspect vehicles that are relatively close to where the owner lives, it gives me more accuracy to offer a fair settlement. |
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Trench
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| Posted: Wed Jan 27, 2010 1:24 am Post subject: |
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| The prices you found on Autotrader are asking prices. People seldom actually get those prices. |
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tcope
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| Posted: Wed Jan 27, 2010 2:28 am Post subject: |
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the price the offered was $4200 and NADA was $5775
I found 5 vehicles that as much or more miles and the same options added prices/5, came to $5686 |
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tman2
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| Posted: Wed Jan 27, 2010 2:32 am Post subject: |
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| also if she was at fault shouldn't her insurance owe me the replacement value, what I could go out and buy it for, not some depreciated value or trade in value. I was under the impression they owed retail. |
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tman2
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| Posted: Wed Jan 27, 2010 2:42 am Post subject: |
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No, the don't owe replacement value but what you describle is not replacement value, it's actual cash value.
(replacement is new for old)
My point is that listing prices are not what something cost. If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000. What I sell it for becomes it's value... which is going to be far less then the asking price. |
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tcope
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| Posted: Wed Jan 27, 2010 12:38 pm Post subject: |
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| Quote: | | I was under the impression they owed retail. |
They do owe the retail minus any deductions and if the vehicle's overall condition fits in the retail catagory. |
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Trench
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| Posted: Wed Jan 27, 2010 1:17 pm Post subject: |
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If I can't come to agreement with them, whats the next step
does this go arbritration. what can I do to ensure I get a fair deal.
And Thanks for you help |
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tman2
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| Posted: Wed Jan 27, 2010 1:40 pm Post subject: |
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I'm not sure what "retail" is on a used vehicle is other then the price a dealership puts on the side of the vehicle window. If this is what retail is then it's really not the ACV of a vehicle as how many vehicles sell for this price? Some carriers use this amount to determine the ACV but I don't see it as a requirement.
OP, if you both can't agree on the amount you can either see what your carrier would pay if you have collision coverage, you can attempt to negotiate with the other person's carrier by providing them written documentation that your vehicle is worth more or you can file suit against the a fault party and be prepared to prove to a judge that the value of your vehicle is more then what is being offered. |
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tcope
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