by thormang » Wed Feb 10, 2010 03:41 am
Our 2010 Corolla LE was purchased new Dec 27, 2009. On Feb 1, 2010 the car was in an accident and was totaled. The car has 2,730 miles on it.
Since there are no "book" values yet available, the carrier got a value from a private third party.
They also are deducting 40 cents per mile for the 2,730 miles. (Toyota Finance charges 15 cents per mile for cars exceeding their lease aggrements.)
Our agent had suggested that the carrier would probably consider the car "as new". Apparently the carrier thinks different.
The carrier is also asking what was paid for the car. Our reply was here's the window sticker - whether we got a better deal, rebates, etc. in our opinion is irrelevant. Many of those former incentives are no longer available.
Your thoughts?
Since there are no "book" values yet available, the carrier got a value from a private third party.
They also are deducting 40 cents per mile for the 2,730 miles. (Toyota Finance charges 15 cents per mile for cars exceeding their lease aggrements.)
Our agent had suggested that the carrier would probably consider the car "as new". Apparently the carrier thinks different.
The carrier is also asking what was paid for the car. Our reply was here's the window sticker - whether we got a better deal, rebates, etc. in our opinion is irrelevant. Many of those former incentives are no longer available.
Your thoughts?
Posted: Wed Feb 10, 2010 12:43 pm Post Subject:
thormang, let me tell you how I handle these types of claims...I call a couple of local dealers ask them what I can walk in (without a trade in) and buy that car for today..including any rebates, incentives etc...After getting that price, then I subtract 'x' amount per mile...I always have to check on it, but the amount we use I think is the same that the IRS allows for mileage...so 40cents a miles is probably right...seems like the last 'new' car total I handled was a couple of years ago (brand new cars don't total that often)..and I want to think it was 36 or 38 cents a mile...
Our agent had suggested that the carrier would probably consider the car "as new". Apparently the carrier thinks different.
To be honest agents for the most part don't have a clue about how claims are settled and EVERYONE would be better off if they would just 'tick a lock' if they don't know..of course your carrier cannot consider it as a new car because it's NOT... frankly the 'x' cents a miles is a better deal for you than if they did a market survey and called some dealers and ask what they would sell your 'used' car for on their lot...which they have every right to do, because it is a used car..and we all know that initial depreciation (driving it off the lot) is HUGE...So sounds to me like your carrier is handling this like they should..you didnt' say what the value came back at..so I don't know that...you could also call a few dealers and see what you can buy it for today, and compare that with what you carrier has to say.
Posted: Wed Feb 10, 2010 12:52 pm Post Subject: No "book" value
They also are deducting 40 cents per mile
Have you asked the insurance company on what basis they are making such deductions?
Apparently the carrier thinks different
What did the insurance company had to say?
Provide me with those details so that I get to know what your insurance company had to say.
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