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 Posted: Thu Jul 15, 2010 11:00 pm Post subject: Progressive wants to total my good car |
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I bought a 2002 BMW 325i with sports and premium sound package at 55000 miles for around $13500 two months back. The car was in very good condition till I bumped into a tree in the parking lot last week.
The damage was minor, the bumper is broken, the hood has a dent and the radiator frame is broken.
The body shop quoted around $6000 for the repairs and Progressive initially agreed. Today they called me and said they wanted to total the car.
Doe anyone think this is reasonable? They haven't given me any offer yet, but i am hoping to keep the car even if it means I have to pay money out of my pocket. I like this car.
What do you guys think? How much is my car really worth? Does this happen only with progressive?
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vin6721
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| Posted: Fri Jul 16, 2010 5:30 am Post subject: |
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I'd certainly say it was more then a "bump".
Check NADA for a good indication of it's value. I'd say around $7200 if they think its a total loss. If the repair cost is $60000 |
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tcope
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| Posted: Fri Jul 16, 2010 11:52 am Post subject: |
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Just as Todd suggested, find the value of your vehicle, ACV (Actual Cash Value). If the repair amount exceeds 75-80% of the ACV, it is considered a total loss. I understand that you would want to keep the car, but would you consider the investment worth it?
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Trench
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| Posted: Fri Jul 16, 2010 1:41 pm Post subject: |
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| Ho do I find the ACV of my car? |
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vin6721
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| Posted: Fri Jul 16, 2010 4:53 pm Post subject: |
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nada.com Put in your vehicle's information (miles, options etc) Should give you a ballpark idea of the value.
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Trench
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| Posted: Fri Jul 16, 2010 7:10 pm Post subject: |
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I did it and these are the prices I got.
Rough Trade in $9,937
Average Trade in $11,412
Clean Trade in $12,662
Clean Retail $15,862
While I am not expecting to get the retail price, Can I expect something around 12K, since the car was in pretty good condition.
Are insurance companies also looking at these prices? |
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vin6721
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| Posted: Fri Jul 16, 2010 7:30 pm Post subject: insurance |
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| I'll just tell you MY personal experience, with my vehicle being 'totalled' last summer. I was driving a Jeep Cherokee. Someone rear-ended my vehice. I didn't think it was totalled because I drove home after it was 'all done and over with'. The other drivers Insurance comapny adjuster came out and looked at the vehicle. He took into consideration the age of the car, the miles, etc. He was showing the prices of a 'good condtion', 'fair condition', 'bad condition', etc. According to the prices, the car was STILL worth more than the repairs. When he was done 'subtracting' the age, miles, etc. The damages was more than the value of the car. SOO..he had to 'total' it. |
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sdchargersfan
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| Posted: Fri Jul 16, 2010 7:37 pm Post subject: |
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The progressive claims adjuster called and offered around $11k. I don't think this is a reasonable offer, since I loose around $3k if I include sales tax. Is it worthwhile to consult an independent appraiser?
I would've agreed if I had used the car for more than 2 months. As far as I am concerned its my new car. Hope you guys understand my position. |
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vin6721
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| Posted: Fri Jul 16, 2010 7:45 pm Post subject: insurance |
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| Yep..you DID get a "new car." However...as soon as you drive a car off the delers lot, the price of the car 'depriciates' (but I don't know how much, though). That would be YOUR decision, if you wanted to talk to another appraiser. It's always good to get a 'second opionion' on things. However....it might cost you money to do it. I think you DID get a reasonable offer. |
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sdchargersfan
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| Posted: Fri Jul 16, 2010 8:10 pm Post subject: |
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I'm guessing the repair cost is actually closer to $9,000 then.
Did he just pull this number out of a hat? You need to know how he arrive at the number he did. Perhaps its correct... perhaps not. But its hard to tell someone their amount is incorrect when you don't know how they arrived at it. |
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tcope
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| Posted: Sat Jul 17, 2010 12:40 am Post subject: insurance |
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| If he is an LEGIT adjuster ( and I'm NOT saying he's not), he would sit down with you and go step by step. Actually...the OTHER driver's Insurance company (in MY case) was Progressive. He sat down with me and showed me every detail of numbers, etc. that he could. |
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sdchargersfan
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| Posted: Sat Jul 17, 2010 1:32 am Post subject: |
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| Quote: | | Is it worthwhile to consult an independent appraiser? |
Not necessary. Besides, all I'm (Independent Adjuster/Appraiser) going to do is a market search in your area of vehicles like yours and compare them to yours (mileage, condition, options etc) and figure an average ACV. These are things you can do on your own. Get on Craigs List, cars.com, autotrader.com, the want adds, car lots etc. If you find at least 2 or 3 that match your vehicle in terms of what I listed above, what are they selling for and how do they compare to your own vehicle? If you can find some that match that and they contradict the adjusters finding/offer, hit him with that and see what happens. Sometimes, adjusters will get lazy or quick to settle an amount based on one vehicle they find from one source.
Look at it this way; would you buy your car for the settlement amount you have been offered?
| Quote: | | he would sit down with you and go step by step. |
Possibly, but that really isn't his job to do so and he may not have the time. It would be nice if he would, I don't all of the time.
_________________
65% of the time, it works all the time.
Public and Private Adjuster for:
Auto, home, marine and transportation liability claims.
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Trench
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| Posted: Sat Jul 17, 2010 1:55 am Post subject: |
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Thanks for all your inputs.
The Adjuster seems adamant about his decision. He didn't really give me any explanation on how he came up with his estimate. He just said that they have an extensive database and this is what he got from it. He didn't seem to care that the car has pretty low miles and had only a single owner before me and more importantly, the sports package and premium sound system. Even without considering all that, it seems to be a low price.
He told me that my only option is to get an attorney and have the car inspected by an independent appraiser.
I contacted http://www.autoloss.com/ and they said they can easily get more me, but I've to pay them around $400. Doe anyone have experience working with them?
I am not sure what to do, by I'm not going to let this go easy. I already got another loan approved for another car, so I'm not too desperate to settle this. I'm going to take my time on this one and try to beat them in their own game. |
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vin6721
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| Posted: Sat Jul 17, 2010 2:52 am Post subject: |
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| Quote: | | I contacted http://www.autoloss.com/ and they said they can easily get more me, but I've to pay them around $400. Doe anyone have experience working with them? |
Seriously, don't waste your money. They are going to do the same things that you can do on your own for $400. They are going to research your area and the market for cars. I do auto appraisals the same way major appraisal companies do, it's no different. I do contract work for 2 major auto appraising companies. I do most of the reseach from home.The insurer is obligated to present their findings for their figures. If they are basing numbers on actual vehicles within your market, find out what info they have, research it and go put your hands on the cars (if possible) and compare them to yours. The only way they can gaurantee you more money is if they can locate information that will contradict the adjuster, you can do this on your own, it's not hard It may be a pain, but if your serious about getting more for a settlement than go for it.
_________________
65% of the time, it works all the time.
Public and Private Adjuster for:
Auto, home, marine and transportation liability claims.
Consumer Advocate in auto collision repair.
Know your rights! Please visit us @
http://www.stopsteering.com |
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Trench
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| Posted: Sat Jul 17, 2010 4:48 pm Post subject: insurance |
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OP....sounds (almost?) like a 'catch 22' thing. Just think about it: you would PAY someone money because they say they can PROBABLY get more for it. So,..if you DON'T get more for the vehicle, you lost out on $400.00. Make sense?  |
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sdchargersfan
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