by Guest » Thu Jul 15, 2010 11:00 pm
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?
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?
Posted: Sat Jul 17, 2010 01:32 am Post Subject:
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?
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.
Posted: Sat Jul 17, 2010 01:55 am Post Subject:
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.
Posted: Sat Jul 17, 2010 02:52 am Post Subject:
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.
Posted: Sat Jul 17, 2010 04:48 pm Post Subject: insurance
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? :)
Posted: Sat Jul 17, 2010 05:09 pm Post Subject:
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.
I'm guessing the repair cost is actually closer to $9,000 then.
Somewhere in here is something close to the truth. If the insurer wants to total the vehicle and is willing to pay $11,000, then the damages are certainly more than $6,000. If the damages are only $6,000, what could they be thinking in offering nearly double that amount?
The insurer's options are REPAIR, REPLACE. or ACTUAL CASH VALUE (replacement cost minus depreciation). As others have commented, state law usually sets a maximum claim limit (% of ACV) above which an insurer is lawfully permitted to avoid repairs or replacement. That must be the situation in your case.
We understand that your emotional attachment to the vehicle might add a few thousand dollars in YOUR mind, but your thoughts and those of the insurer do not have to coincide if the insurer is following state law. It's a common misunderstanding.
SDchargersfan mentioned something about losing value when driving a new car off the lot. She apparently overlooked your statement that you purchased a used vehicle. The situation with used vehicles is not the same.
You agreed to a specific purchase price, which may already have been $2000-$4000 more than the ACV of the vehicle by other standards. Lots of people overpay the price of a car. Unfortunately, in most states, there is no "buyer's remorse" provision that allows you to return the vehicle within three days (California recently enacted such a law). If that's true in your state, you cannot expect the insurance company to compensate you for your poor judgment or lack of due diligence in shopping for a car. People often "fall in love" with cars based on color, smell, nostalgia, or testosterone, rather than sound judgment. Those lapses of forethought are never covered.
Posted: Sat Jul 17, 2010 05:15 pm Post Subject:
SDchargersfan mentioned something about losing value when driving a new car off the lot. She apparently overlooked your statement that you purchased a used vehicle.
Opps!! That was 'my bad', MAX!! :oops: Yes...when you've had a car for a long time, you try to see what you can do to hold on to it. But..sometimes, 'money wise', it's just not practical.Add your comment