Car crashed, total loss, What to do now?

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PostPosted: Sun Dec 19, 2010 11:37 am   Post subject: Car crashed, total loss, What to do now?  

Hi everybody, it's not a great day for me, I got my car crashed and most likely it's going to be totaled. Still i wish you a happy holiday. I never got into a totaled accident before, and I have a couple questions to ask you guys.



1. How much will the insurance rate go up after they think the car is total crashed?



2. I looked it up, my car's market value is about 10K, how much you think I can get out of it? How can I fight with the insurance to get the most out of it?



3. Is the insurance company going to cover my rental car? Or I have to pay it myself?



Thanks for your time, and your help will be greatly appreciated.

mslugx
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PostPosted: Sun Dec 19, 2010 4:35 pm   Post subject:   

Quote:
How much will the insurance rate go up after they think the car is total crashed
Rates are adjusted because risk goes up (at fault accidents), not dollar amounts spent on a claim.

Quote:
I looked it up, my car's market value is about 10K, how much you think I can get out of it?
You can get what the insurance company is going to pay. That is, you really want to wait to hear what they have to say.

Quote:
Is the insurance company going to cover my rental car? Or I have to pay it myself?
Who's insurance company and who was at fault... you never say. The other insurance should pay for a rental if the other person as at fault. Yours would only pay for a rental if you took that type of coverage.
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PostPosted: Sun Dec 19, 2010 6:12 pm   Post subject:   

thanks for the reply. It was raining, and i was slipped and crashed into the wall on the freeway. I didn't hit anybody, but the car suffer a heavy damage.



1. How much will the rates be adjusted then if i am at fault?



2. generally, what percentage will the insurance pay? What can I do to get the most out from insurance company, so they are not cheating me?



3. It was my fault, and only me was involved in an accident. I have comprehensive collision coverage, so the insurance company will pay for my damage, but don't know they will cover my rental cost tho.

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PostPosted: Sun Dec 19, 2010 6:21 pm   Post subject:   

[quote]Differs carrier to carrier, state to state. No way to tell. I ran my truck into a wall, $6k in damages and my rates went down $3/month.

Quote:
generally, what percentage will the insurance pay?
Percentage? 100% of the value if a total loss.
Quote:
What can I do to get the most out from insurance company, so they are not cheating me?
I highly recommend you review their valuation to make sure that they considered your vehicle correctly, the miles, options, etc.
Quote:
I have comprehensive collision coverage, so the insurance company will pay for my damage
If you hit a wall it's considered under collision coverage, not comprehensive coverage.
Quote:
but don't know they will cover my rental cost tho
Only if you are paying for the separate rental coverage.
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PostPosted: Sun Dec 19, 2010 7:09 pm   Post subject:   

tcope, thanks for the reply. I really appreciate it.



1. How long does this process take? Since I didnt get the rental cost, most likely I will be renting a car, so it doesn't stall my life.



2. I was thinking collision coverage, don't know why I typed comprehensive. Do you have any tips or guides after the accident? How to be smart about the actions I take.

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PostPosted: Sun Dec 19, 2010 9:11 pm   Post subject:   

Quote:
How long does this process take?
If the vehicle is a total loss... usually 2 days to inspect, another 2-3 days to determine its a total loss and get the figures. They then need to obtain the title to the vehicle before the can issue a payment. If you have the title, add mailing time from you to them. If a lien holder has it, add in another week or two. It could take 2 weeks... it could take 4 weeks.

Quote:
Do you have any tips or guides after the accident?
Use the search button... a lot has been posted on the subject.
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PostPosted: Wed Dec 22, 2010 1:05 am   Post subject:   

Updates: The insurance company called, and i told them the detail, and they said most likely the title will be claim as total loss, it takes them 5 to 7 business days to make an offer to me. tcope, is it possible for you or somebody to run an estimation on how much the insurance company going to offer me ? I been read up on the forum, i draw down a couple of guide lines i need to do when i am dealing with them.



1. never accept the offer initially.

2. ask for evaluation report, and check if the data they input is correct or not. such as mileage, upgrades, cars they comparing to.

3. check for other cars on autotrader.com, and see if the value is actually close to their offer.

4. sales tax should be included base on the sale amount minus salvage amount.



Is there anything I should watch for?

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PostPosted: Wed Dec 22, 2010 6:41 pm   Post subject:   

After you find the cars online, call to see if they have been sold or are still for sale. If sold try to find out the price they were sold for, if still for sale, ask for the price they would sale the car for that day. Write these figures down, the time, the date, and the person you spoke with.



You will also want to make sure you are comparing like kind and quality with regard to mileage, options, etc. You can also do a true value appraisal of your vehicle online at edmunds.com. Make sure you are using the TMV appraisal tools. Enter the accurate mileage and zip code and options. You can do the same at Nada.com. If you search for comps and find out they are selling for considerably less than these prices or more, you'll need to determine where the discrepencies are. There will be automatic mileage deductions in the online evaluators.



With at least two values in the retail market, and several comps in your area that actually exist or sold recently, you should be able to make a reasonable argument for your loss . When the insurer gives you a copy of the value source or ccc values they came up with, call those dealers and inquire as to the values and if they sold for more or less than the insurers figures. These evaluating companies ask for the take price of these vehicles but never research back to find out the true sales values. Compare their comps to make sure you are comparing apples to apples.



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PostPosted: Wed Dec 22, 2010 8:09 pm   Post subject:   

thanks for the heads up Mike. I just did a appraisal for my car on edmund and nada.com, edmund gives $10352 for retail, and nada gives $13650 for retail and $10550 for trade- in. Which one should i look at? Trade-in , retail or private party value?



1.would the adjuster be cheating and say my car is not in a good condition, even though it is?



2. I have done some modifications or improvements on the car, but I bought the parts from private owner and i installed it myself, does it increase the value of the car? How can i prove it if they ask?

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PostPosted: Wed Dec 22, 2010 9:24 pm   Post subject:   

Most times modifications do not increase the value. The insurer owes you for actual cash value or fair market value. They do not owe you only for trade in or a private party value. You should be able to take the settlement, theoretically and find a vehicle comparable to what you had for the amount they are offering. I have seldom seen an insurer that ever thought a vehicle was in excellent condition, most times they consider most cars in average or good condition which really hurts your value. You have to consider if your car was in as good of condition as the car you are looking to purchase.



Vehicles are rated excellent if they are ready to set on a dealer lot with little or no flaws in the body, and clean interior (no cigarette burns or smokers aroma). Carpets are clean and no tears, all the glass is good, the windows work, and the motor needs no reconditioning and the tires are at least 50 to 65 percent of original tread depth. You have to look at your vehicle in this manner and consider what it may cost to bring yours up to dealer ready. Nice paint, matches? Waxed? Door handles all function, power window function?



In reality, most dealers spend about 150 to 200 dollars to detail a vehicle before they put it on a lot. Consider these factors when comparing yours to those for sale online. Things not to consider when evaluating your vehicle. Sentimental value does not make it worth more, what you gave for it does not factor in whether you got a bargain or paid too much, nor does any celebrity previously owning your car increase the value. It's difficult to be honest with yourself sometimes when trying to value your own property.



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PostPosted: Wed Dec 22, 2010 10:07 pm   Post subject:   

I spent around 1000 to tune up my car, and they don't take that into consideration? Those will actually increase the value of my car.



So the insurer owes me the suggested retail value on websites. which is higer than trade in or private party, correct?



from the specification you provided, the car i have is probably in good condition, no major defects, but at the sametime, it's not perfectly maintained with waxed, shining paint and all that.

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PostPosted: Thu Dec 23, 2010 12:49 am   Post subject:   

A tuneup would be considered routine maintenance. If you have records of all the maintenance and repairs, that could increase the value as you have maintained a vehicle history record. Many people don't but people looking for vehicles would consider that a plus. Kelly Blue book tends to run high and Nada/Edmunds tend to be more realistic of the car market. Each has a different way of considering a cars condition. They explain in dialogue boxes what is expected of a vehicle that is average, good, exceptional or excellent, or certifiable.



Each condition that is considered in each category, explains what conditon is expected of a car when the value is considered. There some insurers that like to deduct for unrelated prior damage and the cost to repair and refinish a panel with a minor dent that would be most likely considered already average condition. They would be penalizing you twice for the same present condition.



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PostPosted: Thu Dec 23, 2010 12:58 am   Post subject:   

Fair market value defined....



"Fair Market Value" is defined as the amount which would be agreed upon as a fair price by an owner who wishes to sell, but is not compelled to do so, and a buyer who wishes to buy, but is not compelled to do so,

presuming all relevant facts are known.



Private Party Values



The private market - for sale by owner/individual to individual type of sale is a common outlet for vehicle owners. Generally, the private market commands a lower price than when a vehicle is sold through a dealership. While reconditioning costs, advertising, and floor-planning are factors affecting dealership prices, there are additional factors that cause private party sales to be less as well.



Retail market

Because the vehicle owner is a retail consumer - they purchased the vehicle at a retail outlet (dealership), this would be the most appropriate market to determine the actual cash value.



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PostPosted: Thu Dec 23, 2010 1:03 am   Post subject:   

nada.com and edmund.com has about 3000 dollars difference, on the retail price. and Edmund actually run the lowest, which is strange. I been reading on the forums, and i get the impression that nada is the worse figure you can get.



Can I compare their figures with private party sales? I think the dealer will always have a better condition of the car and insurers will dot my car not being that condition heavily.



If insurer deduct me for unrelated prior damage, can i blame it on the accident?

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PostPosted: Thu Dec 23, 2010 3:27 pm   Post subject:   

Quote:
nada.com and edmund.com has about 3000 dollars difference, on the retail price. and Edmund actually run the lowest, which is strange. I been reading on the forums, and i get the impression that nada is the worse figure you can get.




Generally I have found nada and edmunds to be close if the imput is accurate. Nada use to be the standard for car settlements and still is an acceptible source for evaluations. Some states even list NADA by name as a recognized source for vehicle property settlement disputes.



But ultimately, comparable vehicles in your market trump resource guides by most state statutes. You are owed the fair market value of your vehicle in your market. That is based on your ability to research your own market and make a reasonable determination of your vehicle's worth.


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