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 Posted: Fri Apr 22, 2011 1:11 pm Post subject: Can a car owner challenge the determination that a car is |
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| Deer/car collision 2002 Ford Taurus wagon SE adjuster said the damage is more than its current value. This car has been very well maintained I have all records. The value to us before the accident was substatantial say $6000-7000. Now comes some insurance adjuster saying its only worth $3825 plus tax. and if we want to keep the car deduct $600! We own the car! their not buying it from us, we want it fixed thats what were paying insurance for! What can I do? |
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ta_reeves
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| Posted: Fri Apr 22, 2011 11:02 pm Post subject: |
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Technically, yes they are buying the car from you in it's pre-accident state (condition it was before the accident). The current market value of the vehicle, minus any deductions-mileage, pre-accident damage, options etc. is what you would expect to pay for it at it's retail value. The deduction is what the insurer would receive for it's salvage value. They keep the amount a salvage yard would buy the vehicle for, and you keep the rest. What is the estimated cost to repair the vehicle? Does that number reach 60-80% (depending on where you live) of the vehicles value? Did the adjuster provide you documentation of the vehicle's value and how he was able to determine the ACV (Actual Cash Value) of it. What documentation do you possess that shows the value to be at the numbers you have provided? Of course you would want it fix, but if the amount to repair it exceeds the ACV, why would want to have it repaired?
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Trench
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| Posted: Sat Apr 23, 2011 12:53 am Post subject: |
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| Quote: | | The value to us before the accident was substatantial say $6000-7000 |
The value to the owner could be a millions dollars.... this does not make the market value that much. You want them to pay whatever amount you think it's worth and keep it with no salvage deduction? |
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tcope
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| Posted: Sat Apr 23, 2011 9:24 am Post subject: |
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| Quote: | | Does that number reach 60-80% (depending on where you live) of the vehicles value? |
This is a very important question that you need to think about. It's not just about repairing, you'd also need to count on it's safety after it gets repaired. |
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steven
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| Posted: Thu May 19, 2011 9:29 pm Post subject: 2002 Ford Taurus SE |
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My 2002 Ford Taurus SE Wagon was damaged in the recent hail storms. The insurance rep said the damage was over $10k, so he "totaled it." He did a very thorough inspection and emailed me a 15 page report to place the value at just under $8K, with sales tax. He said they would take the deductable ($500) and the salvage value (he estimated no more than 30% of the value of the car pre-hail damage) and pay me the remainder if I wanted to keep the car. Which I do, the car is in great shape (except for the hail damage) and has less than 45K miles on it. So, given his estimate of the salvage value, I should clear about $5k. Not enough to get everything repaired, but better than some are getting.
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Hail No
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| Posted: Thu May 19, 2011 9:29 pm Post subject: |
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My 2002 Ford Taurus SE Wagon was damaged in the recent hail storms. The insurance rep said the damage was over $10k, so he "totaled it." He did a very thorough inspection and emailed me a 15 page report to place the value at just under $8K, with sales tax. He said they would take the deductable ($500) and the salvage value (he estimated no more than 30% of the value of the car pre-hail damage) and pay me the remainder if I wanted to keep the car. Which I do, the car is in great shape (except for the hail damage) and has less than 45K miles on it. So, given his estimate of the salvage value, I should clear about $5k. Not enough to get everything repaired, but better than some are getting.
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