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 Posted: Wed Jan 04, 2012 8:18 pm Post subject: Autosource |
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I find it interesting that Autosource offers a free vehicle search for a replacement vehicle that Liberty Mutual has determined totaled because of Autosourced valuation only after the insured has settled with the insurance company and not before. So in other words Autosource does not want to be in conflict with the valuation they have contracted to supply Liberty Mutual and what value the consumer may find in the real world used car market when trying to find a replacement. All I know is that in good faith effort I have not found nor will be able to find a replacement car at the value Autosource has determined.
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Liberty B.
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| Posted: Wed Feb 15, 2012 5:33 pm Post subject: Motorhome total loss |
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My insurance company, State Farm, is basing the replacement value of my total loss on AutoSource's valuation only. Their evaluation is only 78% of NADA's and I am unable to determine whether or not they included options, as NADA did. Any suggestions on my next move?
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Jim C.
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| Posted: Wed Feb 15, 2012 10:10 pm Post subject: |
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| Quote: | | Any suggestions on my next move? |
Sure . . . all states' fair claims settlement practices laws require the insurer to provide the basis on which a claim is being paid (settlement offer). Have them produce the printout showing the vehicle factors on which they based their valuation.
If there are significant differences between that printout and your vehicle's specs, raise the issue with the claims rep. Provide an accurate NADA printout for your vehicle as a comparison.
Don't settle until you believe the offer is genuinely fair.
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MaxHerr
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| Posted: Fri Apr 06, 2012 6:21 am Post subject: ACV for our totaled Van |
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Our van was in an accident two weeks ago. Other driver was 100% at fault (we were at a dead stop stuck in traffic on a freeway exit and other driver rear-ended us at full freeway speed.) Other driver's insurance is Allstate. They originally were going to repair it, but then found additional damage and decided to total it. They quickly tried to get us to agree to a settlement which I flatly refused. We've been looking all over for a comparable van for the two weeks and to get a comparable van to ours would cost at least $3k+ more than they are saying the ACV is.
Basic stats:
2008 Toyota Sienna LE
Fairly standard options with exception of a few items that add value (alloy wheels, second power sliding door, etc.)
Additionally it was in excellent condition inside and out (Allstate's inspector even said it was "excellent" but could only give it "good" because that's the highest rating he can give a used car.
And we only had 23k miles on it. (Allstate's "average" for a comparable van is 61k.)
On their valuation, the average prices of the 10 listed vans equals right around what they say the ACV for our van is. However, not one of their "comparable" vans has less mileage than ours. The closest one has 30k miles and sold for $2k more than the ACV.
All the vans in the 30-50k miles range are all more than the ACV their stating for ours except one which is only $300 less. The other vans with more than 50k miles are the ones dragging down the "average" - like one with 80k miles and one with 100k miles. Of course the ones that have been driven into the ground aren't worth as much!
How do we argue that a even though they are the same year, make, and model, a 6k miles per year van (in excellent condition - even according to their adjuster) is not "comparable" with a 20k or 25k miles per year van (probably rentals that are beat up)? And that a comparable van is one with comparable mileage, not just same year and similar options? Not all mileage is equal - very low mileage cars sell for a premium and that's not being taken into account. (They're offering a pittance of 5 cents per mile.)
When I spoke with the inspector again, I stated all these things and he came back with he's "not really a car expert" so he wasn't able to discuss those things with me. He would have to transfer me to another office and talk with another person.
Any suggestions on how to get a "reasonable" value for our van?
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Allstate's ripping me off
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| Posted: Fri Apr 06, 2012 1:23 pm Post subject: |
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First, see my sig.
Feel free to provide supports of your information. That is, book values of selling prices and selling prices from other locations. Just keep in mind that asking prices are not the value of a vehicle.
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tcope
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