by balvarez » Mon Aug 24, 2009 02:51 pm
I have a quick questions about two things:
1. The insurance company we have is using Auto source to value a total loss vehicle and they are valuing the vehicle at a significantly less value than NADA puts for the car. Does anyone know the process of Auto source? and
2. Can anyone suggest steps in fighting this total loss valuation process.
It is a 2003 Toyota Corolla S.
1. The insurance company we have is using Auto source to value a total loss vehicle and they are valuing the vehicle at a significantly less value than NADA puts for the car. Does anyone know the process of Auto source? and
2. Can anyone suggest steps in fighting this total loss valuation process.
It is a 2003 Toyota Corolla S.
Posted: Mon Dec 14, 2009 01:43 pm Post Subject:
All states are different, but in PA there are 3 approved methods for valuation. The state dictates that the 2 guide method be used unless guide values are not available. The second method is dealer quotation and the third is used almost exclusively for "classic" cars. On a previous loss I tried to get the insurance company to even look at the dealer quotations (which were 1500 above guide values) and they simply responded they didn't have to because the state only requires them to use the guide sources. PA also requires the insurance companies to disclose all valuations used so I know for a fact that the only sources for determining value were NADA and autosource. Autosource of course only listed a single transaction and it was a private party sale, but NADA doesn't provide any comparable information on their valuations. At least there were no comparable vehicles listed on the valuation that was provided to me. If they had done other valuations and not provided me records that would be a violation of state law. The insurance companies will refuse to look at any other valuation because the state will require them to use the highest 2 values. The only way to fight it is to take the at fault party to court and sue them directly. The insurance companies know it will cost you more to fight it than to just accept whatever they offer.
Posted: Sat Jan 02, 2010 04:24 pm Post Subject: help
does anyone know the laws in Virginia, Also, every car they reported to me as a comp is sold..nothing available to buy accept 500miles away, which they say can't be used.
Posted: Sat Jan 02, 2010 04:33 pm Post Subject: help please
I am fighting Lib Mutual now..had a 2002 escalade ext in perfect condition (they call it good) only 57k miles...I cant find a replacement vehicle except 463 miles away, they say too far to consider as comp. Their comps on the other hand have all been sold (no pics or anything). There is one I saw that does look comparable but doesnt have the equip and has 11k more miles..How do I make them give me that amount?
Posted: Sat Jan 02, 2010 08:58 pm Post Subject:
does anyone know the laws in Virginia, Also, every car they reported to me as a comp is sold..nothing available to buy accept 500miles away, which they say can't be used.
I used to work in VA, what exactly are looking for as far as laws? Don't really understand what you mean by comp that is sold. What reason did they give you about the mileage?
Posted: Sat Jan 02, 2010 09:24 pm Post Subject:
Never mind, I know what you mean about comp now. (bangs head against wall) :lol:
Posted: Sun Jan 03, 2010 12:49 pm Post Subject:
Trench, I think the OP (also) wants to know what the VA laws regarding acceptable means to determine ACV are..
Get all your information together, and present it to the carrier...also call some local good used car dealers ask them what they would ask for your vehicle if on their lot.
Also it would be very rare to have a 'daily driver' that is in excellent condition.
Posted: Thu Jan 14, 2010 05:23 pm Post Subject: Insurance company total Loss guidelines in Illinois
Hi, We feel we are being ripped off, Can someone help Please? Our insurance is low balling us as NADA & KBB shows thousands more then our insurance company wants to pay out on our total loss car, Does anyone know if Illinois has the law where insurance companies have certian guidelines on payouts on a total loss car or can they pick which vlaue company they wish. Thanks!
Posted: Fri Jan 15, 2010 12:17 am Post Subject:
Kimmy you need to help us out here with more info..
Our insurance is low balling us as NADA & KBB shows thousands more then our insurance company wants to pay out on our total loss car
No carrier that I'm aware of uses the KBB..Many use NADA..what we need to know first...is how did your carrier come to the ACV (actual cash value) of your vehicle? Meaning, did they use CCC, or another such data bank..they HAVE to tell you HOW they arrived at the value...What is your vehicles yr/make/model/mileage and options?
Was there ANY unrepaired prior damage to your vehicle, such as hail? torn, ripped or burned seats..dents, peeling paint etc?
What do you think your vehicle is worth? and how did you reach this value?
What is the ACV your carrier has come up with?
Does anyone know if Illinois has the law where insurance companies have certian guidelines on payouts on a total loss car or can they pick which vlaue company they wish. Thanks!
yes, it appears they do...this is the linkhttp://www.insurance.illinois.gov/autoinsurance/total_loss_auto.asp
In part it says,
If the insurance company declares your car a total loss, they must provide you the following information within seven (7) days
I gotta add, this (that I put bold) is very unusal...When you file an automobile insurance claim, your insurance company has three options:
Replace the damaged or stolen property;
Repair the damaged property; or
Pay for the loss in cash.
Replacement
I didn't find anywhere that it said exactly 'which' guide books, they have to or can use. But it sounds to me like if they can find comp vehicle, (which I'm betting they did right?), then they can offer to buy it for you...did they? Then if you reject that replacement then they only owe you what you (or they) could've purchased it for...and that makes sense. ACV is really determined by what you can buy it for...If the insurance company elects to replace your vehicle, the replacement must be a specific make and model comparable to your totaled vehicle, and it must be available in as good or better overall condition than your totaled vehicle. Replacement vehicles must be purchased through licensed dealers. Vehicles that are not more than three years old must be warranted.
If you reject a replacement vehicle, the insurance company must pay only the amount it would have otherwise paid for the replacement vehicle including applicable taxes, transfer and title fees. The company must offer you the replacement vehicle and you must reject the offer.
Cash Settlement
If the insurance company elects to make a cash settlement for your totaled vehicle, they must first determine its retail value. Companies normally use guidebooks or computerized data marketed by various sources.
If your vehicle is not listed in one of these sources, the company can use written dealer quotes. Ordinarily, however, newspaper advertisements are not acceptable sources of market value.
Betterment Deductions
The insurance company is allowed to make deductions from the retail value if your automobile has old, unrepaired collision damages. There is no limit to the amount of the deduction. The insurance company can also make deductions for wear and tear, missing parts and rust, but the maximum deduction may not exceed $500.00. All deductions must be itemized and specified as to dollar amount.
So what did they offer you and what do you think you're due and why?
Posted: Mon Feb 15, 2010 03:56 pm Post Subject: Autosource Valuation
2000 Expedition totaled this week. We were not at fault. Liberty mutual hasnt contacted other parties insurance company and have provided me a replacement value nowhere close to comps in metro area. Outside of metro area where emissions are not reqired there are several comps but who knows if they will pass emissions test and you cant test it until after you buy it. Most difficult problem is finding comps within the same year with equal options. Thought my inrance company would work for me and not against me. I've been with them for over 30 years and maybe its time to make a change. I have 5 vechicles (2 underage drivers), house, and boat with them. One months premium is what we are attempting to get them to add to adjust the adjusted value so that more comp vehicles are included in the valuation. No luck so far.
Posted: Mon Feb 15, 2010 10:55 pm Post Subject:
Thought my inrance company would work for me and not against me
They are Bret, but they can only pay the ACV (actual cash value) of your vehicle. If you'd like to post the milege, option, (4 or 2 wheel drive, 4.6L V8, aux. fuel tank, leather seats, sunfoor, tow/camp package,) 'which' expedition is it? Eddie Bauer or XLT? Is there ANY unrelated, unrepaired prior damage? I'd be happy to check the value I get for it..You need to ask them to send you a copy of the evaluation, make SURE they have all the information correct. Check the comps (like you have), by calling them..Call some local dealers and ask them the 'take' price for your vehicle on their lot..I've been with them for over 30 years and maybe its time to make a change.
maybe, but I'd not make any rash decisions just yet, if you've been happy with them thus far..I have 5 vechicles (2 underage drivers), house, and boat with them. One months premium is what we are attempting to get them to add to adjust the adjusted value so that more comp vehicles are included in the valuation.
Well unfortunately that can't come into play...if so then that would mean the guy that has one car, and pays 50bucks a month should get shorted...No luck so far.
Hang in there, lets do some checking and see where we are...What are you basing your number on (exactly)?
What state are you in?
We were not at fault. Liberty mutual hasnt contacted other parties insurance company
Why not? So you are insured with Liberty Mutual...but you haven't filed a claim with the at fault party yet? See you are in a decent position, in that you can get the ACV from both carriers (your's and the at fault guys) then take the highest...I'd get to work on that too...tell your carrier, that you want to see what the other carriers evaluation is (do you know what company it is)..?Add your comment