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: Wed Feb 15, 2012 10:10 pm Post Subject:
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.
Posted: Fri Apr 06, 2012 06:21 am Post Subject: ACV for our totaled Van
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?
Posted: Fri Apr 06, 2012 01:23 pm Post Subject:
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.
Posted: Thu Jul 05, 2012 05:44 pm Post Subject: 2001 Mercedes BRABUS
Had accident 2 weeks ago where a male driver decided to make a U-turn from the right hand lane, my passenger side (CRAZY) anyway Liberty Mutual is offering me $11,000. I'm having an extremely hard time because the car was in immaculate condition engine awesome serviced low profile rims and tires, an extremely great car absolutely beautiful. Having hard time finding the actually value of a Brabus S-500 Benz. HELP! first accident and I don't want to settle. HURT & ANGRY
Posted: Thu Jul 05, 2012 06:01 pm Post Subject:
Does no one ever read to start a new thread.... :(
I'm having a hard time as well as.... you don't mention the year, miles, or options. Feel free to review NADA for a value. Feel free to review the adjusters information.
Posted: Sun Jul 08, 2012 04:28 pm Post Subject:
I'm having an extremely hard time because the car was in immaculate condition engine awesome serviced low profile rims and tires, an extremely great car absolutely beautiful.
None of this really matters unless you have a type of policy known as "stated value". That usually applies to antique or collector cars, or to show cars, not usually to cars used every day for transportation.
Your rims, if not factory standard, might increase the value some, as would your tires, if unusually expensive and fairly new. But we are all expected to keep our engines in good working order, the brakes serviceable, and the vehicle is sound mechanical condition. The cosmetics are not normally a consideration.
Posted: Thu Jul 12, 2012 05:21 pm Post Subject: Autosource does computer queries
They DO NOT speak to dealers, they do a computer query searching for the lowest price vehicle. This search includes local papers and craigslist. Condition of these vehicles is not verified, so doesn't need to be running at all.
They compare all models, so if yours is high end it will be compared with base models.
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