by stacy.fowler » Wed Dec 05, 2007 04:06 am
I was parked at work and my car was hit. It was hit so hard that it cause my car to hit another car which hit yet another car. NIGHTMARE! I just bought my 95 Buick La Sabre in August for roughly 5,000. I owe about 4,000 still. The insurance company is telling me that thay will pay NADA value. That is roughly 2500. DANG. How do I negotiate value please?
Posted: Wed Dec 05, 2007 06:43 am Post Subject:
NIGHTMARE!
Quite likely. I wonder what the other vehicle was and who was driving that.
Anyways, if you don't agree with the value the insurer is paying for the car you always stand a chance to dispute. But for that, you need to prove it before their adjuster that the car is worth more than what they have offered.
It requires a bit of homework form your side.
Ask some of the local car dealers what they will offer for the car. And try to obtain their quotes in writing. It'll back your claim while negotiating for a higher value.
You can run a check in kbb.com. It'll give you a fair idea about the value of the car.
Take care. :D
Posted: Wed Dec 05, 2007 06:50 am Post Subject:
Well, try to keep the undermentioned facts in mind
Posted: Wed Dec 05, 2007 09:06 am Post Subject:
Have you asked the insurer/adjuster how they have arrived at the value?
Try to get a hold of their estimation and check it. Many times the adjuster may overlook important factors that will add to the value of the vehicle.
Thanks,
Feelgud
Posted: Wed Dec 05, 2007 10:51 am Post Subject:
Good morning Stacy and welcome to the community...
You have already reaceived good and acurate advise. I ran your vehicle without benefit of mileage or conditon, a vehicle of this age, options don't even come into play. Unfortunately you paid WAY TOO MUCH for this car to start with. I don't know your circumstance or how you got drug into paying twice the value of this vehicle even a year ago....You can (as prior posters have mentioned) try and PROVE your vehicle is of higher value but I sincerely doubt you will be able to.
Do you have GAP insurance? Your lein holder will know this, GAP is an insurance policy that pays the 'gap' between what you owe and the ACV (actual cash value) of your vehicle. Unfortunately that is your only real hope...Unless you can get your leinholder to sign off on the entire note with what the insurance company pays.
If this is a ''we tote the note'' car lot, you might get them to go for it...talk real sweet....I'm very sorry you find yourself so terribly upside down in the car. But the insurance company doesn't owe for overpaying for a vehicle. :cry:
Posted: Wed Dec 05, 2007 02:33 pm Post Subject:
Wow, this is really terrible for you.
Could it be possible for the person who committed the crash to pay for the remainder of the money the insurance company will pay you? In my little puny mind, I'm just thinking that its the driver's fault so why not pay for it?
Posted: Wed Dec 05, 2007 05:27 pm Post Subject:
Havr you checked the price of your car on NADA? That is the 1st thing I'd do. In that your wondering how you can get the carrier to increase their offer, I'm betting you don't disagree too much that $2500 is correct per NADA.
I'll mention this as I've mentioned it before... many local "buy here, pay here" places deal with people who have poor credit. As such, they increase the price of the vehicle _way_ above what it's worth. States have laws that state the highest limit that can be charged on interest. These dealer get around this by just increasing the price as I mentioned. In these cases, the buy is _really_ getting taken to the cleaners on what they are paying for the car. Is it possible this is what happen in your situation? If so, and I'm not trying to be your mom :) ... when you replace the car (if you do) you really need to consider getting on the right track. Perhaps picking a $150 car just to get around and putting $500 down on it. Anything to get yourself on the right track. I realize that this is financial advise and that your asking about your claim but this might help as well.
As far as the claim... you need to make sure the adjuster considered all correct information about your car. Obtain a copy of their valuation and make sure they included all the options on your car and even the correct mileage (you can also run your car yourself on NADA to see if you arrive at the amount they did without the need for their valuation).
You also don't mention if the $2500 is the value or the amount they will pay... after your duductible (i.e. your deductable could be high, which greatly lowers the amount they will pay).
Posted: Tue May 17, 2011 12:25 pm Post Subject: OjswPIrRSR
About3500.. Ho-o-o-o-t :)
Posted: Fri Jun 03, 2011 10:06 am Post Subject: PnlRyyloQpHuulcNuV
About3500.. Awesome :)
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