Car totaled, other driver at fault. A few questions

So my 2005 LGT was totaled. A lady speeding on a 35 blew a tire and slammed right into my parked car.

Needless to say, she was held completely responsible. Her insurance company got back to me today and told me the cash settlement would come out to $9,450. She said they took into account my rims and suspension bits to up the value a little. It's sitting at about 87,000 miles. KBB has my car at $9,914 at good condition and stock.

 

My questions:

-Is this fair value for my car?

-If not, how can I negotiate a better cash settlement?

 

Thanks

 

I'm sure you guys want to see a pic.

 

http://i.imgur.com/qcwZLOi.jpg

what state?

no, you dont have to take their offer

have you called your insurance company?

was a police report filed?

is this your only car?

talk to a lawyer and see what they can offer (consulation should be free)

Well that car out my way is worth $15k. So I wouldn't be taking $9K at all.

 

If you look at autotrader in your area what is the purchase price of a similar car. That's what I'd base it off of seeing how you really want to be driving yours.

holy f$#k! anything expensive in the boot that got damaged? gutted.

I would take nothing less then 15 grand. The car had deep sentimental value to you... You did not ask to have your car totaled and be completely inconvenienced... The car is fairly rare and hard to find in good condition...

 

You never take the first offer.

Keep in mind you don't know the mechanical condition of the LGT you may be replacing it with, so you're going to need replacement value, plus enough to get the car in proper shape, these cars can be finnicky if not maintained. Dealers in my area are selling GTs with the same mileage as you for around 15k so I would expect a little more than that to have compression, leakdown, and a couple other tests performed.

what state?

no, you dont have to take their offer

have you called your insurance company?

was a police report filed?

is this your only car?

talk to a lawyer and see what they can offer (consulation should be free)

 

-Illinois

-Gotcha, what would you consider fair?

-Let's say, hypothetically, I didn't. What would the benefit be to let them know?

-Police report was filed.

-I own the car, no money owed.

Man that's rough.

Insurance payout is to replace with like, not what your car is currently worth - mileage shouldn't enter into it at all. I'd say definitely worth more than $9.5k.

 

Boxkita's on the right track.

Always file a police report if damage is over $500. For all we know the lady was high on crack swerving out of control.

I see the consensus is around 15k. Where are you guys getting that #? I paid nowhere near that price for the car when I first got it. That was in 2010.

Nice LGT's sell for 15k all the time in the PNW. But realistically lets say $11-13k fair market value for the car, 1k for your suspension and wheels, 1k for the hassle of loosing your car and all the bullsh%$ run around.

I see the consensus is around 15k. Where are you guys getting that #? I paid nowhere near that price for the car when I first got it. That was in 2010.

 

KBB in my zip says that's what it's worth. Only knocks me $600 for having 10k more then you

 

Used car prices have risen due to cash for clunkers and the poor economy. Less people are buying new cars, thus demand for used rise as does the price. Around here you get a beat to shit civic for $9k.

If they offered me $9k, I'd laugh and hang up.

My next call would be to my insurance agent.

I hope you're in a rental car(provided by her insurance).

Shouldn't that be reflected in the kbb value?

 

Nice LGT's sell for 15k all the time in the PNW.

KBB values range widely by region. I am a fan of NADA values myself.

Sorry to hear about your loss. And I'm also sorry to be the bearer of bad news, but insurance will NOT pay for any sentimental value, money for the hassle of dealing with an insurance claim, money to pay to get your replacement car in proper working order, etc. You are entitled to the market value of your auto in the region in which the vehicle is garaged (vehicle values vary slightly by region). I do not know the value of the car, but the offer does not strike me as unreasonable.

 

An attorney is not going to give you the time of day unless they are handling your bodily injury claim - that is how they make their money. A law firm only helps with the property damage component of the claim as a courtesy when they are representing an injured victim for a liability claim against the at-fault motorist. Since you were not injured, an attorney will not help you, at least not for free.

 

The benefit of notifying your own insurance company is that they may offer you a higher price. 10 insurance companies will give 10 different values for the same car, so it doesn't hurt to file a claim with your insurer (you were not at fault, so your rates will not be negatively affected).

 

You are also entitled to a rental car or the "loss of use" of your car until a settlement is reached. Insurers will normally cut off the rental, or the loss of use period, at the time they make you a settlement offer. This is negotiable if you tell them something like you're aggressively looking at replacement vehicles, but you need another week or so to look around (like, you are going to be out of town on business, some family issue came up, etc. and you need a little more time).

 

The insurance company will also pay you sales tax and the cost to re-title your replacement vehicle. This will be paid up front in the overall settlement.

 

Contrary to popular belief, insurers don't base their prices off of KBB. Banks use KBB to base auto loans. Many insurers use customized appraisal software like CCC which takes regional variations of price into consideration. If you want to see what an insurance company thinks your car is worth, NADA provides a more realistic value than KBB.

 

If you are being offered more money for wheels and suspension upgrades, that is great. You may be working with a reasonable insurance adjuster. About the only things that add value to a vehicle are a new engine or transmission. In such cases, the insurer will want to see a receipt for those items and then take some depreciation based upon the number of years that have passed since the engine or tranny was replaced, like 10% per year.

 

Sorry to see another Legacy headed for the trash heap, and good luck with your claim.

Question: In NZ (or at least with my insurance company) when you sign up for car insurance your yearly rate is based upon type of car and replacement value. That replacement value is based on what you paid for the vehicle such that if it's totaled that'll be the pay out.

Do the US insurance companies work in a different way?

You have a couple of options. Option 1: file a claim with your own insurance, assuming you are fully covered. Maybe you'll get a better deal. Then your carrier will recover from the other party's insurance, including your deductible. (I do this type of work, but not for auto damage.) Option 2: if you can't negotiate successfully, ask for a third party appraisal. It's pretty standard stuff. You may have to pay for half of it (maybe a couple-few hundred bucks, but if you net a few thousand...).

 

Remember, the insurance company's first offer is never their best. They enter stuff into a valuation program and it spits out a range. They offer you the low end of the range. Counter at the high end of your range. Negotiate until you're happy (or do one of the two options above.)

 

Good luck!

Replacement value is just what it says, the amount it would cost you to replace the car. It's based on figures for that found in various places, NADA, etc. It's not based on what you originally paid for the car. I totaled my prior car before I got my LGT and State Farm paid me as I described for a very fair settlement.

 

Question: In NZ (or at least with my insurance company) when you sign up for car insurance your yearly rate is based upon type of car and replacement value. That replacement value is based on what you paid for the vehicle such that if it's totaled that'll be the pay out.

Do the US insurance companies work in a different way?

I would not be taking that low of an offer, you should be suing them for total value of your car.

Btw they owe you a rental car.

I would not be taking that low of an offer, you should be suing them for total value of your car.

Btw they owe you a rental car.

 

Suing... GAWD no suing, just discussing.

Also check edmunds pricing guide

Sorry to hear about your loss. And I'm also sorry to be the bearer of bad news.

 

I was all ready to go into my usual diatribe on this topic, but TC525 totally stole my thunder.

I used to work for Progressive as a claims adjuster and I can confirm everything said to be true unless IL has some wonky insurance laws I am unaware of.

 

There is nothing stopping you from trying to negotiate. But there is nothing stopping them from rejecting whatever offer you come up with.

The best thing to do is to find comparable vehicles in your area for sale and provide them with actual evidence that your car is worth what you are asking for. It's probably not your adjuster's first claim, and I can assure you they have heard every sob story you can come up with many times before. Be polite, do your homework, and don't waste anyone's time and be firm and it'll work out fine.

Suing... GAWD no suing, just discussing.

Suing insurance companies is right, they rip off lots of customers, they have to pay fair value on the car.

Do you have insurance coverage for this? If you do contact your own insurer and see who gives the better offer.

 

What happens is they simply will get the money out the other insurer.

 

I got a $1000 additional from my own insurer in a similar total loss. $3500 vs $2500 offered by offenders insurance. My company simply got the money out of the other thru what they call subrogation.