acv not accurate

Posted: Thu Jul 03, 2008 10:27 am Post Subject:

You will need to have proof that the vehicle is worth more than they say it is...How did you come up with the 6k figure? How did they come up with their number? Go over their evaluation carefully make sure there are no errors, then provide them with your documentation to the contrary.

Posted: Thu Jul 03, 2008 01:11 pm Post Subject: acv not accurate

My hubby spoke with adjuster yesterday she said thier est for repairs was 4300. and they considered it a total loss but my husband told her we had ivested more than that in the last 90 days, custom paint, eng prevent/maint nothing was wrong , tires, chrome upgrades, sound/alarm system, i got my figure 6000 by looking at craigslist and autotrader, nada,

Posted: Thu Jul 03, 2008 01:30 pm Post Subject:

I'm sure the custom paint cost a lot... but most likely, unless some exotic paint was used, it's not going to add much to the value as repainting a car is repainting a car. As far as the other items you named, some are maintenance items... that is, they don't increase the value, they maintain the value. Also keep in mind that if you put some aftermarket part on the vehicle, it's not going to increase the value by the same amount it cost. It will actually increase the value very little.

I'm guessing the prices you saw were the asking prices? If so, there were not the selling price that should be considered. It's extremely rare that someone is actually paid what they ask for on the vehicle. That is, the asking price is inflated.

but by nada price 2450-4000 you cannot touch a miata in like condition for about 6000

i got my figure 6000 by looking at craigslist and autotrader, nada

Posted: Thu Jul 03, 2008 01:43 pm Post Subject: acv not accurate

the adjuster just told us the repair est. not thier Acv, I got the nada and looked on autotrader, craigslist even asking price is not gonna come down 2000

Posted: Thu Jul 03, 2008 01:49 pm Post Subject:

I misunderstood. Bottom line, the insurance company can pay the vehicles value even if the cost to repair it is $1. Also, most states _require_ insurance companies to consider a vehicle a total loss if the repair cost is a certain percentage of the value (usually 70% or 80%).

If this is the case, you either have to prove to them that the value is much higher then they have determined, which would be difficult at this time since they have not said what the value is, or show that the repair cost is actually much lower.

My recommendation is to wait to see what they determine the value is and go from there. Until then, your trying to benchmark an unknown amount.

Posted: Thu Jul 03, 2008 05:06 pm Post Subject: acv not accurate

you're right i'm just frustrated because once they found out I was injured as well, it seems to be a whole different attitude. Accident happened 2 wks ago, they admit fault, then they said before it can go to auto body it needs to be seen by one of their adjusters, whom never announced when they came to my house, and must have only peeked under the cover. But since the accident i've been bedridden. So I've had time to check out nada, autotrader etc..

Posted: Thu Jul 03, 2008 05:57 pm Post Subject:

I understand completely! I'll see if I can put a few things in perspective...

These days carriers need to prepare for the worse. I've seem hundreds of claims were the impact was at around 5mpg and people get attorneys and have about $10,000 in medical treatment. I'm not saying it's wrong... but you can do the math. This is why they want to inspect the vehicle... to better understand the amount of the impact. But I'm guessing even if you were not injured, they'd still want to inspect it. This is normal.

As far as the appraiser looking at the vehicle and not speaking to you... it's not the best way to do it but there is a reason. The appraiser needs to look at as many vehicle as he/she can in a day. If he/she can is slowed down, it means that some owner are going to need to wait. But you also need to put this together with the 2nd part and that is, the owner's input is really not needed for what the appraiser is doing. They are going to inspect the visual damages to the vehicle. Once it's in the repair shop the shop can tear it down and let the appraiser know about any additional damages. This might even work to your advantage in that the initial review of the damages might only account for a smaller portion of the over-all damages. So the _initial_ appraisal might be low. So it may look repairable. If they find more damages later on and this pushes the repair cost up to or slightly over the total loss threshold, they might still pay to have it repaired (which is what you want). It certainly can't hurt you if things were missed up front.

As Lori mentioned, I'd call the adjuster and let them know that you've added many things to the vehicle which may not be accounted for by the appraiser (trust me... appraisers miss a _lot_ of options and add ons when writing up total loss sheets!) so the vehicle might look like it's close to being a total loss but it may really not be. Also (as Lori mentioned) let them know if at all possible, you'd like to see the vehicle repaired and not totaled out. Let them know it means a lot to you and you'd really like to have it repaired. Chances are good, if it's close that they can pay with some numbers and make this happen.

Posted: Thu Jul 03, 2008 11:23 pm Post Subject:

Sorry you are laid up, they do have you in a rental right? The injury claim and the vehicle damage claim are totally separate...so don't worry about how long it takes them...one thing I can tell you from experience, is they are looking for parts :roll:

Tcope has given you good advise, let's wait and see what the offer is before we get to excited, however prior to them making the offer, just give the adjuster a quick call...say, I thought I should let you all know , blah blah, when you had it repainted, what all you have done, and offer to fax the receipts (if you don't have the receipts, you might have to forget about those items)...although as T has explained you will not be getting all that you paid (if any it will be no more than 50%)...and also let them know (not demandingly) what your preference would be repair or total...

Let us know if we can help any further...hope you get to feeling better soon.