by sillyana703 » Mon Apr 27, 2009 02:44 pm
my car was declared totaled about a month ago. my insurance adjuster told me they will not pay the retail value for my car, and if I don't accept their offer, they will send the car back to me and close the claim. is this right?
Posted: Tue Apr 28, 2009 04:59 am Post Subject:
my car was declared totaled about a month ago. my insurance adjuster told me they will not pay the retail value for my car, and if I don't accept their offer, they will send the car back to me and close the claim. is this right?
Is it the exact language in which you have been told by the insurance company? What do you mean by 'close the claim'? Regarding the value of the totaled car, the insurance company would always pay the actual cash value of the vehicle and that is what you are entitled for.
A vehicle suffers wears-and-tears over its age. And, its value reduces over the years. Therefore, the insurance company would only pay the amount that the car would have fetched in a sale just before the accident.
~Jeremy
Posted: Tue Apr 28, 2009 05:20 am Post Subject:
Jeremy, I think the insurer has suggested that it would write the claim check subtracting the salvage value and let the owner retain the car. But, yeah the OP needs to clarify this point since we are only assuming things over here.
Posted: Tue Apr 28, 2009 07:56 pm Post Subject:
The way it sound from the way sillyana put it is that the insurance co would give them the car back and treat the case as if it didnt happen. The insurance would not pay anything and sillyana would have a totaled car to deal with and no money from the insurance co. Definitely need more insight to the matter.
Posted: Wed Apr 29, 2009 01:50 am Post Subject:
Chad is right.
They are asking me to accept the "firm offer" and send them "the Power or Attorney forms" within 10 days, otherwise "we will assume you are not pursing this claim further".
Nothing else was offered
Posted: Wed Apr 29, 2009 03:19 am Post Subject:
What this sound like is that the OP wants retail value for their car and the insurance company is offering actual cash value. Actual cash value is what is owed and not the retail value. It sounds like this has been ongoing and the insurance company is telling the OP to "move or get off the pot". They feel their offer is fair and if you are not going to accept it, you either need to show them where their offer is incorrect or accept it, and sign the paperwork. So now it is up to you to show them where their offer is not fair. (this needs to be back up with some sort of documentation and not just a verbal "you are lowballing me".) And remember, they are not going to offer you want the dealership is selling it for down the road.
Posted: Wed Apr 29, 2009 04:40 am Post Subject:
The way it sound from the way sillyana put it is that the insurance co would give them the car back and treat the case as if it didnt happen.
Can they do that? I've never heard that an insurance company can actually tell the claimant to accept the deal or they will simply ignore the claim.
However, I agree that OP is entitled only for the actual cash value and the insurer wouldn't entertain the idea of paying the retail price of the car.
Posted: Wed Apr 29, 2009 12:08 pm Post Subject:
OP, yes and no they can do that...(how's that for a straight answer? :roll: )
If they are giving you the ACV (actual cash value) offer for your vehicle..and you (for whatever reason) think it's worth more...it's up to you to prove this value...what exactly is the difference, and how are you basing that difference? What kind of vehicle do you have, what is their offer and what do you think it's worth and why? If they are making a fair offer and you are refusing it, without merit you are at a stand still and they won't budge, then yes, they may try to close the claim...Personally I've not seen it done, I have however seen a draft for acv minus salvage value sent to the owners...please expand on the problem, also add the state you are in please.
Posted: Wed Apr 29, 2009 02:07 pm Post Subject:
well. I never said that I want the "retail value" of my car --- that's the adjuster's word.
After I got my CCC total loss report, it raised so many questions in me as I read it, and I talked to my adjusters about them. I even ordered the carfax report just to look at some of those very questionable extremely low valued cars, just some, but I found lots of problems: some has no VIN, some the Ad listed mileage was roll back; some has multiple major collisions (more than 3), some didn't pass Emission inspections etc... the list goes on.. I meant, how can I be settled when my questions were not answered?
Believe me, I was a person never care about car (my only requirement for my car is comfortable and reliable). After I heard the word "totaled", I made myself learned hell a lot of it online. including many of very informative and insightful threads and articles posted on this site. some are very touching and wonderful human experiences, like Lori and the college girl... and I come to recognize many of the senior members name...
This "total loss" experience has become an interesting experience for me ...lol
Posted: Wed Apr 29, 2009 02:38 pm Post Subject:
Hi Lori "Mama", good to hear from you :-)
I was kinda of waiting for your reply after I read many threads from you.
Can you run a AVC on my car please?
my car is 2000 Toyota Camry LE with less than 55k mileage on it. it was a factory-ordered car and I was the first and the only driver of it. the car has upgraded/options, incl: JBL premium sound system, keyless entry, power driver side seat, front side impact airbag and reclining lounge seats
The car is in mint condition: very clean interior and exterior, never had any problem, regular dealer maintenance and regular oil changes using the highest quality synthetic motor oil available
and my zip code is 20165
Posted: Wed Apr 29, 2009 03:20 pm Post Subject:
Poster, look in your policy to see if you have the "appraisal clause" where you can contractually dispute the value. If you do, you should be able to accept the undisputed value settlement offer (meaning that they claim it is worth "at least" what they are offering) invoke the appraisal clause to dispute the difference in which you claim it may be worth. You could then let your salvage go knowing they have to also hire an impartial appraiser to then handle their portion of the appraisal. Those appraisers will elect an umpire if they are unable to settle the dispute between themselves. The appraisal process could cost you 150 to 500 dollars but gain you substantially more if the difference is in the thousands. This may be necessary to prove your loss if your insurer will not budge on their offer.
You should look onlilne such as Carmax, autotrader, edmunds, etc and locate cars like your's for sale in your area. Consider the options and mileage and ask what the seller would take for that vehicle. Also ask if car fax or vehicle history reports are available for those vehicles. You could use actual comps of your own to dispute your claim.
If you need help in your area, I may be able to put you in touch with a pro-consumer collision repairer in your state or area, to assist you in invoking your appraisal clause or simply getting you resources you can use. I would be glad to send you a sample letter (not a template and not legal assistance) to use to invoke the appraisal clause. A similar letter helped another poster here, raise his settlement substantially. You should be conducting your communication via fax or email to document your settlement or claim so that later no one can claim any miscommunication.
Add your comment