by Uthoff » Wed Sep 10, 2008 10:25 pm
My vehicle was involved in a collision. High speed chase ending at the rear end of my 2006 Grand Caravan.
Well, adjuster came out and estimated damage to 7800. They told me ACV was 14000. Well, They didn't total the car. I disagree with what the car is worth. I believe it's actually worth a lot less than that. I'm not looking to cheat anybody out of money.
Should i attempt to prove that it was worth less pre accident?
I was hoping they would total it because I have no idea how I am going to sell it or trade it in anywhere now. This guy hit it at 60mph and pushed it over the curb into the neighbors yard.
Does this sound crazy?
I don't really want the car back. The shop told me, "Yeah the rear end was twisted but we can fix it." I think they are crazy. I keep thinking of an aluminum can. Crushing it and how it will never be the same again.
Well, adjuster came out and estimated damage to 7800. They told me ACV was 14000. Well, They didn't total the car. I disagree with what the car is worth. I believe it's actually worth a lot less than that. I'm not looking to cheat anybody out of money.
Should i attempt to prove that it was worth less pre accident?
I was hoping they would total it because I have no idea how I am going to sell it or trade it in anywhere now. This guy hit it at 60mph and pushed it over the curb into the neighbors yard.
Does this sound crazy?
I don't really want the car back. The shop told me, "Yeah the rear end was twisted but we can fix it." I think they are crazy. I keep thinking of an aluminum can. Crushing it and how it will never be the same again.
Posted: Wed Sep 17, 2008 03:14 am Post Subject:
Well, they decided to total the car. Apparently, the adjuster missed something. I talked with the claim rep and he pulled up the numbers on the vehicle.
My concern now is with the GAP. Are these people a hassle to deal with. I've heard they can be difficult.
I believe they are going to try to say the the ACV should be higher. This is expected. They're a business and will surely look to pay as little as they have to. Will this effect my relationship with current insurance?
Will my insurance company hold strong to their offer? Frankly I don't want Joe Bob getting my car policy canceled because he doesn't want to pay out like he promised.
Also, reading the contract from them, the language says, "The portion of the deficiency that results from an original purchase that exceeds 125% of . . . NADA or equivalent for used vehicles is not covered." Will they attempt to exploit this in some way. We bought the car in 11/07 for 19993 (Total). I believe the value of the car was about 19000 when we bought it. It seems to me that this policy should have never been sold if it would have been invalid from the get go but I think maybe they just want to take the money and don't care if the sale meets their criteria or not.
I have a feeling that they are going to offer us about 12000 for payment of the car. Which about 1000 less than book value on a mint Van. Van wasn't mint so I believe this to be fair considering what I discovered after the accident. Are they going to demand and make me go back to the insurance company for more money. I believe ins. Co. will just tell them where to go. I'm not too worried about their stance.
Biggest worry, is GAP going to try to stiff me because of all this stuff.
Thanks in advance. Sorry for being so long winded.
Posted: Wed Sep 17, 2008 10:31 am Post Subject:
I believe they are going to try to say the the ACV should be higher. This is expected. They're a business and will surely look to pay as little as they have to.
They may ask the adjuster 'why is the acv so low or it should be this' (that's what I've heard from a few) then the adjuster explains it...these people seem to always have the wrong car figured or something...any rate that is between your auto adjuster and the gap adjuster or whatever they call them...you shouldn't have to worry about that.Will this effect my relationship with current insurance?
I'm not sure I understand what you mean by that? If you mean in keeping a policy on your next vehicle or what? What relationship are you concerned about?Will my insurance company hold strong to their offer? Frankly I don't want Joe Bob getting my car policy canceled because he doesn't want to pay out like he promised.
Ok now I think I get it...yes most likely your adjuster won't change their mind about the ACV for the GAP company, nor will any arguement they may have regarding acv affect you or your policy.No what they are say is they will cover you if you paid 125% of the value for the vehicle (25% too much) but anything over that, say you paid 135% too much you are responsible for that 10%...doesn't say they won't pay at all just not over the 125%...
We bought the car in 11/07 for 19993 (Total). I believe the value of the car was about 19000 when we bought it
That isn't 125% of the value...so that shouldn't be an issue, however what do you mean by (total) did you roll something else except the cost of the vehicle into the loan, like a warranty etc? if so cancel that warranty you'll get some pro-rata amount back...if you have your sales tax or the balance of another loan or something like they they won't have to pay that I don't think...also if your ACV was reduced due to some unrepaired prior damage, I've seen some gap company's take this out as well..but I think maybe they just want to take the money and don't care if the sale meets their criteria or not.
You're jumping the gun here... :wink: Let's not look for problems... :wink:Are they going to demand and make me go back to the insurance company for more money. I believe ins. Co. will just tell them where to go. I'm not too worried about their stance.
No if they give you any crap at all about the value, give them your adjusters phone number and let them hash it out....they owe everything above the acv to clear the loan, (minus your deductible and if any 'other' things were in the loan)...if they continue in that vein...(or even start it cause we don't know that yet)...then let us know and we will give you some bullets...shouldn't be near the trouble you are anticipating...Biggest worry, is GAP going to try to stiff me because of all this stuff
All what stuff? the ACV being less that the payoff? That's what gap is for! :)Posted: Wed Sep 17, 2008 10:46 am Post Subject:
Lori, first you have been a tremendous help and have helped me sleep better. :-) Thank You.
Yes I was concerned with them dropping me.
You have assured me of the things I was worried about. The internet and uninformed friends can be the greatest cause of worry at 10 at night when you can't talk to anybody and all you have is Google. ;-)
Thank you. I think I read that you were an adjuster somewhere. I just wish it was here.
Posted: Wed Sep 17, 2008 11:09 am Post Subject:
Thank you. I think I read that you were an adjuster somewhere. I just wish it was here.
You're welcome, and that's sweet, yes I'm an adjuster....glad I could help...let us know what happens and if any other questions pop up we'll be here...sleep soundly... :wink:Add your comment