by csavoie » Mon Nov 24, 2008 06:39 pm
I own a 2004 Nissan Sentra, bought it in 2005 with 5k miles on it and paid around $9.5k. It was a salvaged title. It now has around 80k miles and was totalled a couple weeks ago. The insurance company is only offering me $3k which is the balance of the loan. How do I fight this dollar amount? Where do I get back up to support my thoughts that I should be reimbursed more? Any help is appreciated!!
Posted: Mon Nov 24, 2008 09:08 pm Post Subject:
How much is your vehicle worth? Lets start there... as you ask how you can fight the amount they are willing to pay but don't mention if it's correct or not. To know what it is worth, look up the NADA price and subtract 25% for the salvage title.
Posted: Mon Nov 24, 2008 09:12 pm Post Subject:
I did try looking it up and was confused on which value I should use...rough trade in is $4.8k, average is $5.7k and clean trade in was $6.5k then they also listed clean retail of $8k....
Posted: Mon Nov 24, 2008 09:45 pm Post Subject:
Start with $8000 and subtract $2000 for the salvage title, which leaves $6000 tops for the vehicle. Is the vehicle in perfect condition? Also, subtract your deductible. Is this different then the amount the vehicle insurance carrier is offering? If so, obtain the information they used to determine the value and review it for errors.
Posted: Mon Nov 24, 2008 09:48 pm Post Subject:
You are thinking like I was! Good it isn't just me! I also looked up this car on Kelley and for excellent condition it is worth $8,650. Our deductible is $500. I wouldn't say the car was in tip top condition but it was a nice looking car.
Thank you for your input!
Posted: Tue Nov 25, 2008 06:31 am Post Subject:
The salvage title on the car will immediately reduce its value, like tcope has mentioned. Adding to it are the wear and tear factors, which too will reduce the value of the vehicle further. Plus, any un-repaired and prior damage may also contribute towards lowering the car's value.
You may subtract these factors from the value you have obtained from the NADA site to get a fair idea of the totaled value. Most of the insurers don't refer to the Kelly's book anymore to determine the value of the vehicle.
Anyway, just stick around, others will be shortly available with suggestions.
Posted: Tue Nov 25, 2008 11:28 am Post Subject:
They shouldn't be offering the loan amount, that hasn't a thing to do with the vehicles ACV (actual cash value)...They will deduct about25% for the salvage title, but they will also deduct a percentage of UNREPAIRED prior damage...ask for a copy of their evaluation and carefully go over it..let us know when you get it and we'll see if we can help..in the mean while call at least three good used car dealers and give then the specifics on your car..more than likely they would auction sell it, if it traded in but ask them to give you an amount they would sell it for (be sure you get names and phone numbers)...Stay away from KBB no company uses that...and trade in isn't the value they use either should be retail value...
This is your carrier right? What state do you live in? Sounds to me like they are hitting you for ALOT of prior damage...get clarity on that as well..
Posted: Tue Nov 25, 2008 02:12 pm Post Subject:
Thank you for all the good information!! I will call around and get some estimates like suggested. I guess I'm not sure what damage they would deduct for unrepaired damage because there wasn't any....I've never had a claim like this before so this is all new to me and I just don't want to be taken advantage of. I just want to make sure it is being handled fairly!
I live in Minnesota...
Posted: Tue Nov 25, 2008 03:10 pm Post Subject:
Is the other persons ins. co.? Can you get an evaluation from your own carrier? Invoke the appraisal clause if you don't agree with the amount? Lori?
Posted: Tue Nov 25, 2008 03:13 pm Post Subject:
This is our insurance carrier...it is a toss up on total fault of the accident. We were told by a lawyer we had consulted that it could go either way on fault. So, I'm guessing it is just our insurance carrier that is paying for the loss of the car....
Posted: Tue Nov 25, 2008 03:42 pm Post Subject:
Sounds like a regressive insurance company with the unrelated prior damage theory.
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