Posted: Wed Nov 12, 2008 02:37 pm Post Subject: Sorry, please read below.
My car was totaled few weeks ago (not my fault). The other insurance company has come up with price that is way too low. Then 2 days ago, she claims that they have to subtract the price of tires since they are old. What does that mean? I feel I'm being played around. Please advise. Thank you.
Posted: Wed Nov 12, 2008 04:10 pm Post Subject:
""I feel I'm being played around.""
I think your right... and we can all expect to see more of the same as the Economy worsens.
FK.
Posted: Thu Nov 13, 2008 05:01 am Post Subject:
Hi, its absolutely difficult to say whether or not you have been played around without knowing the details about the vehicle, such as its make and model, year of manufacture and so forth. The insurance company owes you only that actual market value of the car, which declines as the car ages. Hence, you might not get the amount that you have paid for the vehicle when you have purchased it.
Let us know the details about the car, and we might be able to help you with its value. But definitely we're not promising to fetch more on the car than its worth.
~Jeremy
Posted: Thu Nov 13, 2008 05:10 am Post Subject:
I feel I'm being played around. Please advise. Thank you.
This might or might not be true. I don't think claim payments have anything to do with the slumps in the economy. The insurance companies can't deliberately downsize a claim amount.
Now, you can ask - is my car totaled ?
The insurance company may send you the estimation sheet. That you can, therefore, check for erroneous entries and valuations. Also I agree with Jeremy, that you may only receive the actual cash value on the vehicle.
Do you still have a lien on the car?
Is the car still drivable?
Posted: Thu Nov 13, 2008 12:19 pm Post Subject:
she claims that they have to subtract the price of tires since they are old. What does that mean? I feel I'm being played around. Please advise. Thank you.
A vehicle is valued based on the tires having 50% of their tread, if there is less than 5 or 6 32nd's left they can take a percentage of that ...most tires come new with 11/32nds...they cannot deduct the entire price of the tires, only the difference, as an example your tires have 2/32nds...and they cost 100 bucks each, that means each 32nd cost about 9 bucks...so the could deduct no more than 36 dollars per tire...it's confusing I know...but in no way can they charge you for the entire tire..the opposite is also true, if a vehicle has a car with 10/32nds the owner could be allowed additional money for that 4/32nds per tire.
Let us know the yr/make/model/mileage, and prior UNREPAIRED damage, and I'll run a value for you, also what are they saying the ACV (actual cash value) is, and why do you think it's too low? How did the carrier determine your value, and how did you?
Posted: Thu Feb 11, 2010 10:53 pm Post Subject: totalled
what would the cash value for a PERFECT condition 2006 CLS500 Mercedes, chrome wheels, new tires, all options, wood trim interior and limo tint windows?
Posted: Fri Feb 12, 2010 12:19 am Post Subject:
There is no such thing as "perfect", but a clean retail value on a '06 with 57,000 miles is about $34,000. Is it an AMG? What is your exact mileage?
chrome wheels, new tires, all options, wood trim interior and limo tint windows
No adjustment for these items. Except for your tires, which may add some value.
Posted: Fri Feb 12, 2010 12:39 pm Post Subject:
The ONLY perfect car would have zero miles and still on the show room floor....
We need mileage, and 'all options' don't fly there are also deducts on this vehicle, do you have, AMG sport package, bose/harmon kardon stereo, navigation system, power sunroof, leather seats, theft RECOVERY system, auto or manual tranny, power seats...
also what state are you in?
Posted: Mon Feb 15, 2010 10:48 am Post Subject: Car Value
what would the cash value for a PERFECT condition 2006 CLS500 Mercedes, chrome wheels, new tires, all options, wood trim interior and limo tint windows?
As Lori says, there can never be a car with perfect conditions on the road. Your car loses its original value by 20% as soon as you drive it off from the dealer.
Posted: Mon Feb 15, 2010 12:03 pm Post Subject:
Your car loses its original value by 20% as soon as you drive it off from the dealer.
Oh Veronica...How many (brand new) vehicle total loss claims have you handled honey? A vehicle depreciates the second it's put in someone elses name, and is driven off the lot, but no way in the world does it depreciate 20% that day ! :shock: If you purchase a brand new vehicle, and pull out of the lot and get creamed and that car is totaled I ASSURE you, NO carrier is going to doc an owner 20%..most likely that vehicle wouldn't depreciate at all, as far as ACV in a total loss. Or if so very minimally. Most (ALL I've ever seen, heard of or handled) current year model vehicle totals, the ACV would be the replacement cost less 'x' amount per mile on the car..
Now, on the other hand if you bought a vehicle left the lot went back a week later and tried to trade it in..yep you might get hit that hard. But that's because the dealership has to make a profit on that vehicle...and that would be a 'trade in' value. TOTALLY different circumstance. We're an "insurance" forum, the questions here are about the same. ACV as determined by a carrier in a total loss situation. Which is what this poster wants to know I'm sure..
Where are you getting ALL of your information? I'm serious I want to know... You've have GOT to start providing true and correct information in your posts! Information that can be supported, not just because you might've 'heard' it some where or 'think' this sounds right...or don't answer that question, if you don't know and are 'guessing' either pass up that question, or say you're 'guessing' :roll: geeeeze I'm getting frustrated.
Posted: Wed Nov 12, 2008 02:37 pm Post Subject: Sorry, please read below.
My car was totaled few weeks ago (not my fault). The other insurance company has come up with price that is way too low. Then 2 days ago, she claims that they have to subtract the price of tires since they are old. What does that mean? I feel I'm being played around. Please advise. Thank you.
Posted: Wed Nov 12, 2008 04:10 pm Post Subject:
""I feel I'm being played around.""
I think your right... and we can all expect to see more of the same as the Economy worsens.
FK.
Posted: Thu Nov 13, 2008 05:01 am Post Subject:
Hi, its absolutely difficult to say whether or not you have been played around without knowing the details about the vehicle, such as its make and model, year of manufacture and so forth. The insurance company owes you only that actual market value of the car, which declines as the car ages. Hence, you might not get the amount that you have paid for the vehicle when you have purchased it.
Let us know the details about the car, and we might be able to help you with its value. But definitely we're not promising to fetch more on the car than its worth.
~Jeremy
Posted: Thu Nov 13, 2008 05:10 am Post Subject:
I feel I'm being played around. Please advise. Thank you.
This might or might not be true. I don't think claim payments have anything to do with the slumps in the economy. The insurance companies can't deliberately downsize a claim amount.
Now, you can ask - is my car totaled ?
The insurance company may send you the estimation sheet. That you can, therefore, check for erroneous entries and valuations. Also I agree with Jeremy, that you may only receive the actual cash value on the vehicle.
Do you still have a lien on the car?
Is the car still drivable?
Posted: Thu Nov 13, 2008 12:19 pm Post Subject:
she claims that they have to subtract the price of tires since they are old. What does that mean? I feel I'm being played around. Please advise. Thank you.
A vehicle is valued based on the tires having 50% of their tread, if there is less than 5 or 6 32nd's left they can take a percentage of that ...most tires come new with 11/32nds...they cannot deduct the entire price of the tires, only the difference, as an example your tires have 2/32nds...and they cost 100 bucks each, that means each 32nd cost about 9 bucks...so the could deduct no more than 36 dollars per tire...it's confusing I know...but in no way can they charge you for the entire tire..the opposite is also true, if a vehicle has a car with 10/32nds the owner could be allowed additional money for that 4/32nds per tire.Let us know the yr/make/model/mileage, and prior UNREPAIRED damage, and I'll run a value for you, also what are they saying the ACV (actual cash value) is, and why do you think it's too low? How did the carrier determine your value, and how did you?
Posted: Thu Feb 11, 2010 10:53 pm Post Subject: totalled
what would the cash value for a PERFECT condition 2006 CLS500 Mercedes, chrome wheels, new tires, all options, wood trim interior and limo tint windows?
Posted: Fri Feb 12, 2010 12:19 am Post Subject:
There is no such thing as "perfect", but a clean retail value on a '06 with 57,000 miles is about $34,000. Is it an AMG? What is your exact mileage?
chrome wheels, new tires, all options, wood trim interior and limo tint windows
No adjustment for these items. Except for your tires, which may add some value.
Posted: Fri Feb 12, 2010 12:39 pm Post Subject:
The ONLY perfect car would have zero miles and still on the show room floor....
We need mileage, and 'all options' don't fly there are also deducts on this vehicle, do you have, AMG sport package, bose/harmon kardon stereo, navigation system, power sunroof, leather seats, theft RECOVERY system, auto or manual tranny, power seats...
also what state are you in?
Posted: Mon Feb 15, 2010 10:48 am Post Subject: Car Value
what would the cash value for a PERFECT condition 2006 CLS500 Mercedes, chrome wheels, new tires, all options, wood trim interior and limo tint windows?
As Lori says, there can never be a car with perfect conditions on the road. Your car loses its original value by 20% as soon as you drive it off from the dealer.
Posted: Mon Feb 15, 2010 12:03 pm Post Subject:
Your car loses its original value by 20% as soon as you drive it off from the dealer.
Oh Veronica...How many (brand new) vehicle total loss claims have you handled honey? A vehicle depreciates the second it's put in someone elses name, and is driven off the lot, but no way in the world does it depreciate 20% that day ! :shock: If you purchase a brand new vehicle, and pull out of the lot and get creamed and that car is totaled I ASSURE you, NO carrier is going to doc an owner 20%..most likely that vehicle wouldn't depreciate at all, as far as ACV in a total loss. Or if so very minimally. Most (ALL I've ever seen, heard of or handled) current year model vehicle totals, the ACV would be the replacement cost less 'x' amount per mile on the car..Now, on the other hand if you bought a vehicle left the lot went back a week later and tried to trade it in..yep you might get hit that hard. But that's because the dealership has to make a profit on that vehicle...and that would be a 'trade in' value. TOTALLY different circumstance. We're an "insurance" forum, the questions here are about the same. ACV as determined by a carrier in a total loss situation. Which is what this poster wants to know I'm sure..
Where are you getting ALL of your information? I'm serious I want to know... You've have GOT to start providing true and correct information in your posts! Information that can be supported, not just because you might've 'heard' it some where or 'think' this sounds right...or don't answer that question, if you don't know and are 'guessing' either pass up that question, or say you're 'guessing' :roll: geeeeze I'm getting frustrated.
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