Figuring Value

by rick7425 » Tue Jul 29, 2008 04:07 am

I have been going through the messages here and am trying to figure ACV for my truck. I checked Kelley, NADA, and Edmunds. I also searched the used lots for 100 miles as well as the news paper. I come up with about $26,000 but when the adjuster called today he said it was only worth $20,000. I went through how i arrived at the number and he said that is a national average and does not apply. They also deducted 1K for the exterior condition and 1K for the interior. The only cosmetic any thing on the exterior was from this accident and the only thing in the interior was a coke stain caused by this accident. I understand the adjusters job is to get his company out of this mess for as low as he can but how do you reason with them and at what piont do you just call in the attorney? I was sitting at a red light when their customers car ran into me, I say car because the customer loaned the car to a "friend" who had a suspended license and was arested at the scene. She hit me so hard it moved me 20+ feet and caused damage to 3 other cars. I was the first to file a claim but he said since there are others involved that I cant claim all of the 25k she had any way. I always thought it was first come first serve.

Thanks for any advice you can provide.

It is a 2005 chevrolet Avalanche with:
Location Dallas Tx
36,000 miles
custom Leather package: leather upholstery, heated front bucket seats with ten-way power adjustment
dual-zone automatic climate control
six-disc CD changer
Bose premium sound system with headphone jacks and rear-seat controls
steering-wheel-mounted audio controls
ower adjustable pedals
HomeLink transmitter
OnStar
power-folding mirrors w/turn signals, driver-side automatic day/night and passenger-side tilt-down back-up-aid mirrors
compass and outside temperature indicator on the inside rear-view mirror
heavy-duty trailering equipment
rear entertainment dvd system with wireless headsets
rear-window defogger
power windows, power locks, power mirrors
cruise control, remote keyless entry with two transmitters, tilt steering column with leather-wrapped steering wheel
intermittent windshield wipers
Sun roof
Luggage rack
Dual front airbags, antilock 4-wheel disc brakes
Theft-deterrent system
Limited-slip differential
Wheel Flare and Molding Pkg

17" tires were 3 months old

Total Comments: 28

Posted: Tue Jul 29, 2008 05:16 am Post Subject:

I went through how i arrived at the number and he said that is a national average and does not apply.

I think he is right in saying so......the totaled car evaluation is done depending upon the demand for that particular vehicle in the local market. Also, the insurance companies have their internal evaluation system which they apply in deciding the car's value.

However, you can demand the assessment sheet from the insurer to check whether it has included all the factors properly or not.

And, just hang around, you're surely going to hear from the seasoned adjusters of this forums.

~Jeremy

Posted: Tue Jul 29, 2008 05:47 am Post Subject:

Rick, you always has the option to negotiate the value with the insurance company. Jeremy has identified it quite correctly; most of the insurers use their own method and database to determine the value of a totaled car.

After deciding to total the car, the insurer will deduct certain amount for the wear-n-tear and also for the previous un-repaired damages (if any) from the value of the car, however, at the same time, should add the sales taxes applicable to the vehicle. But, if you're certain that the insurance company is lowballing the claim, you're required to contest it with all the supporting documents.

Posted: Tue Jul 29, 2008 06:06 am Post Subject:

After deciding to total the car, the insurer will deduct certain amount for the wear-n-tear and prior un-repaired damages (if any) from the value of the car

Don't forget that they will also subtract the amount payable as deductible by you.

Have you tried getting quotes from the local car vendors for your car? what value are they proposing? This might can help you in understanding the difference.

Also in Edmund, you will get three different values each for the "wholesale auction", "loan value" and "retail price", which price have you taken?

Posted: Tue Jul 29, 2008 09:47 am Post Subject:

Good morning Rick and welcome to the community...I'm going to look up a value for you here in a minute, but want to straighten a couple things out for you first...and hopefully save you some time...

First it is never first come first serve...ever.....a person that carries small limits (such as the one that unfortunately hit you)...each party will get their prorata share....so if your vehicle is even worth 20k and their are three other vehicles no way you are going to get even near that...You need to file this with your carrier and get this total handled thru them...They will pay you the ACV (actual cash value) of your vehicle minus your collision deductible...It sucks but they will atleast get a portion of your deductible back, and may reimburse it 100%..you are spinning your wheels with this other company they CANNOT pay you the value of your vehicle with these limits...go to your own company immediately..

Ok...what I come up with based on your info I came up with 23,375.00 now, you didn't say four wheel drive so I ran it as a half ton 2 wheel drive...if that is incorrect let me know...also the following options you didn't mention....if so add the following...bedliner-150-fixed running boards-150-LT package-1375-power sunfoof-600-roll bar-225-snow plow pkg-1000-theft RECOVERY-125-Z71 offf-road pkg-500-

Now as to the deductions for prior damage, they HAVE to tell you EXACTLY what those damages are and how they assessed them...coke spilled in the accident is not prior damage....nor is the damage from the loss..are you sure there is no prior damage? Hail, torn seats? dents dings?

As I said this company cannot pay you, and even if they could they have to wait on ALL the other cars information and amounts before they can....

Please don't hestiate to ask any other questions we'd be happy to help, in the mean while, contact your own company and get a collision claim started...

Posted: Tue Jul 29, 2008 12:57 pm Post Subject:

are you sure there is no prior damage? Hail, torn seats? dents dings?

Thanks Lori, at least you are a bit closer. I am 100% positive there is no prior damage of any kind inside or out. I even quit smoking when I bought this truck so I didnt screw up the resale value.

Posted: Wed Jul 30, 2008 09:52 am Post Subject:

I even quit smoking when I bought this truck so I didnt screw up the resale value.

:lol: :lol: That's great Rick...wish I had that will power! Did you turn the claim in to your company?

Posted: Wed Jul 30, 2008 12:44 pm Post Subject:

Thanks Lori. I did file it yesterday with USAA and they are towing it to a salvage yard today so their guy can look at it. Now starts the search for a replacement which in it's self is a different kind of pain. I hate dealing with car salesmen. Is it reasonable to include the time lost to my family as pain and suffering? If you ever had to drag 3 kids to the car lot and sit for 5 hrs working the "deal" you would say yes.

Posted: Thu Jul 31, 2008 12:14 am Post Subject:

No you can't get pain and suffering for that...although I agree I'd rather get a tooth pulled than do that! :shock: Been there many times....not fun....were you (or any passengers) injured at all? If so then of course you are entitled to your medical expenses, loss of wages and a pain and suffering settlement.

Posted: Wed Aug 06, 2008 01:06 am Post Subject:

We need the hair pulling out emoticon here.

So USAA towed my truck to a salvage yard so an appraiser could look at it. The other drivers ins already said it was totaled but I needed to file on my policy cause there wasnt enough to cover it. I called my adjuster today to see if the appraiser looked at it yet. She said yes and there is only 5K worth of dammage. I said did he look at the right truck ? The front end and entire rear end is destroyed and the frame is bent. She said here is his # you call him. I get ahold of him and ask about the frame he says oh yea Chevy has a special "kit" for the Avalanche that they put on the frame because this happens all the time. I said it is bent 3 inches there isnt a kit I can find that will fix that. Oh yes he said, they CUT the bad section off and weld in a new section . I asked if they reinforce the welds to be the same as a new frame he said not that he knew of. I asked if the towing load limit will be the same and he said no it will be less. Isnt that diminished value ? I was told that because it is now under my policy i cant claim diminished value .

So now I have to get it towed back to the body shop so they can determin for the second time if it is totaled or not.

Posted: Wed Aug 06, 2008 09:25 am Post Subject:

I asked if the towing load limit will be the same and he said no it will be less. Isnt that diminished value ?

If that's true, I think THIS is the first time I would agree yes, that is diminished value...(you hear that Mike?)..Many states don't allow ''first'' party diminished value, it's excluded in the policy..Not all states but many....Also I'm very familar with the kit, however you have to be careful with the shop you chose...GM does allow this and sell it...what about the rest of the damage though? What was the other company's repair estimate? You shouldn't be paying for any of this of course...Has this adjuster seen the other repair estimate?

Total Comments: 28

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