by Guest » Fri Dec 21, 2007 12:22 am
Are there any helpful adjusters out there who would care to comment on the fact that my insurance company has valued my 2002 Suzuki Aerio SX with 55k miles at $5400 after declaring it a total from a recent accident?
It feels low to me because this happens to be a rare vehicle. Try to find a 4 door hatchback with a manual transmission in this price range. Most used car ads for this car/mileage in my area are priced between $5500 and $7500.
Any suggestions on how to deal with my insurance company if I'm not happy with the $5400?
Thanks in advance!
It feels low to me because this happens to be a rare vehicle. Try to find a 4 door hatchback with a manual transmission in this price range. Most used car ads for this car/mileage in my area are priced between $5500 and $7500.
Any suggestions on how to deal with my insurance company if I'm not happy with the $5400?
Thanks in advance!
Posted: Fri Dec 21, 2007 02:02 am Post Subject:
I'm guessing those are _asking_ prices that your seeing and not _selling_ prices? Most people ask for more then they accept when they sell a vehicle. Have you checked the Private Party value of your vehicle on kbb.com?
Posted: Fri Dec 21, 2007 07:16 am Post Subject:
Referring the kbb.com site is, indeed a nice suggestion. It'll give you a fair idea about the value of the vehicle.
Now, regarding its value, the insurer will offer you the price, prevailing amongst the used car dealers in your locality, the value that you would have received in a trade-in. The objective is to leave you in the financial condition that you don't suffer any monetary loss.
However, if you disagree with the carrier, you have to prove it before them that the car is worth more than the offered price. Try to speak with some of the used car dealers in you area, ask them to evaluate the car. If they speak in you favor, obtain their quotes in writing along with their contact details. This will work as the supportive document towards your claim.
Hope the input helps. Let us know if we can be of any further assistance.
Cheers!!
Posted: Fri Dec 21, 2007 08:45 am Post Subject:
Any suggestions on how to deal with my insurance company if I'm not happy with the $5400?
Inform the insurer that you are not in consonance with them but at the same time keep yourself open for any negotiation. Secondly, as Brian has suggested, gather some evidences, which will support your stand. Can you manage to get their evaluation? You can then check it to see that the adjuster hasn't missed out any point that can push the value of the car further up. Often these small steps actually resolve the matter. However, if it doesn't, your final resort will be to revoke the ‘appraisal clause' of your policy.
Hope your worries get over soon. Merry Christmas!!
Lori will surely supply some more info........so hang around :)
Posted: Fri Dec 21, 2007 11:15 am Post Subject:
Good morning Aeriodriver and welcome...I'll try and be of some assistance to you (21 years claims, 10 as a physcial damage specialist and trainer)
Well here's the deal...first KELLY BLUE BOOK forget about it.....I know of NO insurance company that uses it to determine value...
I ran your vehicle with the information you provided and I came up with $5600.00...Now if there is ANY pre-existing non-repaired damged that will doc it some...
I don't want to offend you but
It feels low to me because this happens to be a rare vehicle
So is a 79 Pinto but that doesn't make it worth anything...and thisTry to find a 4 door hatchback with a manual transmission
Is actually a $375.00 deduction! (manual tranny).........I'm sorry but I checked three sources and think the insurance company is spot on your ACV (actual cash value). Does that mean you have to settle for that? No, but YOU have to prove the value ascertian you are making because they have proved theirs...see?
I'm sorry I know this isn't what you wanted to hear.... :(
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