by Guest » Fri Apr 25, 2008 12:27 am
...but I am not positive that is true. The repair quote my claims agent gave me of $7500 is nowhere near the current value of the car, according to Edmund's and KBB. I just bought this 2008 Hyundai Son*ta four months ago and it is in excellent condition. The accident is still being investigated, but it looks like it I may be faulted because I can't prove that the other driver was speeding or that the traffic light had changed (no witnesses to confirm). So there it is. What options do I have to try to convince my insurance company to repair the vehicle instead?
If that doesn't work, I am WAY upside-down on this car. I made the dumb mistake of buying a vehicle outside of my means w/ a low new car APR and I didn't get GAP insurance. I know...idiot. From what I understand, this basically means I'm screwed. I absolutely need a car for work that is reliable enough to travel cross-state. Will a dealer roll my loan into a new loan? Is that an incredibly stupid thing to do? I will be going back to graduate school soon and could, potentially, pay off my balance with education loans, but that is just delaying the debt... Help! Advice? Anyone that has had a similar situation...what did you do? I've learned a lot from this experience...that much is true.
If that doesn't work, I am WAY upside-down on this car. I made the dumb mistake of buying a vehicle outside of my means w/ a low new car APR and I didn't get GAP insurance. I know...idiot. From what I understand, this basically means I'm screwed. I absolutely need a car for work that is reliable enough to travel cross-state. Will a dealer roll my loan into a new loan? Is that an incredibly stupid thing to do? I will be going back to graduate school soon and could, potentially, pay off my balance with education loans, but that is just delaying the debt... Help! Advice? Anyone that has had a similar situation...what did you do? I've learned a lot from this experience...that much is true.
Posted: Fri Apr 25, 2008 06:54 am Post Subject:
The repair quote my claims agent gave me of $7500 is nowhere near the current value of the car, according to Edmund's and KBB
Have you got it in writing?? if not then manage it immediately. It'll act as the supporting document if you have to dispute with the insurer. But before that you may wish to wait till the investigation gets over.
An insurer will declare the car 'total' if its cost of repair decently crosses 70% or 80% of its present market value. And it'll depend upon the severity of the damage.
~Tammyjones
Posted: Fri Apr 25, 2008 07:09 am Post Subject:
Hi magenta, possibly there is no way to convince the insurer to repair the car instead to declaring it total. They all have their own method to deduce the worth of a claim. What the other poster has said is right. Normally the cost of repair need to cross a specific threshold for the car to get 'totaled'. Hence, if apprehended value of the damage lies below the threshold, the insurer will repair the car instead of totaling it.
Posted: Fri Apr 25, 2008 07:11 am Post Subject:
Dear..let us first obtain a fair view of what it really is..
The repair quote my claims agent gave me of $7500 is nowhere near the current value of the car, according to Edmund's and KBB.
Let me tell you that there are some vital differences between these insurnace compoanies. Now, you need to find out the percentage of the fair market value while totalling your car which would be very much specific to your case. I guess it would lie somewhere between 60-80% of your present book value. tx, Cassie-blue
Posted: Fri Apr 25, 2008 07:15 am Post Subject:
Hey, if they at all declare the car 'total' tell them they you want to retain it under any circumstances. Then they will cut you a check deducting the amount of salvage plus your deductibles and will let you have the car. You can then get it fixed at your trusted bodyshop but mind that in such case you'll be required to pay any extra amount towards the repair.
Posted: Fri Apr 25, 2008 07:48 am Post Subject:
Hey.. see, many things would depend on the body shops, since they are the players who'd draft the repairs estimation to your insurer...if this estimation is more than 50% of the present book value then its natural to get totalled by some carriers.
See if the following threads are of any help to you :
>>ampminsure.org/claims/totalled-purchase.html
ampminsure.org/claims/totalledcar.html
I also found someone else had to say that if its the other person's fault then it is more likely that you'd file a claim for the value diminution. On the other hand if you were at-fault (& needed your insurance co. to reimburse for it) then the going may get tuff..what you could chose to do under that circumstances is to file a case against your insurer for not living upto their promise.
See you..Coldbloodziggler
Posted: Fri Apr 25, 2008 10:55 am Post Subject:
7500 in repairs likely won't total this vehicle unless you have a huge amount of mileage on it.....generally speaking a vehicle totals around 70-80% of the ACV (actual cash value) or the ACV minus the salvage bid...unless there is some severe structural damage, and I doubt it....so maybe you won't need to work about it.....
Will a dealer roll my loan into a new loan?
yes,Is that an incredibly stupid thing to do?
yes, but what's your choice at this point? See if you can get gap ins. on the new loan although I doubt it....let's just hope that it doesn't total at this point, I don't think it will...if it does talk with the shop and see if there are some things that do not have to be repaired/replaced that will lower the repair estimate...then maybe you could retain the salvage (if it totals, although I don't recommend it in this situation)...but that is the only option other than letting it go that i see in your situation....Please let us know and feel free to ask anything you want, and we will do our best to help you....how did you get so upside down? or how far upside down do you think you are?
Hey, if they at all declare the car 'total' tell them they you wan to retain it under any circumstances
sorry i disagree...now mind you there are many times this is a good idea, IMO probably not so much in this case......if this estimation is more than 50% of the present book value then its natural to get totalled by some carriers.
sorry i don't know any carrier that totals at 50%....I also found someone else had to say that if its the other person's fault then it is more likely that you'd file a claim for the value diminution.
good point, but a little off the mark, this would only apply if the vehicle is repaired, not totaled, and yes, other party at fault (easiest anyway)...what you could chose to do under that circumstances is to file a case against your insurer for not living upto their promise.
:? huh? what promise?Posted: Fri Apr 25, 2008 12:33 pm Post Subject:
Hey, if they at all declare the car 'total' tell them they you want to retain it under any circumstances. Then they will cut you a check deducting the amount of salvage plus your deductibles and will let you have the car.
You would not be able to (should not) retain the salvage if your vehicle was a total loss. The vehicle needs to be paid off, so any amount the carrier pays goes to the lien holder. So the above won't work. You'd be in an even worse situation.But I also don't think the vehicle is a total loss... not at $7800 in repairs for a brand new vehicle. I've not looked at the value but I'd have to think it's above $10,000.
Posted: Fri Apr 25, 2008 10:36 pm Post Subject: Thank you for your help!
The insurance company is already claiming this is a total loss, but I need to get info from them what they consider a total loss. They have already moved it to the salvage yard. The current value according to KBB and Edmund's is well above 12,000. And I have less than 6000 miles on the car. I really feel like I'm getting ripped off by my insurance company here because they don't want to deal with getting the car repaired (additional cost of my rental car, etc). They are handling both mine and the other parties claims right now, but I am trying to help them litigate a no-fault deal, as my story doesn't match up w/ his and I'm sure he is partially at-fault. So if you have any suggestions about how to gently convince my insurance company that the car is repairable and should NOT be declared a total loss, that would be very helpful.
Thank you for your time and guidance!
Posted: Fri Apr 25, 2008 10:41 pm Post Subject:
Posted: Fri Apr 25, 2008 11:33 pm Post Subject: You may want to contact your lein holder for their help.
You may want to contact your lein holder for their help. It is possible they may want to look at the figures your insurer is providing. If you can encourage them to assist you.
Depending on what state you live, the thresholds may vary. Most policies give the insurer the contractual right to total your car when it is in their best financial interest.
You may want to investigate your states unfair claims practices act and see if there are any statutes or codes that prohibit the insurer from totalling your car if it harms you financially or detrimentally. If you can submit estimates from a shop that contracts with you to repair your vehicle to preloss for a price that is less than the insurer and for a price that is well below the threshold, you might invoke your appraisal clause. Normally this is done when the insurer and you disagree when the amount to repair is insufficient. I have never seen language in a policy that says you must accept repairs that are higher than what your insurer estimates.
It's possible that your insurer has a documentation to suggest that the salvage value is extemely high and may sell it at a profit. It seems questionable to me that an insurer should profit from a windfall from salvage value, meaning your total loss payment and the salvage sale of the vehicle less the expenses of storage and fees are greater than the fair market value.
What is your companies slogan? Are they acting in total opposition to the promise of their advertising? Are they really on your side, or your good neighbor or are they getting you back to where you belong or are they acting in their best interest. If you feel their actions have detrimentally harmed you financially when a different resolution would have been afforded in your policy, you may want to discuss your claim with a bad faith attorney.
Add your comment