by oldhippy » Sat Jan 24, 2009 03:43 am
My daughter lives in Missouri. She is temporarily in Georgia. Someone totalled her car
(01/09/2009) while it was parked where she is staying. She paid $3900.00 just 10
days before (12/30/2008) for the car(1999 Ford Taurus, very good condition, 149000
miles and a rebuilt transmission just installed). I know this was a little high (NADA clean
retail was $3075).
We know the guy she bought it from, honest and a mechanic himself....it was a very
good car. The other guy's insurance company (USAA) is only offering $2468...they use
CCC for appraisal and told us she must go by the value in Georgia not Missouri. Our
insurance agent (Encompass) thinks they're totally wrong to offer that low of an amount.
She was in an accident on 12/23/2008...ice covered road, wound up in a ditch. That
one was a 1998 Ford Taurus, 125000 miles, good condition, she bought for $3100.
Our Insurance company totalled it and gave her $2585 ($3085 minus the $500
deductible).
How can USAA come in so low on what they're offering ? I questioned them on why
they didn't use NADA. First they said the book was probably at least 6 mos old. Well, I
work at the bank that financed it and we printed out today's quote from the website.
Then he said they bank was in business to make money, it wasn't the correct value. I
told him he was wrong, we're not going to lend more than its worth, if it went into default
the bank wouldn't get its money back. He just kept giving me different excuses. When I
called my agent she said I could turn it into my Insurance and go that route without it
causing my rates to go up. Is that possibly true? I just don't know what to do! Anybody
got any suggestions? Thank you.
(01/09/2009) while it was parked where she is staying. She paid $3900.00 just 10
days before (12/30/2008) for the car(1999 Ford Taurus, very good condition, 149000
miles and a rebuilt transmission just installed). I know this was a little high (NADA clean
retail was $3075).
We know the guy she bought it from, honest and a mechanic himself....it was a very
good car. The other guy's insurance company (USAA) is only offering $2468...they use
CCC for appraisal and told us she must go by the value in Georgia not Missouri. Our
insurance agent (Encompass) thinks they're totally wrong to offer that low of an amount.
She was in an accident on 12/23/2008...ice covered road, wound up in a ditch. That
one was a 1998 Ford Taurus, 125000 miles, good condition, she bought for $3100.
Our Insurance company totalled it and gave her $2585 ($3085 minus the $500
deductible).
How can USAA come in so low on what they're offering ? I questioned them on why
they didn't use NADA. First they said the book was probably at least 6 mos old. Well, I
work at the bank that financed it and we printed out today's quote from the website.
Then he said they bank was in business to make money, it wasn't the correct value. I
told him he was wrong, we're not going to lend more than its worth, if it went into default
the bank wouldn't get its money back. He just kept giving me different excuses. When I
called my agent she said I could turn it into my Insurance and go that route without it
causing my rates to go up. Is that possibly true? I just don't know what to do! Anybody
got any suggestions? Thank you.
Posted: Sat Jan 24, 2009 04:01 am Post Subject:
CCC and NADA retail are both accepted methods of determing the value of a vehicle. I would request to view the CCC that was completed. Were all of the options selected? Are the vehicles within the area where your daughter primarily resides? The market value survey should be based on the area where your daughter resides. One problem with NADA is that it takes into consideration the what the expenses would be on the vehicle if it was purchased at a dealership (bills, commissions, etc) so it is not always an accurate representation of the market value of a vehicle.
Posted: Sat Jan 24, 2009 12:30 pm Post Subject:
Then he said they bank was in business to make money, it wasn't the correct value
If you all are talking about the 'blue book' he's right, if you were talking about nada he's incorrect.When I
I happen to be an adjuster in Missouri, and I'm tell you that is definately correct...if this accident is deemed not your daughters fault which clearly a legally parked car hit is not your fault then this is a non-chargeable accident, and you CANNOT in the state of Missouri be rated up for a non-chargeable accident...called my agent she said I could turn it into my Insurance and go that route without it causing my rates to go up. Is that possibly true? I just don't know what to do! Anybody
Anyway apparently your carrier (who is it by the way) uses nada, if you want to let me know the following i'll run a value for you...first it's a taurus, LX right NOT an SHO? does it have the following: aluminum/alloy wheels/leather seats/MACH stereo system/power seats/power sunroof/cruise control/power windows/power door locks? Also is there ANY UNREPAIRED prior damage to the vehicle? I have the mileage at 149k is that correct?
At this conjuncture it appears that using your own carrier is most certainly the way to go...they should be using MO as the market for your vehicle...that is the state it's titled/licensed in..not that it will make much if any difference...what was the damage to the vehicle? estimate for r epair how much was that? I'm wondering if the value moves up to the 3k range if it is repairable?
Provide my requested information and i'll give you some more information so you can make your choice...have you reported the claim to your carrier? or just the agent? and has the agent 'sat' on the claim and not reported it to the claims dept..???
oh by the way CCC pretty much sucks, no adjusters i know like it...you need to look at the ccc evaluation and make sure everything is acruate re: your vehicle, ie miles options etc....also do you they have your daughter in a rental?
Posted: Sat Jan 24, 2009 07:18 pm Post Subject:
I agree with AdjustersTX, if you are going to go through USAA, review the CCC valuation to make sure it's accurate (miles, options, etc).
USAA is correct to a certain extent, NADA has regional values. CCC is much more local. Also, NADA only updates their prices about every 6 months. Your pulling the same dated information online as in the book.
What value are you using from NADA, the retail value? CCC is probably going to be lower then retail.
If your carrier (agent?) thinks USAA's amount is low, have them determine the value. My guess is that this info is coming from your agent. If so, what does your agent know about values of vehicles? USAA will pay your deductible so have your carrier determine what they will pay and if it's more, file a claim under your policy.
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