I had a 2002 Honda Accord SE with 110 K MILES on it . It got

Posted: Wed Nov 11, 2009 01:19 am Post Subject:

mjsaghir, There are several things you can do...also a few questions I have.

Is this a first party or third party claim? (your policy or the other guys)? If it's third party have you also turned this claim into your carrier, and got their evalution? If not you should.

I'd be happy to run a value for you but I need to know the following about your car..

Which SE? 2 door, 4 door? Doe is have, leather seats, power seats, a.c., auto or manual transmission?
Was there ANY prior unrepaired damage or condition issues?

but the money being offered as settlement is 7000 k

I have sent the car search results to the Geico adjuster clearly indicating that the value being offered is very less . The market rate for a similar car is ~ 9000 k .

They are not willing to review the settlement amount

What should I do ? Can you please advise.

Posted: Wed Nov 11, 2009 04:09 am Post Subject:

Thanks for your reply Lori .
1) The accident occured on 14 th Oct ,2009. I am submitting a claim against my own policy . (My insurance company )
2)It is 4 door , auto transmission , power seats - 2002 Honda Accord SE with 110k MILES. Does not have leather seats ,Engine 4-2.3l-Fi , Tape and CD , Moon Roof , Power Locks , Power Windows , Keyless entry ,Power Seats , Tilt wheel , Cruise Control etc
3) Very slight dent (cost of repair ~ $ 100 ) near the trunk. I see a prior damage item listed in their report (deduction of $ 173 ) . The report also says :
Compared to the typical vehicle in the marketplace your vehicle's value was
affected by these factors:

Odometer 110,299 - 312
SP - Power Driver Seat + 67.00

4) Over all condition was great

5) They have mentioned 3 comparable cars in their Total Loss report .
The first one is a 2 door Honda Accord SE 139 K ($6900 ) , second one is 4 door Honda Accord with 116k MILES ($7557) and a third one is again 4 door Honda Accord SE WITH 80 K miles ($9995). I do have the total loss report .They have also mentioned some newspaper ads ( none of which are actually available in the market )

6) I searched in various websites (startribune.com , cars.com , craiglist , carsoup.com )and visited dealers and private sellers . No one is willing to sell a similar car for anything less than $9000. I forwarded the car search results to them . Both the dealers and private sellers are not going by the KBB or NADA value in this city atleast . I was frantically searching and ultimately bought a somewhat similar car (2003 Honda Accord , 100 K miles ) for close to $ 10,000 since the insurance company decided not to extend my car rentals beyond 10 days .

7) The insurance adjusters and her supervisors are saying that the amount is fair and they cannot do anything about it . They have asked me to get an independent certified adjuster who can review the car .

Let me know if you have any more questions - I can forward you the total loss report .

Thanks once again .

Regards
JS

Posted: Wed Nov 11, 2009 11:43 am Post Subject:

Well JS, as I was afraid they are using CCC most likely. I'm getting 8425.00 with NADA the carrier I work for uses NADA retail..there would be a percentage (70-90%) of any prior unrepaired damage from that, apparently that is 173.00 dollars for you're car, (trust me that's VERY minor prior damage most cars have A LOT more).

I think what you do now is..call the 2 TRUE comps..(the 2door is NOT a comp)...ask the owners questions..re: prior damage to the vehicle, if it's still for sale..if you can look at the vehicle etc. Also complete a local market survey (if you have not already)...call local dealers ask what they would ask for your vehicle.

When the economy tanked, smaller (dependable) car values went up. Honda's have always held their value, they are also big with the 'kids'..I know when I call for salvage values on total losses..regardless of the damage, Honda's always are higher.

After you get that information, call them ask to speak to the manager above the boss you've spoke to. If you get no where after pleading your case, you can either initiate the appraisal claus of your ins contract (apparently you have one, that's why they've said what they did)..or first file a complaint with your states dept of insurance.

let us know what else we can do to assist.

Posted: Wed Nov 11, 2009 03:52 pm Post Subject:

Thanks a lot Lori for your valuable inputs. You are doing a great service by helping out people like me who are not familiar with this process .

I have already spoken to the adjuster her supervisor and her supervisor's supervisor without much luck . I forwarded them the car search results and also mentioned that they call the dealers / private sellers directly and check . It has not yielded any results . Do you suggest that I go further up the hierarchy ?

1) How can I get a certified independent adjuster to review my car ACV here in Plymouth , MN (suburbs of Minneapolis )?

2) Do you feel that I should inform the Insurance folks that I am planning to lodge a formal complaint with state dept. of insurance before filing the complaint ?

Warm Regards
JS

Posted: Thu Nov 12, 2009 01:27 am Post Subject:

Do you suggest that I go further up the hierarchy ?

1) How can I get a certified independent adjuster to review my car ACV here in Plymouth , MN (suburbs of Minneapolis )?

2) Do you feel that I should inform the Insurance folks that I am planning to lodge a formal complaint with state dept. of insurance before filing the complaint ?

You are doing a great service by helping out people like me who are not familiar with this process

Posted: Thu Nov 12, 2009 02:40 am Post Subject:

Hi Lori ,

1) I have exchanged mails with the Supervisor and have spoken to the manager so far . I have taken the contact number of the director but have not spoken to him yet . The manager was the one who suggested that I go for an independent certified adjuster .

2) I am dealing with my Insurance Company Geico.

Thanks once again .

Posted: Thu Nov 12, 2009 11:30 am Post Subject:

independent certified adjuster .

I am dealing with my Insurance Company Geico.

Posted: Thu Nov 12, 2009 05:10 pm Post Subject:

Hi Lori ..sorry for the typo - yes i meant certified appraiser not adjuster

They told me that they don;t have a branch manager as such . Just a manager . So till now I have spoken to th auto adjuster , exchanged mails with the supervisor and today I once again spoke to the manager . He told me - he will check and get back .

Regards
Jawed

Posted: Thu Nov 12, 2009 05:57 pm Post Subject:

Poster you may also want to check your policy in your state to see if you have the appraisal clause at your disposal. (where you and your insurer can not come to an agreement). If they are suggesting that you invoke your appraisal clause, you may be able to accept their offer and get the amount they say they owe and then dispute the balance. Your state DOI can tell you how the process works in your state. I can not see the necessity of an appraiser be certified unless state statutes require all appraisers or estimators to be certified. In my state any person in the business of collision repair can serve as an appraiser in a dispute as this, so long as they have no vested interest in the repair of the vehicle.

Understanding how the appraisal process works

http://www.ican2000.com/auto-insurance-claims-FAQs.html#disagree

What if I Do Not Agree With The Settlement Being Offered ?
What you are about to read here is yet another reason why we recommend you include Collision, Comprehensive and Rental Reimbursement Coverage on your own auto insurance policy. Incorporated into your own auto insurance policy is what is generally referred to as an Appraisal Clause. Loosely translated, that means arbitration. If you and your insurance company do not agree as to the settlement value of your auto damage claim, either you or the company may invoke the Appraisal Clause. That means you would hire an appraiser to represent your interests, the insurance company would hire an appraiser to represent their interests and those two [2] would hire a third appraiser to act as "umpire" or "Referee". In the event the first two appraisers fail to reach an agreement as to a reasonable settlement value, they would each submit their respective work product to the third appraiser for determination. If either of the first two appraisers agrees with the determination of the third appraiser, the settlement amount has been resolved and is binding on the insurance company. In this process, the insured pays the fee of their appraiser. The insurance company pays the fee of their appraiser. The insured and insurance company split the fee of the third appraiser.

The appraisal process typically takes 2-6 weeks. However, most insured need not forego receiving any settlement during this process. In most cases, you are entitled to receive the last existing offer (the "undisputed" amount) promptly. Failure of the insurance company to pay you amounts to bad faith. For more information on bad faith go to our HomeOwner Insurance Claims page and read the Bad Faith Conduct text.

Submitting your claim settlement value dispute to appraisal can be quick, cost effective and (more often than not) will result in a settlement increase. Unfortunately, your right to appraisal exists only in matters of dispute between you and your own insurance company. You have no right to appraisal in matters of dispute between you and the other party's insurance company. If the other party's insurance company does not agree to submit your dispute to appraisal, your only remaining option would then be litigation. That option is discussed further in question #1 of this text.
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