by Guest » Wed Jan 20, 2010 04:58 pm
Hi, we were involved in an auto accident 10 days ago, our 1997 dodge caravan (mi 150K, but in great condition, garage kept, well mainataned) was deemed a total loss. The other party was found at fault, his adjuster called this AM and said they'd offer us $2,700 for it. I had previously looked for ads for similar vehciles, found a 98 with 128K mileage and similar add-ons for $5,900 and a 99 also similar for $5,800, KBB values it at 3,200.
The total loss adjuster's only reply to my saying I had in hand info on 2 similar vehciles for around $5,800..."oh, well we only have to offer you the cash value according to CCC."
This vehicle was truly worth more than $2700 - I can not locate a single running auto within 200 miles of me for what they are offering. Don't they have to put us back in the same position we were in before, with a vehcile in decent shape without a car payment?
This van was worth the world to us, it was allowing my husband to go to college, which he cant now. It was given to us by my inlaws for us to have a 2nd vehcile, we cant afford 2 car payments and $2700 wont even nearly pay off the 1 remaining car we have.
Am angry, irked, and would truly appreciate any input or suggestions here.
The total loss adjuster's only reply to my saying I had in hand info on 2 similar vehciles for around $5,800..."oh, well we only have to offer you the cash value according to CCC."
This vehicle was truly worth more than $2700 - I can not locate a single running auto within 200 miles of me for what they are offering. Don't they have to put us back in the same position we were in before, with a vehcile in decent shape without a car payment?
This van was worth the world to us, it was allowing my husband to go to college, which he cant now. It was given to us by my inlaws for us to have a 2nd vehcile, we cant afford 2 car payments and $2700 wont even nearly pay off the 1 remaining car we have.
Am angry, irked, and would truly appreciate any input or suggestions here.
Posted: Thu Jan 21, 2010 12:48 pm Post Subject: Claim on a totaled car
If the insurance company refuses to pay according to the fair market value, you can get an adjuster who would negotiate the settlement price in accordance to the insurance laws and claims.
Posted: Thu Jan 21, 2010 01:49 pm Post Subject:
Well, the reality is that different carriers would follow different guide books while evaluating such a damage. Of late, I haven't come across too many carriers evaluating on the basis of KBB. Some of them would go for the Nada guide instead.
Don't they have to put us back in the same position we were in before, with a vehicle in decent shape without a car payment?
A car is a total loss when it's repair charges exceed 70% (in most states) of it's market value.
Insurance is about covering the repair cost of a vehicle following an accident, but it does not pay you to get your car back to it's original worth. I don't think a car ever gains it's original value once it has undergone such damages.
Posted: Thu Jan 21, 2010 02:17 pm Post Subject:
They only owe you the ACV of your vehicle. Just because you found similar vehicles in your area doesn't mean yours is worth the same amount. That being said, do you know what the ACV of your vehicle is? Ask the adjuster how he came to that figure and what resources can he provide. Run through NADA and based on your description of the vehicle, I am coming up with a value of $2900. Please provide more info, model, engine etc. Giving you the ACV, is putting you back in the same position as you were before.
Add your comment