I have hail damage on

Posted: Tue Jul 20, 2010 11:55 pm Post Subject:

New tires and just got the top end rebuilt on engine(if that matters) also new windshield.

Posted: Wed Jul 21, 2010 12:35 am Post Subject:

The adjuster would be able to tell you the salvage price of the vehicle... this is the amount that they would deduct from their offer.

Posted: Thu Jul 22, 2010 01:46 pm Post Subject:

Where in the contract of insurance does it state that the insurer has the explicit right to determine the salvage value of a vehicle? While it is not the property of the insurer until the property owner settles or relinquishes the property upon the request of the insurer, the true salvage value can not be determined until a bid has been placed on the salvage.


It's been suggested........
Many insurers have standing contracts with pools and have data that suggests similar vehicles with similar damage will bring similar values so that some insurers will use that data to suggest the salvage value. Consequently an insurer might suggest to you that your vehicle possess a certain salvage value when actually the property or car could feasibly have more or less value. It's negotiable in reality. The vehicle owner could actually put their own property out for bid publicly and offer the car to the highest bidder including his insurer or the at fault party's insurer and determine for themselves what their salvage property is worth.

I'd be curious to know what the law says regarding these property rights and not what might be an insurance company practice of determing salvage values. Afterall, the business of insurance is not repairing cars, selling cars, or setting values for property. The business of insurance is, as I understand it, adusting losses and indemnifying policy holders for those losses as they prove their loss.