by bob_2 » Thu Mar 07, 2013 06:32 pm
There is no structural damage, just cosmetic to bumper, grill, radiator headlights. I had it towed to local body shop and turned it into insurance next day. They referred it to independent appraiser and after 4 days, he called it totaled at 4500 worth in estimated repairs. He did not take into account a 2500 transmission under warranty installed less than 3 mo. ago. Insurance company sent to 3rd party (JD powers) for valuation and comps on vehicle. They return a value of 4500 once again not including the transmission and using 2 local junk used car lots known as crooks and 2 reputable dealers for comps. They have dragged this out more than 2 weeks now. The car is still sitting at the body shop. Can they use these junk car dealers for comps to pull down average value and who is going to pay for storage fees while they drag their feet with all their subcontractors. Also we received a renewable statement yesterday which reflects a 20 a mo premium increase. This was supposed to be a non-surcharge claim .
Posted: Fri Mar 08, 2013 04:45 pm Post Subject:
He did not take into account a 2500 transmission under warranty installed less than 3 mo. ago
This has absolutely no bearing on the value of the vehicle. The value of a vehicle assumes normal working order. Had the transmission not been working, the vehicle would not have been involved in the collision. Repairing the transmission only restores the value of a vehicle with a non-working transmission to that of one with a working transmission.Second, you don't indicate how many miles are on the vehicle's odometer. A quick check at [Link removed per TOU] shows the dealer trade price between $2865 and $7068. With 98,201 to 112,000 miles, the value is about $4650. So $4500 is probably a reasonable estimate of the value of the vehicle.
They have dragged this out more than 2 weeks now.
A whole two weeks? Wow! You should read some of the posts where people have been hassling with their insurance company for more than a year.Also we received a renewable statement yesterday which reflects a 20 a mo premium increase. This was supposed to be a non-surcharge claim
The increase is likely to be unrelated to the claim. Could simply reflect the cost of doing business in your state. You are free to get insurance from any other company of your choosing at a lower or higher price.Posted: Fri Mar 08, 2013 06:20 pm Post Subject:
Thanks for the reply. The total loss department called me back yesterday and the gentlemen who handled the offer was very reasonable. They gave me $295.00 as "refurbishment" credit to the vehicle.
The vehicle had 202,000 mi. We settled on an ACV of 5100 and I paid 900 for salvage to retain the vehicle. I will repair it on my own leisure time. Parts are not that expensive. Most of the cost was in labor. I can understand lengthy settlement periods in claims where personal injury is involved or property damage has been done, but this should have been pretty cut and dry. They spent way more in manhours, paper shuffling and third party services than I expected. Not very efficient, No wonder they are raising the rates. Overall I can't complain about the amount of the settlement, just all the delays and people not doing what they said they were going to do when they said they would do it. If I ran my business that way I wouldn't be in business long.
Posted: Fri Mar 08, 2013 06:47 pm Post Subject:
They spent way more in manhours, paper shuffling and third party services than I expected. Not very efficient,
It's hard to say this for certain. Claims departments in some insurance companies are running rather thin these days, what with all the catastrophe claims still pending. I doubt that they spent as many "man-hours" as you might think.But, certainly, some insurance companies are much more efficient than others.
people not doing what they said they were going to do when they said they would do it.
That's what "integrity" is all about. Persons of integrity fare much better in this world than those without it.$5100 is pretty generous for a vehicle with 200,000+ miles on it.
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