fighting an insurance total loss settlement
10-09-2011, 04:45 AM
#42
Melting Slicks
I have an agreed value policy on all 3 of my Vettes. No matter what if totalled I will get what the agreed value is. You have a standard policy and will be paid what the insurance company feels the car is worth by year and model or repair it if they feel it is in their best interest to do so to stock condition. They are not going to pay extra for all your add ons being you don't have that type of policy from what we can all see. You take a chance when you add different aftermarket items to your car insured on a standard policy. Myself I would of paid the car off as others mentioned before putting money into it. Based on what you mentioned you could of paid your car off with the money you put into it. Problem is the bank owns the car still and they have to be paid. Its almost like renting a house and putting money into said house while renting it out. You can't expect to get anything out of it being it is still owned by someone else. Don't laugh. I knew and still know someone who did what I just spoke about when renting someone elses home. He lived there for a couple of years and the owner decided to sell the house. The friend of mine was not a happy camper. He wasn't the one who purchased the house from the owner yet he dropped almost $20k believe it or not into the house. 
The owner of the house at the time didn't care being he seen all the improvements being done by the renter.
The owner of the house at the time didn't care being he seen all the improvements being done by the renter.
Last edited by ffas23; 10-09-2011 at 04:49 AM.
10-09-2011, 06:18 AM
#43
Sad
While I feel for your situation - if appears you and only you created it.
Your at fault for the accident and you decided what type of policy you were going to take.
Presently, you have a two way contract and if it does not state agreed upon value then you have a problem. Utilize some of the suggestions given and get the most you can but then accept responsibility for your actions and move on.
Good luck!
Your at fault for the accident and you decided what type of policy you were going to take.
Presently, you have a two way contract and if it does not state agreed upon value then you have a problem. Utilize some of the suggestions given and get the most you can but then accept responsibility for your actions and move on.
Good luck!
10-09-2011, 07:39 PM
#45
Le Mans Master
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I think the problem is that we all think that we are somebody
in this peticular situation. Wrong you are NO body. You are
fighting the system and you will lose.
Do you want a chance???? Than do what I do get a lawyer and
forget about it that's your lawyers problem. He works for you.
Believe me the insurance company does not want to fool around
too long on your small claim. Your lawyer will know all the in's
and outs and know how to milk the cow.
Your somebody to me but the insurance company????? Your just
a piece of paper. Good luck let us know how it works out.
in this peticular situation. Wrong you are NO body. You are
fighting the system and you will lose.
Do you want a chance???? Than do what I do get a lawyer and
forget about it that's your lawyers problem. He works for you.
Believe me the insurance company does not want to fool around
too long on your small claim. Your lawyer will know all the in's
and outs and know how to milk the cow.
Your somebody to me but the insurance company????? Your just
a piece of paper. Good luck let us know how it works out.
10-17-2011, 05:46 PM
#46
Pro
Thread Starter
still working everything out with them. it may end up coming to me invoking the appraisal clause. i'm not trying to screw anyone over here, so let's not assume that. i'm actually trying to help the insurance company achieve the cheapest option. they total vehicles based on 70%+ of actual cash value. if they bring the value of the car up, they get it into the percentile it needs to be, and they cut a smaller check to repair the vehicle versus totaling it.
yes, i know insurance companies don't have to replace aftermarket items. BUT, they do have to follow a fair appraisal. appraisers will assess even the aftermarket parts. i have a very long relationship with my insurance company and as i mentioned previously, they settled on a car years ago for a significant amount over value of a stock one because of all of the work i had done on it. it's just going to take some arguing to get a fair settlement. do all of you requote your home insurance if you make upgrades to it or buy a new appliance/furniture? i highly doubt it. also, if the aftermarket isn't worth anything, why don't they let you remove it before they scrap the car? if it's useless, they shouldn't care, but they do.
i have an autosource valuation that was given to me by my adjuster. it is pretty much useless and they only compared it to one vehicle that's not even close to our car. i supplied them with a ton of ads and gave them a detailed reasoning of why i didn't agree with the valuation. they can either work with me and go the cheap route, or i can get an appraiser and make things difficult. there's no sense in totalling out a car that's easily fixed. i'll be on the phone with the adjuster again tomorrow. i'll keep everyone informed......
edit: i was able to knock over $4k off the estimate by sourcing parts myself online, still using new OEM parts as they included in the estimate. they used audatex to do the estimate and it included all retail costs on all brand new OEM parts. if they don't work with me on the value of the car, i'll see if they'll cut a smaller check for the repairs and i'll just find the parts myself and supply the body shop.
yes, i know insurance companies don't have to replace aftermarket items. BUT, they do have to follow a fair appraisal. appraisers will assess even the aftermarket parts. i have a very long relationship with my insurance company and as i mentioned previously, they settled on a car years ago for a significant amount over value of a stock one because of all of the work i had done on it. it's just going to take some arguing to get a fair settlement. do all of you requote your home insurance if you make upgrades to it or buy a new appliance/furniture? i highly doubt it. also, if the aftermarket isn't worth anything, why don't they let you remove it before they scrap the car? if it's useless, they shouldn't care, but they do.
i have an autosource valuation that was given to me by my adjuster. it is pretty much useless and they only compared it to one vehicle that's not even close to our car. i supplied them with a ton of ads and gave them a detailed reasoning of why i didn't agree with the valuation. they can either work with me and go the cheap route, or i can get an appraiser and make things difficult. there's no sense in totalling out a car that's easily fixed. i'll be on the phone with the adjuster again tomorrow. i'll keep everyone informed......
edit: i was able to knock over $4k off the estimate by sourcing parts myself online, still using new OEM parts as they included in the estimate. they used audatex to do the estimate and it included all retail costs on all brand new OEM parts. if they don't work with me on the value of the car, i'll see if they'll cut a smaller check for the repairs and i'll just find the parts myself and supply the body shop.
Last edited by spoolin7; 10-17-2011 at 05:49 PM.
10-17-2011, 06:31 PM
#47
Drifting
They most certainly will let you take the aftermarket parts off as long as they are replaced with stock ones. I see it happen all the time. I can't remember all the total loss cars I have bought that had the factory stereo stuffed back in. It was obvious since sometimes they didn't bother to plug it in.
As far as supplying your own parts to the bodyshop...I suppose it depends on the shop. Myself, I wouldn't be interested. It would be like going to a restaurant with a cooler full of beer, handing them a steak and ask them to cook it.
As far as supplying your own parts to the bodyshop...I suppose it depends on the shop. Myself, I wouldn't be interested. It would be like going to a restaurant with a cooler full of beer, handing them a steak and ask them to cook it.
10-17-2011, 06:56 PM
#48
Le Mans Master
That is why I have Hagerty for my C3. It was appraised at 40K so it has an agreed value of 40K, so if it gets totalled, they cut me a check and I wave bye bye as the carcass is hauled off.
They also insured my spare parts and tools.
They also insured my spare parts and tools.
10-17-2011, 07:13 PM
#49
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My insurance company will only cover $1,000. in after market equipment, unless it is endorsed to the policy and you pay the extra premium. You can't expect them to cover after market parts, unless you pay the additional premium.
10-17-2011, 07:29 PM
#50
Melting Slicks
if you are swapping the motor and suspension anyway, just get an FRC. the only thing you'll be missing is the fancy little brake ducts in back and the mesh inserts in front
Hi all. I wanted to get some opinions regarding an accident I just had in our Z06. I had an at-fault accident that impacted the front left corner of the car. The damage didn’t look that bad to me, but the estimate came back at $15,102. Obviously this is enough to total a stock vehicle. The problem is, the car isn’t stock. It has a fully built motor, T1 suspension, an A&A kit, full exhaust, and more.
The appraiser came to look at it and said the body shop would have to do the estimate since it would have to be taken apart to get a fair look. They’re the ones that wrote the estimate and my insurance company is just using their estimate. I trust the guy that runs the shop as I’ve been friends with him for 15 years. The appraiser told me to send him a list of the aftermarket items, values, and time on the vehicle. I did and it all came up to around $15k. He said he’d send that in to Autosource (an insurance database used to figure actual cash values) and I’d hear back soon.
Well I called the adjuster yesterday and he told me they were going to give me (I don’t have the to the dollar amounts, so I’m rounding) $18,300 for the car, plus sales tax, subtracting the deductible, which leaves me getting a check for a little over $19,100. The salvage cost on the car is $3,300. If I bought the car back, I’d get a check for $15,800. The issue is, I can’t buy a stock Z06 for $15,800 in similar condition. The cheapest ones with similar aftermarket parts are going for $25-30k.
I know the insurance company has to do what it takes to minimize their loss, but I don’t see this amount as fair at all. I just tried calling the adjuster back and he was out for the day. I was going to let him know I feel I need either $15k to fix the car, $22k plus the old car, or $25k to buy a new one like it. Am I out of line with that reasoning? Also, has anyone had to fight with their insurance companies regarding a settlement amount? I’ve been doing research and I’m ready to fight if I need to. I’ve just been with them for 13 years and I’d like to keep a good relationship with them.
The appraiser came to look at it and said the body shop would have to do the estimate since it would have to be taken apart to get a fair look. They’re the ones that wrote the estimate and my insurance company is just using their estimate. I trust the guy that runs the shop as I’ve been friends with him for 15 years. The appraiser told me to send him a list of the aftermarket items, values, and time on the vehicle. I did and it all came up to around $15k. He said he’d send that in to Autosource (an insurance database used to figure actual cash values) and I’d hear back soon.
Well I called the adjuster yesterday and he told me they were going to give me (I don’t have the to the dollar amounts, so I’m rounding) $18,300 for the car, plus sales tax, subtracting the deductible, which leaves me getting a check for a little over $19,100. The salvage cost on the car is $3,300. If I bought the car back, I’d get a check for $15,800. The issue is, I can’t buy a stock Z06 for $15,800 in similar condition. The cheapest ones with similar aftermarket parts are going for $25-30k.
I know the insurance company has to do what it takes to minimize their loss, but I don’t see this amount as fair at all. I just tried calling the adjuster back and he was out for the day. I was going to let him know I feel I need either $15k to fix the car, $22k plus the old car, or $25k to buy a new one like it. Am I out of line with that reasoning? Also, has anyone had to fight with their insurance companies regarding a settlement amount? I’ve been doing research and I’m ready to fight if I need to. I’ve just been with them for 13 years and I’d like to keep a good relationship with them.
10-17-2011, 07:44 PM
#51
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You say you are not trying to screw anyone, In my opinion you are trying to screw the insurance company. You didn't pay them extra for the added value, But yet you want them to pay you for the added value. Unless I missed it somewhere that you did increase the coverage? 
11-20-2011, 09:17 PM
#52
Pro
Thread Starter
forgot to update this. ended up getting a decent settlement, clear title, kept the car, and had enough leftover to buy a newer Z06 with less miles. turned out pretty good. just had to put up a little fight.
