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Message
New car totaled - value for insurance.
Posted on 9/19/23 at 5:42 pm
Posted on 9/19/23 at 5:42 pm
Less than a month after buying a new Subaru Outback (LINK ) it was totaled by some careless youngster that T-boned me. I had it for 30 days and put just over 500 miles on it. The insurance company has an initial appraisal of $36,600 vs. the $38,800 I paid. Of course I think they should match the sales price since they keep throwing out the phrase "make you whole". Good luck finding a used Subaru that is less than a month old and in perfect condition. Do I have any recourse in this? What is the best strategy for negotiating with the insurance co.?
17
Posted on 9/19/23 at 5:57 pm to Tigris
Gap insurance. Be glad they are offering that much
Posted on 9/19/23 at 5:59 pm to Tigris
That actually seems pretty fair to me. Driving it off the lot and only losing 6% is solid.
Posted on 9/19/23 at 6:07 pm to Tigris
That's a bit crappy, but GAP insurance is your only redemption here.
The alternative is to set up a chiropractor's appointment and develop some back pains. You'll likely come out ahead on that deal. Unless the driver was uninsured. Then it's your insurance and your premium you would be dealing with.
The alternative is to set up a chiropractor's appointment and develop some back pains. You'll likely come out ahead on that deal. Unless the driver was uninsured. Then it's your insurance and your premium you would be dealing with.
Posted on 9/19/23 at 10:47 pm to Tigris
quote:This makes it a Used Car.
I had it for 30 days and put just over 500 miles on it.
Unless you have GAP coverage, your carrier’s only responsibility is to make you whole on your used car.
You are playing on the carrier’s home field (they value hundreds of vehicles per business day and you value one per every couple of years or so).
The vehicle was diminished in value by some amount by your use, they say $2,200.
If it’s half of that amount, you are arguing with an Insurance Company over ~$1,000.
Good luck with that.
Move on with your life and be happy no one was killed in the accident.
Posted on 9/19/23 at 11:17 pm to Tigris
Lol dude they aren’t giving you sale price. What they offered Is very reasonable
Posted on 9/20/23 at 4:07 am to Tigris
I appreciate the replies.
Gap doesn't really apply since it's not financed.
Probably I should just be happy that they didn't decide to repair it. I'd much rather eat the $2,200 than go the repair route. But finding a replacement in kind at that price is like finding a unicorn, and inventory for new is pretty limited. So their frequent promises about "making whole" don't match up. Par for the course, probably.
Gap doesn't really apply since it's not financed.
Probably I should just be happy that they didn't decide to repair it. I'd much rather eat the $2,200 than go the repair route. But finding a replacement in kind at that price is like finding a unicorn, and inventory for new is pretty limited. So their frequent promises about "making whole" don't match up. Par for the course, probably.
Posted on 9/20/23 at 7:55 am to Tigris
Some insurance companies offer something called new car replacement coverage. But like most insurance add ons it never really makes sense to have it
Posted on 9/20/23 at 8:24 am to Tigris
I have mentioned a fear of this scenario when the dealer pushes an extended warranty. You pay $$$ up front for it, it does not kick in until after the manufacturer warranty term, then you don't even have the car that long before it is totaled.
Dealers have said that the premium would be refunded on some pro rata basis, but I'd be curious if anyone has real life experience trying to get such a refund. I'm guessing they don't let go of the money too easily.
Dealers have said that the premium would be refunded on some pro rata basis, but I'd be curious if anyone has real life experience trying to get such a refund. I'm guessing they don't let go of the money too easily.
Posted on 9/20/23 at 9:34 am to Tigris
never EVER accept the insurance company's opening offer as they'll always try to lowball you - BT/DT
Posted on 9/20/23 at 10:45 am to Tigris
Scenarios like this is why I preach to my teenage driver the importance of defensive driving. Even when you're not 'at-fault' you come out behind.
Posted on 9/20/23 at 10:55 am to Tigris
does the $38k you paid include Ttl? if so the $36k offered is pretty reasonable, if it doesn't include TTL your out another $3-4k when you buy again.
Posted on 9/20/23 at 5:10 pm to Tigris
Get a different car. People won’t confuse you for a Pacific Northwest lesbian. They’re doing you a favor.
Posted on 9/20/23 at 6:21 pm to Tigris
That sounds like a reasonable offer.
Posted on 9/21/23 at 9:58 am to Tigris
I can't believe they are giving you 36. It's a 32,000 car.
Posted on 9/21/23 at 12:38 pm to Tigris
Quite a few years back, I worked as a claims adjuster for a major insurance company, specifically in totaled vehicle valuations. Ask for a Market Survey. The "Blue Book Value" isn't accurate on a month old car. Ask their adjuster or do it yourself, find 3 or 4 like kind and quality vehicles. Average the prices and that's what they owe you.
A few times, with newer cars, I'd call the dealership and ask for the exact same car, get the price and depreciate it for the miles put on it.
Hope this helps.
A few times, with newer cars, I'd call the dealership and ask for the exact same car, get the price and depreciate it for the miles put on it.
Hope this helps.
Posted on 9/21/23 at 1:52 pm to Tigris
I can tell none of you have dealt with this recently. Well unfortunately I have 2 young drivers and have had to deal with this twice in the last year. They should absolutely give him what it costs to replace the exact car. Many dealers still have market adjustments (over sticker) and want over sticker for slightly used cars. OP go to the big sites like carmax, vroom, caravan etc and use those for your comps to show the insurance company. They are generally gobbling up the nice used cars and their high "no haggle" prices are good comps. They should be paying you for what it realistically costs to replace the exact car.
Posted on 5/13/24 at 10:25 pm to Tigris
If that is all they depreciated it, you should feel lucky.
You are going to get screwed on the property damage. Make up for it on the injury claim.
You are going to get screwed on the property damage. Make up for it on the injury claim.
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