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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 11:02 am to UltimaParadox
quote:
Some insurance companies offer something called new car replacement coverage. But like most insurance add ons it never really makes sense to have it
I have this. I pay $15 for the entire 6 months for this. So $2.50 a month. That $2.50 a month isn’t going to make up the difference so it’s worth having.
Posted on 9/20/23 at 4:09 pm to WhiskeyThrottle
Btw, my comment wasn't directed at you specifically, but the general discussion about gap insurance that was going on.
This post was edited on 9/20/23 at 6:03 pm
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 6:01 pm to soccerfüt
quote:
They have made you whole by giving to you the fair market value of your vehicle the instant it was involved in the loss.
It's not the fair market value if OP is unable to replace the car at that value. Whole lot of insurance agents in this thread talking nonsense.
Posted on 9/20/23 at 6:21 pm to Tigris
That sounds like a reasonable offer.
Posted on 9/20/23 at 9:01 pm to LNCHBOX
quote:
It's not the fair market value if OP is unable to replace the car at that value. Whole lot of insurance agents in this thread talking nonsense.
It's pretty simple here, there's almost zero inventory of used Subaru whatevers with less than 1000 miles on them similar to his probably so a true replacement cost is probably tough to figure out. In the end it was a USED car, not new car at the time of the accident.
A dealer generally speaking cant be selling a used 500 mile vehicle for the same price (or more) than a 0 mile new vehicle of the same year, model, trim and options. The new car will ALWAYS be worth more to a customer, and qualify for better incentives typically as well. So it's irrational to think an insurance company would reimburse someone in complete whole of what they paid even if they drove it for a month and put 500 miles on it, because in the end it's basically always going to be worth less than what it was new. Only 6% down from what he paid is a VERY good offer considering the moment you drive the car off lot it's a used vehicle and typically plummets the value of it.
If you bought a $35k new Subaru, drove it off lot, put it through 300 miles and a tank of gas in 2 weeks and decided you didnt like it...if you took it back to the dealer and said buy it back what do you think they would offer you? A HELLUVA lot less than $35k you paid because now they have to sell it a bit under the $35k other similar Subarus just to move it to a different customer. If you tried to sell the same Subaru private sale only a moron or desperate person would pay the NEW price for a USED car even with 300 miles on it. Sure there's some exceptions on rare vehicles and whatnot, but we're talking a pretty run of the mill subaru here.
To expect full new purchase price reimbursement from insurance for a 500 mile 1 month used vehicle is just never going to happen nor does it make any sense unless you specifically get that kind of coverage as it's NOT the fair market value of the vehicle.
Posted on 9/21/23 at 6:15 am to Don Quixote
quote:
never EVER accept the insurance company's opening offer as they'll always try to lowball you - BT/DT
We actually agreed to split the difference to close this out. So I'm pretty happy. Interesting discussion, and thanks for most of the comments. And yes, it's a lesson to me to be better at defensive driving and not to assume that other drivers aren't idiots.
Posted on 9/21/23 at 7:41 am to thunderbird1100
Whole lot of words just to say that you're cool with the insured not being made legitimately whole.
OP's carrier obviously felt they had more to give as well since they gave him more money than originally offered. Sucks that you have to fight for it for them to get closer to what is right, but hey that's business.
OP's carrier obviously felt they had more to give as well since they gave him more money than originally offered. Sucks that you have to fight for it for them to get closer to what is right, but hey that's business.
This post was edited on 9/21/23 at 8:23 am
Posted on 9/21/23 at 8:34 am to thunderbird1100
quote:
Only 6% down from what he paid is a VERY good offer considering the moment you drive the car off lot it's a used vehicle and typically plummets the value of it.
quote:
If you bought a $35k new Subaru, drove it off lot, put it through 300 miles and a tank of gas in 2 weeks and decided you didnt like it...if you took it back to the dealer and said buy it back what do you think they would offer you?
So many people in this thread don't understand the difference between the trade in value of your car versus what it costs to buy a replacement vehicle. I agree if you try to trade in a barely used car you will take a hit but the trade in value is irrelevant. The insurance is there to get you a replacement vehicle not give you the trade in value of your vehicle.
At the end of the day, they should be giving you the money to replace your vehicle with the exact same vehicle (same year, trim, model, options, miles, etc.) This number is not the same as the trade in of your 3 month old vehicle.
As for the comments regarding the value of a car plummets after you drive it off the lot doesn't really apply. If you try to buy a 1 day old car that has 10 miles on it, you aren't going to get it for a big discount. It is also important to remember it should include taxes as well.
Posted on 9/21/23 at 8:38 am to LNCHBOX
So the cost to replace a used vehicle with 500 miles on it is the same as buying one brand new? Interdasting. I normally hate insurance companies, but you're just being ridiculous
Posted on 9/21/23 at 8:42 am to TheOcean
quote:
So the cost to replace a used vehicle with 500 miles on it is the same as buying one brand new?
I'd like one quote of me saying that. You won't be able to provide it.
Even if you could, you would still need to be bale to show me the vehicle OP can buy that makes him whole at the value he was offered. You won't be bale to find that either.
quote:
but you're just being ridiculous
Expecting to legitimately be made whole is ridiculous. Call me ridiculous then. I suppose you think diminished values claims are also ridiculous.
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 10:02 am to j1897
"Starting at" plus TTL.
Posted on 9/21/23 at 11:49 am to bod312
quote:
If you try to buy a 1 day old car that has 10 miles on it, you aren't going to get it for a big discount. It is also important to remember it should include taxes as well.
You very well might.
Someone wanted that specific car.
Paid a lot of money for the car.
And then suddenly didn't like the car.
If that isn't a red flag for a 2nd owner, I don't know what else is.
Also... a lot of insurance perks (gap coverage or new car replacement) require the buyer to be the first titled owner of the vehicle.
Sometimes you can't get gap coverage from an auto insurance policy as the 2nd owner of a vehicle.
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 9/21/23 at 1:57 pm to LNCHBOX
quote:
Starting at" plus TTL.
Sure, but TTL is irrelevant to the insurance discussion, unfortunately.
ETA: I’m wrong.
This post was edited on 9/21/23 at 2:05 pm
Posted on 9/21/23 at 1:59 pm to slackster
Bro trying to say they got 7,000 in options on a subaru?
negative
negative
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