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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.?
16
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 6:14 pm to WhiskeyThrottle
quote:
That's a bit crappy, but GAP insurance is your only redemption here.
I’m not even sure GAP would help unless the OP financed more than $36,600. Gap doesn’t cover your entire purchase price, just the loan amount.
Posted on 9/19/23 at 6:23 pm to slackster
quote:
I’m not even sure GAP would help unless the OP financed more than $36,600. Gap doesn’t cover your entire purchase price, just the loan amount.
I honestly had no idea. Damn. I was damn close to trading in on a newer truck this weekend and that dealership would have phucked me over on that one. Glad I learn something new everyday on TD.
Posted on 9/19/23 at 7:06 pm to WhiskeyThrottle
I'm sure this will get lots of downvotes, but if you need gap insurance, you can't fricking afford the car!!!
Posted on 9/19/23 at 7:07 pm to slackster
quote:
That actually seems pretty fair to me. Driving it off the lot and only losing 6% is solid.
This, only 6% less than what you paid seems pretty in market right now. In previous markets something driven off the lot wouldnt be taken back for probably at least 10% off what you paid even with no miles on it.
New cars depreciate like a rock right away typically. The market now is definitely adjusted a bit from what is usual, but not many people now are paying sticker price for even a slightly used car vs. brand new of same year. IT would be kind of silly to do that overall anyways unless there was basically zero supply of said new car.
This post was edited on 9/19/23 at 7:09 pm
Posted on 9/19/23 at 9:16 pm to thunderbird1100
Does your insurance provide replacement coverage?
Several companies offer it (you have to pay extra, but it can reward you tons if you have it).
Some companies call it replacement new. Some call it better car replacement.
Several companies offer it (you have to pay extra, but it can reward you tons if you have it).
Some companies call it replacement new. Some call it better car replacement.
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 7:45 am to Tigris
They did make you whole. Their contract with you is to put you back in the position you were prior to the wreck. You didn’t have a new vehicle at the time of the accident. Their offer seems pretty strong to me.
Posted on 9/20/23 at 7:45 am to slackster
quote:
That actually seems pretty fair to me. Driving it off the lot and only losing 6% is solid.
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 9:24 am to Twenty 49
quote:
but I'd be curious if anyone has real life experience trying to get such a refund
My first new car I bought I fell for the extended warranty sales tactic. When I brought it to my mechanic for the oil change, he explained why it was a bad deal and that I should cancel. I was able to get the prorated refund pretty easily with a call.
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 10:31 am to Tigris
quote:They don't control the market supply of 500 mile slightly used cars.
So their frequent promises about "making whole" don't match up.
They have made you whole by giving to you the fair market value of your vehicle the instant it was involved in the loss.
Additionally, in case you are wondering:
a. They are not responsible for removing your sunglasses from the old vehicle and putting them in your new vehicle.
b. They are not responsible for finding a new (or slightly used) vehicle for you to purchase.
c. They are not responsible for registering your new vehicle with your DMV.
If you want concierge service to avoid having to deal with these types of aggravation in the future my advice would for you to be a billionaire.
What you have described here is the normal inconvenience of "real life".
Man up and move on.
Posted on 9/20/23 at 10:39 am to jfw3535
quote:
I'm sure this will get lots of downvotes, but if you need gap insurance, you can't fricking afford the car!!!
Now that I understand what GAP insurance is, we agree on this.
Haven't bought a vehicle in about 6 years. And this is the first time in my life that I can put a sizeable down payment on a vehicle. But after seeing where interest rates are and what the vehicle note is even putting half down, I said frick it. I don't want to pay even $500 a month on a 48 month note for a vehicle which puts the amount financed at $20k. Instead of buying the new truck, I increased how much I'm putting into my brokerage account so I can just pay cash for the next vehicle.
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