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re: Totaled vehicle, what happens next?
Posted on 12/9/22 at 1:30 pm to BigPapiDoesItAgain
Posted on 12/9/22 at 1:30 pm to BigPapiDoesItAgain
quote:
I was given dollar amounts of what State Farm determined value to be already. Once the final determination is done, what can I expect?
Call your agent and ask them...
I had two vehicles totalled with SF insurance and I dont remember doing anything paperwork wise. I did have to sign off on settlement with the st fault drivers ins company. This is what the lawyers tell you not to do if you have any thoughts of sueing the other party. You sign - you done.
0
Posted on 12/9/22 at 1:37 pm to Beardlington
quote:
Whatever the insurance company offers, decline it and demand more. They will always lowball you to see what you'll take knowing that most people aren't aware that this is a negotiation.
I have State Farm like the OP and this happened to me. I had priced a similar truck already on a dealer’s lot when they called with the offer, I declined the offer and told them it was too low especially considering the used truck prices in today’s market. They came back a few days later with an offer $5000 more which was in line with what I expected.
I took the plate off the truck….I have saved the license plates of all my vehicles.
Posted on 12/9/22 at 2:10 pm to BigPapiDoesItAgain
I just went through this. Here is what you do -
1. Get NADA value online for your car. This is what the insurance companies use. If you don’t think it is a fair number, use step 2
2. Pull comps - cars like yours for sale on Craigslist, Carmax and Edmunds. Adjust for condition and mileage. Provide this to the adjuster when you meet to inspect the car.
3. You have to replace your car. Make sure settlement includes TT and L.
4. Even if you are not using a rental, you are entitled to loss of use while they settle. Get a quote from a rental car company for a car similar to yours and charge them per day.
1. Get NADA value online for your car. This is what the insurance companies use. If you don’t think it is a fair number, use step 2
2. Pull comps - cars like yours for sale on Craigslist, Carmax and Edmunds. Adjust for condition and mileage. Provide this to the adjuster when you meet to inspect the car.
3. You have to replace your car. Make sure settlement includes TT and L.
4. Even if you are not using a rental, you are entitled to loss of use while they settle. Get a quote from a rental car company for a car similar to yours and charge them per day.
Posted on 12/9/22 at 2:47 pm to Pvt Hudson
make sure they pay you for the value of the vehicle + tax title and license....you've already paid that once and would not have incurred it a second time except the vehicle was totaled.
Posted on 12/9/22 at 3:09 pm to GetCocky11
quote:
Ask the insurance agent handling your claim.
Agents don't " handle " claims. They simply report it to the carrier's claim department and they process the claim with the policy holder.
Posted on 12/9/22 at 3:18 pm to cajunangelle
quote:
the body shop people told me Farmers is the best & the military one
They lied. They all suck. Some alot more than others.
Posted on 12/9/22 at 3:20 pm to JonTheTigerFan
quote:
Actually you don’t have to physically turn in the plate anymore, I just went through this with a totaled car
In Alabama you can take the plate to the DMV when registering your new (replacement) vehicle and they will give you credit for the taxes from date of accident to renewal as a credit on your new ride.
Posted on 12/9/22 at 4:08 pm to Pvt Hudson
quote:
1. Get NADA value online for your car. This is what the insurance companies use. If you don’t think it is a fair number, use step 2
2. Pull comps - cars like yours for sale on Craigslist, Carmax and Edmunds. Adjust for condition and mileage. Provide this to the adjuster when you meet to inspect the car.
3. You have to replace your car. Make sure settlement includes TT and L.
Very important point. Most people probably have not gone through this. When buying a car you are used to talking trade in value of your vehicle. Replacing a totalled vehicle the insurance company looks at retail value plus TT&L for settlement purposes. That can vary a lot so dont let them screw you on it.
Posted on 12/9/22 at 4:37 pm to GetmorewithLes
quote:
Replacing a totalled vehicle the insurance company looks at retail value plus TT&L for settlement purposes.
They don't use NADA or Retail value. It's actual cash value
Posted on 12/9/22 at 4:41 pm to BigPapiDoesItAgain
If this accident happened in Louisiana, and you were not at fault, see the court case Hayes v. Allstate (opinion issued on March 1, 2000). Per the court's ruling, you must receive full NADA retail value for your car, plus the applicable sales tax for your parish.
I wish I'd known this several years earlier than the date I learned of it. My daughters managed to total a couple of cars when they were relatively new drivers, and I got hosed on at least one of the settlements, and probably both.
I wish I'd known this several years earlier than the date I learned of it. My daughters managed to total a couple of cars when they were relatively new drivers, and I got hosed on at least one of the settlements, and probably both.
Posted on 12/9/22 at 4:56 pm to GetmorewithLes
quote:
. Replacing a totalled vehicle the insurance company looks at retail value plus TT&L for settlement purposes.
TTL was in the number I got for a valuation. I’m just waiting on someone with the authority to do it to put the stamp on it. The car has been on a complicated odyssey. I asked for it to go to a body shop in another city and state (about 180 mi away) because that was the closest shop that was certified for the make. They wanted an estimate at one of their preferred shops in town. Took several days and came I at roughly half of what the supplement to the original ended up. That process lost me almost two full weeks with T’giving eating up a couple of days. Honestly, don’t see how original shop couldn’t tell it should have been a total. I felt like the number I have seen was appropriate. I was told originally it would be a total loss then the first shop estimate screwed the pooch for me. Delaying the ultimate.
Posted on 12/9/22 at 4:59 pm to weadjust
quote:
They don't use NADA or Retail value. It's actual cash value
NADA retail is precisely what some companies use, then add TTL. NADA retail using the specific year make model options and mileage is used to determine the preloss value of the damaged vehicle, not the exactly same as replacement cost.
This post was edited on 12/9/22 at 5:07 pm
Posted on 12/9/22 at 5:02 pm to CaptainsWafer
They used something called CCC
Posted on 12/9/22 at 5:05 pm to tigersbb
. Replacing a totalled vehicle the insurance company looks at retail value plus TT&L for settlement purposes.
I’ve learned this about the “call your agent advice” I haven’t had to go through a process like this in 20 some odd years. Let’s just say what your local agent does has very little with an auto claim these days.
I’ve learned this about the “call your agent advice” I haven’t had to go through a process like this in 20 some odd years. Let’s just say what your local agent does has very little with an auto claim these days.
Posted on 12/9/22 at 5:08 pm to BigPapiDoesItAgain
quote:
They used something called CCC
CCC I believe uses comps that are adjusted in value as if their specs and mileage are equal yours, then the average of those determines the market value of your car.
Posted on 12/9/22 at 5:13 pm to CaptainsWafer
. Replacing a totalled vehicle the insurance company looks at retail value plus TT&L for settlement purposes.
That explains why the value was so good. Very low miles for 2019 car. Hated to lose it. My position was so good I that car considering when I bought it, how cheap the money was and the fact that it was a CPO car with almost three years of essentially BTB factory warranty left.
That explains why the value was so good. Very low miles for 2019 car. Hated to lose it. My position was so good I that car considering when I bought it, how cheap the money was and the fact that it was a CPO car with almost three years of essentially BTB factory warranty left.
Posted on 12/9/22 at 10:25 pm to BigPapiDoesItAgain
quote:
TTL was in the number I got for a valuation. I’m just waiting on someone with the authority to do it to put the stamp on it. The car has been on a complicated odyssey. I asked for it to go to a body shop in another city and state (about 180 mi away) because that was the closest shop that was certified for the make. They wanted an estimate at one of their preferred shops in town. Took several days and came I at roughly half of what the supplement to the original ended up. That process lost me almost two full weeks with T’giving eating up a couple of days. Honestly, don’t see how original shop couldn’t tell it should have been a total. I felt like the number I have seen was appropriate. I was told originally it would be a total loss then the first shop estimate screwed the pooch for me. Delaying the ultimate.
Why would the body shop have any incentive for your car to be declared a total loss. They make no money off of total losses. Determination of whether its a a total loss is at the discretion of the carrier bad on repair cost versus replacement value.
The carrier should have just assigned an appraiser to inspect the vehicle and determine if it is a total loss. If repairable you get to choose your body shop.
Posted on 12/9/22 at 10:27 pm to BigPapiDoesItAgain
say you pooped on yourself
Posted on 12/9/22 at 10:52 pm to BigPapiDoesItAgain
Same situation with son's car about a year ago. I got about $3k more than I paid for it a year prior, which was awesome. Searching for a similar vehicle with similar mileage in good condition, for the amount received from insurance. Not awesome.
Posted on 12/9/22 at 11:01 pm to Beardlington
quote:
Whatever the insurance company offers, decline it and demand more. They will always lowball you to see what you'll take knowing that most people aren't aware that this is a negotiation.
What is your leverage here? A lawsuit if the insurance company sticks with its lowball offer?
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