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Started By
Message
re: Totaled vehicle, what happens next?
Posted on 12/9/22 at 11:33 pm to BigPapiDoesItAgain
Posted on 12/9/22 at 11:33 pm to BigPapiDoesItAgain
quote:
days). I was given dollar amounts of what State Farm determined value to be already.
I caused an accident in 2020. State Farm was my carrier and handled my claim since I was their customer and at fault in the accident. Once they inspected the vehicle and totaled it. They called to tell me how much they were going to pay based on the damages. They then wired the replacement value minus the payoff to my checking account. They then told me that I had seven more days of rental coverage. They did this within days of the accident. COVID lockdowns had just started, so I had to eat a month of rentals, before buying another vehicle.
0
Posted on 12/10/22 at 2:06 pm to weadjust
quote:
They don't use NADA or Retail value. It's actual cash value
That is what was quoted to me when I had two vehicles totaled. One was through SF and the other through Farmers. Retail is the key word here. I am not sure what their sources were for that.
I bought a 2009 Camry for $20K with 18K miles on it. Daughter drove it for 5 yrs through college. Had about 60K miles. SF gave me $16K for it...
Posted on 12/10/22 at 2:17 pm to BigPapiDoesItAgain
Thought this was my thread. Couldn’t figure out why I couldn’t find my responses. 
Posted on 12/10/22 at 2:52 pm to weadjust
quote:
They don't use NADA or Retail value. It's actual cash value
Actual Cash Value is based on a valuation source; in Louisiana, that source is required to be NADA.
Posted on 12/10/22 at 7:51 pm to weadjust
quote:In Louisiana, NADA is literally, in the law. ACV as determined by NADA.
They don't use NADA or Retail value. It's actual cash value
Im sitting here trying to remember the advisory letter number from the insurance commissioner that came out in 2007 about this, but I can’t. The sad thing is, it was revised in 2021. The revision was the deletion of the last paragraph. What was the last paragraph? It listed all the insurance companies that agreed to it. I have a copy of both at my office. frick James Donolon.
Posted on 12/10/22 at 9:34 pm to BigPapiDoesItAgain
Police report was required first. State Farm was rather quick on vehicle payment.
Posted on 12/10/22 at 9:35 pm to TomJoadGhost
The good news is that value paid off is higher than two years ago blue book value. The bad thing is even a used replacement is a lot more than two years ago
Posted on 12/10/22 at 9:37 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.
Not the case for me from a wreck in January of this year, over Kelly Blue Book value with State Farm and in a month.
Posted on 12/10/22 at 9:49 pm to BigPapiDoesItAgain
Insurance company will usually handle it. It takes awhile but they’ll hand it off to a buyer willing to take salvage title.
Posted on 12/10/22 at 10:01 pm to BigPapiDoesItAgain
You can cancel the plate online and then destroy it… or take it off and hang it in your garage
Posted on 12/25/22 at 8:23 am to BigPapiDoesItAgain
Just to put a bow on this thread...It took a long time for something that shouldn't have - Accident 11/18, three estimates two by different body shops and one by State Farm (didn't even go look at the vehicle). Finally decalred a total loss Dec 20 - T-bone accident and car had damage to front and rear quarter panels, floor panels, rocker panel, B-pillar, both doors, 5 airbags - rather obvious, huh?? Whole thing was a model of inefficiency and didn't expect it from an outfit like State Farm.
I purchased the car at the end of a model year, CPO (was a dealer demo). Had it for two years. SF did me right on the valuation - paid me more than I paid for the car in Dec 2020. They sent me a sheet with valuation and they used comparable cars of the same make and model year for sale - fortunately the three dealers in this state are high on their prices.
They sent me a power of attorney to sign, had me call the shop where the car was to authorize them to release it, they picked the car up and I was paid on the 23rd. Took two business days to get $$, not bad once determindation was made. I canceled the plate on line. Done deal.
Things I learned in the process - (1) State Farm will dig their heels in if you aren't at one of their network shops (2) agents aren't much help at all these days - model now seems to be that they pretty much wholly exist to sell the company's product (3) There is a fair amount of ineptitude amongst "claim handlers" within the organiziation and the communication between the different departments appears to not be very streamlined (4) Don't have an accident that spans the time frame of Thanksgiving/Christmas/New Years holiday season.
I purchased the car at the end of a model year, CPO (was a dealer demo). Had it for two years. SF did me right on the valuation - paid me more than I paid for the car in Dec 2020. They sent me a sheet with valuation and they used comparable cars of the same make and model year for sale - fortunately the three dealers in this state are high on their prices.
They sent me a power of attorney to sign, had me call the shop where the car was to authorize them to release it, they picked the car up and I was paid on the 23rd. Took two business days to get $$, not bad once determindation was made. I canceled the plate on line. Done deal.
Things I learned in the process - (1) State Farm will dig their heels in if you aren't at one of their network shops (2) agents aren't much help at all these days - model now seems to be that they pretty much wholly exist to sell the company's product (3) There is a fair amount of ineptitude amongst "claim handlers" within the organiziation and the communication between the different departments appears to not be very streamlined (4) Don't have an accident that spans the time frame of Thanksgiving/Christmas/New Years holiday season.
Posted on 12/25/22 at 8:34 am to BigPapiDoesItAgain
If it was your vehicle that was t-boned wouldn't it be the fault of the other driver? Have THEIR insurance buy you a NEW car. If they don't like that, tell them your neck and back have been hurting and it's about to get WAY more expensive.
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