insurance question..

[zixxer]

ok a friend has (had?) a 2000 taurus.. loaded option-wise.

His wife totalled it. (her fault, she hit a garbage truck)

now geico has valued the car at $4200. He wants another taurus (I dunno why) and they are like $6k++++


what's the next step? The adjuster, and adjusters boss are willing to go up to $4500 but no more.

lawyer?
insurance commioner?

 

[Uppsala9496]

Bluebook value? They have gap insurance right.....

 

[njmodi]

Gap insurance does NOT cover the difference between the adjustment amount and the cost of a replacement. Gap insurance only covers the difference between the adjustment amount and what you might OWE on the car if you have an outstanding loan on that car.

 

[Need4Speed]

Originally posted by: njmodi
Gap insurance does NOT cover the difference between the adjustment amount and the cost of a replacement. Gap insurance only covers the difference between the adjustment amount and what you might OWE on the car if you have an outstanding loan on that car.

exaclty...guess he better buy something else or come up with 2K more

 

[shopbruin]

i thought they only gave blue book value on your car that was totalled minus the deductible (since it was her fault)

 

[zixxer]

Originally posted by: freesia39
i thought they only gave blue book value on your car that was totalled minus the deductible (since it was her fault)

he didn't gave gap.

the problem is that they are valuing the car at like $4500. I think they used nada.. but he can't buy another one for $4500... make sense? I think he is upside down, but that aside, he can't buy another taurus for what they're giving him

unless I was mistaken.. aren't ins companies supposed to pay what a car is worth when it's totalled??

 

[njmodi]

How do you determine what its worth when it is totalled? -> Book value - NADA/Kelly or whatever. Thats how it always works. Ins. companies don't go to the nearest dealer that has an equivalent replacement and say, ok, you totalled your car, an equivalent one is 6k, here is 6k.... they always look in their magic guide, it says 4.5k, you get 4.5k (minus deductible). If a dealer is asking for 6k for a car whose blue book is 4.5k, its time to talk down the dealer.

Totalling a car is almost always a losing proposition (financially) for the party whose car was totalled (regardless if it was their fault or not).

 

[Ausm]

Insurance =Legal Extortion

Ausm

 

[zixxer]

Originally posted by: njmodi
How do you determine what its worth when it is totalled? -> Book value - NADA/Kelly or whatever. Thats how it always works. Ins. companies don't go to the nearest dealer that has an equivalent replacement and say, ok, you totalled your car, an equivalent one is 6k, here is 6k.... they always look in their magic guide, it says 4.5k, you get 4.5k (minus deductible). If a dealer is asking for 6k for a car whose blue book is 4.5k, its time to talk down the dealer.

Totalling a car is almost always a losing proposition (financially) for the party whose car was totalled (regardless if it was their fault or not).

that's fscking retarded.

Here in atlanta cars are routinely BLUE BOOK value... (HIGH priced) I mean if you live in the boonies or wherever then nada probably applies...

I guess he's screwed then. that sucks.. with a 2nd kid on the way and all.

 

[freebee]

Ask to see the total loss paperwork. Its a report (geico uses ccc, pathways for their adjusters) showing what cars of similar mileage and condition sold for in his area. This is compared with the NADA guide to come up with a total loss value that is offered. There are two approaches to this. If he owns the car outright, the adjuster will settle the total loss. If he has a lienholder, they may have assigned a total loss adjuster who will make the offer. Your friend can even discuss retention options, but again, salvage value/fees will come into play.

There, now you people happy I ddin't use abbreviations.

 

[zixxer]

interesting. I called geico as a 'new customer' and was told they use kelley blue book only for their appraisals/adjusts.

 

[bleeb]

dont' buy a tarus!!

 

[EagleKeeper]

Ask them to justify the value of the car.

Most times, they will provide you with a analysis that shows what the equivalent car is selling for locally.

They do not want to use the blue book, that is the asking price, not the selling price.

 

[zixxer]

Originally posted by: EagleKeeper
Ask them to justify the value of the car.

Most times, they will provide you with a analysis that shows what the equivalent car is selling for locally.

They do not want to use the blue book, that is the asking price, not the selling price.

they do have analysis.. but it is like... priv party with 2x milage..

 

[flot]

Originally posted by: freebee
There, now you people happy I ddin't use abbreviations.

Yes, thanks!

 

[InterpolAgent]

i had the insurance company jerk me around for months. i swear, they're such professional scam artists.

 

[EagleKeeper]

Originally posted by: armatron

Originally posted by: EagleKeeper
Ask them to justify the value of the car.

Most times, they will provide you with a analysis that shows what the equivalent car is selling for locally.

They do not want to use the blue book, that is the asking price, not the selling price.

they do have analysis.. but it is like... priv party with 2x milage..

They should provide at least 3 vehicles of the same year/model/color and similar mileage and condition.

If not at least three, keep fighting for a higher value.

Also, follow up on what they provide for analysis. I had a company try to lowball me when they provided examples: They used the local newspaper ads within the state, instead of what the vehicle was selling for on used car lots.

1 vehicle was 500 miles away.
Another apparently was trashed.
A third was listed at a given price, but sold differently. turned out to not even be the correct vehicle.