Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739412
02/03/20 07:48 PM
02/03/20 07:48 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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If they pay you the actual cash value of the car, they are buying the car from you as though it was not damaged. They will then, in turn, sell the damaged vehicle, and the proceeds of the sale will offset a portion of the claim cost. Thus, if you want them to pay you, AND you want to keep the car, they amount they owe you is reduced by the projected salvage value of the car. They don't owe you the actual cash value in full if you keep the car.
Ask them for the source they used to determine the value of the vehicle, and the projected value of the salvage. They should willingly provide both. The documentation for the projected salvage value is likely a quote from either Copart or IAA, as all of the major insurers use one or both of those companies to handle their salvage.
Honestly, given the age/mileage, somewhere between the ACV they gave you, and your $2,500-ish figure, is probably accurate. As far as the salvage value goes, the figure they are quoting you sounds reasonable to me. It's worth scrap value or slightly higher, so $200-$300-ish.
Earning every penny of that moderator paycheck.
DBAP
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739416
02/03/20 08:02 PM
02/03/20 08:02 PM
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Joined: Apr 2006
Posts: 1,012 Central US
grancuda
super stock
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super stock
Joined: Apr 2006
Posts: 1,012
Central US
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I would fight for more. Your wife was hit, not the other way around. I’m certain you can’t get a solid, dependable one for the price they are offering & on KBB, there are examples over $4k for sale. I’ve been thru this before & you just have to hold out as long as you can & tell them it’s not enough. It’s the adjusters job to pay you as little as he can.
Last edited by grancuda; 02/03/20 08:03 PM.
1967 Barracuda Formula S 383 1967 Chevy C10 Short Stepper 1980 Macho Power Wagon LWB 318 2021 Toyota Supra
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739418
02/03/20 08:05 PM
02/03/20 08:05 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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Also, in AZ, you are owed sales tax on the actual cash value of the totaled vehicle, regardless of whether or not you replace it. They also owe your license plate transfer fee. This is not true in every state.
Earning every penny of that moderator paycheck.
DBAP
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739419
02/03/20 08:09 PM
02/03/20 08:09 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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In the Arizona Administrative code, R20-6-801, the AZ Department of Insurance specifies that an insurer can use the following methods to determine the actual cash value of a vehicle:
Standards for prompt, fair and equitable settlements applicable
to automobile insurance
1. When the insurance policy provides for the adjustment
and settlement of first party automobile total losses on the
basis of actual cash value or replacement with another of
like kind and quality, one of the following methods must
apply:
a. The insurer may elect to offer a replacement automobile
which is a specific comparable automobile
available to the insured, with all applicable taxes,
license fees and other fees incident to transfer of evidence
of ownership of the automobile paid, at no
cost other than any deductible provided in the policy.
The offer and any rejection thereof must be documented
in the claim file.
b. The insurer may elect a cash settlement based upon
the actual cost, less any deductible provided in the
policy, to purchase a comparable automobile including
all applicable taxes, license fees and other fees
incident to transfer of evidence of ownership of a
comparable automobile. Such cost may be determined
by:
i. The cost of a comparable automobile in the
local market area when a comparable automobile
is available in the local market area.
ii. One of two or more quotations obtained by the
insurer from two or more qualified dealers
located within the local market area when a
comparable automobile is not available in the local market area
Earning every penny of that moderator paycheck.
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Re: Wife's car totaled - help me understand the insurance offer
[Re: poorboy]
#2739435
02/03/20 09:14 PM
02/03/20 09:14 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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Make sure they don't try to bundle the property damage (your car) with the medical part (your wife) into a single process They can't do that, not in any state. An insurer does not need a release to settle your property claim. They absolutely must get a release to settle your injury claim. No release = injury claim not settled/closed.
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Re: Wife's car totaled - help me understand the insurance offer
[Re: azblackhemi]
#2739438
02/03/20 09:19 PM
02/03/20 09:19 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
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Puttin' on the foil in Charles...
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On Cragislist in Phoenix there are 3 comparable Buick Park Aves. 2 2001's and a 1997. They are priced at $4750, $3000 and $6850. That averages out to $4850. That's what I'd ask for as value. Like the AZ ADC says in what I posted above: "Such cost may be determined by: i. The cost of a comparable automobile in the local market area when a comparable automobile is available in the local market area." Can't hurt to try. And your chances are better in AZ than say, the midwest or northeast, where most of those cars have rusted into oblivion.
Earning every penny of that moderator paycheck.
DBAP
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Re: Wife's car totaled - help me understand the insurance offer
[Re: not_a_charger]
#2739443
02/03/20 09:34 PM
02/03/20 09:34 PM
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Joined: Jan 2003
Posts: 4,158 Canada -- Posts: 4034 -Registe...
5thAve
Doesn't care what this says anyway
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Doesn't care what this says anyway
Joined: Jan 2003
Posts: 4,158
Canada -- Posts: 4034 -Registe...
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My experience has been that it's usually not worth buying it back unless the damage is easy to fix and if you think that the car is worth more then they're offering you find some realistically priced ads for same year comparable car to show what it would cost you to replace it and they'll usually work with you.
EDIT: Like not_a_charger said the ads had to be from somewhat within your area, similar mileage, only a year off at most, similar condition etc..
Last edited by 5thAve; 02/03/20 09:38 PM.
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Re: Wife's car totaled - help me understand the insurance offer
[Re: 5thAve]
#2739444
02/03/20 09:35 PM
02/03/20 09:35 PM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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My experience has been that it's usually not worth buying it back unless the damage is easy to fix and if you think that the car is worth more then they're offering you find some realistically priced ads for same year comparable car to show what it would cost you to replace it and they'll usually work with you. ^ spot on advice here.
Earning every penny of that moderator paycheck.
DBAP
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739459
02/03/20 10:14 PM
02/03/20 10:14 PM
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Joined: Jan 2003
Posts: 12,244 Benton, IL.
DaveRS23
Special needs idiot
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Special needs idiot
Joined: Jan 2003
Posts: 12,244
Benton, IL.
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Adjusters know that time is often on their side and will try to wait you out. If you have the time and inclination, do your research as already suggested and present that to them. It matters. Also, in many states, small claims is cheap and easy for the individual to file. But in many states, corporations must be represented by council. That is often more expensive for an insurance company than settling to your satisfaction. You don't necessarily have to go to court, and maybe not even file. Just have your facts in order, present them professionally, and let them know you are not going to settle for less than your research says you are entitled to.
They know the value of your car, and if you are on solid ground with your estimate and convince them of your intent to see the process thru, you'll get better than their initial offering.
Master, again and still
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739489
02/03/20 11:45 PM
02/03/20 11:45 PM
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Joined: Jan 2003
Posts: 8,501 Candler,NC / Myrtle Beach, SC
JDMopar
master
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master
Joined: Jan 2003
Posts: 8,501
Candler,NC / Myrtle Beach, SC
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I hope your wife is ok! First her nice patio table....and now this! Did the hit destroy the rear bumper cover? If it took enough of a lick to make the trunk lid not close, the whole tail panel is probably junked. It might be best to let it go, and just take as much money as you can get out of Allstate, and buy her another Park Avenue of that vintage. I had to go to FL for work once in 2003ish, and rented a Park Avenue. I stopped after about 150 miles and put gas in it because I thought the gas gauge was broke! Only got like 5 gallons in it! That boat got some great gas mileage. Good luck with the ordeal.
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Re: Wife's car totaled - help me understand the insurance offer
[Re: JDMopar]
#2739499
02/04/20 12:17 AM
02/04/20 12:17 AM
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Joined: Jan 2003
Posts: 9,142 Tucson, AZ
Ramrod39
OP
My New Title
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OP
My New Title
Joined: Jan 2003
Posts: 9,142
Tucson, AZ
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I've looked around a little bit. Valuation tools on KBB and NADA are $2700 and $3350 respectively, assuming "very good" condition, which I think this car qualifies for. I've found similar Buicks in Tucson and Phoenix (100 miles away) on Craigslist offered for similar prices.
The $2042 offer is low in my opinion. I'm prepared to take a total loss settlement but I think they are low balling me. For what it is worth, I put $572 in the car 10 days ago for an oil pan gasket, tune, and window regulator work.
I don't think I'm going to accept this offer, not sure what will happen. I have their rental until Feb 14. Part of me thinks I should file a civil suit against their insured and let the insured raise hell with them.
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739512
02/04/20 01:12 AM
02/04/20 01:12 AM
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Joined: Jun 2005
Posts: 5,112 Western Md.
skicker
"The Champ"
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"The Champ"
Joined: Jun 2005
Posts: 5,112
Western Md.
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The whole thing is a scam from the get-go... It's a law you must have it but maybe 20% of people out there don't... God forbid something does happen cause when it does your gonna get hosed... Seems to me when my Mercedes (93 190E 4 door 4cyl beater) got totaled a bunch of years back that I was told by the other drivers insurance that if I could show proof of receipts for non normal maintenance over the last 90 days they would consider that as an added value that would be pro-rated. I had a few receipts but most were maintenance items...After the accident the car ran fine but had a bent up fender and bumper along with a busted grill and h/light bezel...I ended up driving it for another 4 or 5 months telling them when they bring me a car to replace this one they can have it... They were scrapping it anyway so I waited them out as long as I could...sold the newer tires and put the bald ones back on...swapped the new battery with the one that wouldn't hold a charge for more than a couple days....removed all the new LED lights and put the old bulbs back in... Took the tags back to DMV and cancelled the insurance and the next day they picked it up and sent it on its way... I don't care what company it is...anytime you get hit by someone else and your car is an older car you are going to take the high hard one...It doesn't matter that it was a great car and was paid for or whatever you'll never get enough value back from an insurance company to replace it... Personally I'd like to see an insurance company offer agreed value coverage for a daily driver...it might be worth a few extra bucks a month knowing that if something does happen your not going to get hosed...
...FAFO...
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Re: Wife's car totaled - help me understand the insurance offer
[Re: Ramrod39]
#2739529
02/04/20 06:21 AM
02/04/20 06:21 AM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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For what it is worth, I put $572 in the car 10 days ago for an oil pan gasket, tune, and window regulator work. That adds no value to the car at all. About the only things that do would be a new or rebuilt engine and/or transmission, and 4 new tires. From the comps being posted here, I would agree that the offer sounds low. As I posted earlier, I would ask them for the documentation they used to determine the value of the car, and the value of the salvage. That gives you more info that you can use to negotiate a higher settlement.
Earning every penny of that moderator paycheck.
DBAP
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Re: Wife's car totaled - help me understand the insurance offer
[Re: skicker]
#2739530
02/04/20 06:24 AM
02/04/20 06:24 AM
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Joined: Dec 2007
Posts: 19,991 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,991
Puttin' on the foil in Charles...
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Personally I'd like to see an insurance company offer agreed value coverage for a daily driver...it might be worth a few extra bucks a month knowing that if something does happen your not going to get hosed... Some companies kinda sorta have that in the form of "new car replacement" coverage, but the scope and availability of that coverage is limited. Your idea is an interesting one. My educated guess is that the primary deterrent to doing so is that it's not in the wheelhouse of most companies' underwriting process. That's not to say that it couldn't get there, though.
Earning every penny of that moderator paycheck.
DBAP
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