What happen if I don't agree next to the insurance company's advantage for my totaled vehicle?
I was in an happenstance almost 2 weeks ago. I was rear done on my way to work. Although there be major damage to my vehicle, I be still able to drive it. I am no longer driving it, my husband is because it drives weird immediately. If I turn left, the rear finale of my car wants to shift right. But we didn't get a rental because I was trying to be neutral.
The insurance company for the other party FINALLY called me near a settlement offer for my car today, and they are offering me considerably smaller amount than what the car is worth. NADA value of my vehicle is $3700. It does have some prior damage, but the prior pull would cost at MOST $1200 to fix. They are only offering me $2300 for my car. The prior spoil did not toal car, THIS damage did.
Do I stipulation to contact a lawyer? I really don't want to do that, because I know it will take forever to obtain a settlement if I do that.
Anyway, so what happens if I turn down their offer?
Answers:
The unrepaired prior damage diminished the value of this vehicle, which is why they are offering you smaller number for it. The NADA value would be for a vehicle without body plunder.
Well, their $2300 plus the admit $1200 previous damage comes to $3500, within roughly speaking 6 percent of the book value of your car--and book value assumes good/average condition. You have damaged goods to set off with--why wasn't that previous damage fixed?--so you can't expect to be paid for that despoil from this accident. Best take it, because if you turn down the contribute, you may wind up with nil.
Using your own numbers - the motor is worth 2500.
The NADA retail value assumes a car contained by good condition.
As you say, your vehicle has prior damage that would cost nearly 1200 to fix.
Therefore, 3700 for good condition car - 1200 to repair prior blight = 2500. value of your car prior to the loss.
If you tried to see the saloon with the prior damage for the full retail significance - you would have a hard time selling the saloon. Most likely, the buyer would subtract the cost to repair the prior damage from the full retail good point.
If you were going to Car-max to purchase a used car and the used coup¨¦ had damage on it- would you pay packet full retail? Probably not. You would subtract the cost to repair the prior damage from the retail value.
Using your own numbers - their donate is not that far off the mark. You may want to counter tender them at 2500 and see what they do.
If you have collision coverage on your vehicle- you can always profile under your collision coverage and see what your company comes up with. Source(s): Insurance Adjuster 12 years
Ok -- your car has an NADA of $3,700 -- it have $1,200 of PRIOR damage so truthfully, it's only WORTH $2,500. Insurers underside settlement claims on a car's value, not what NADA or Kelly or Big Al at the local gas station say it's worth. It sounds to me similar to they may only be short $200 -- so call them up and variety them explain how they established their value. It could be they will up their offer to $2,700, possibly even more but you will NEVER catch $3,700 because you couldn't have sold it for that amount prior to the loss. Always keep an uncap mind with these sort of things and what ever you do, always hang on to your cool and remain professional when dealing with an adjuster. The insurance company doesn't want your car -- they are bound by state statute to 'total' the vehicle when costs to repair exceed the value or a percentage of that value. A advocate will only get you a huge bill you will enjoy to pay to them. Source(s): Old claims guy.
Related Questions:
The insurance company for the other party FINALLY called me near a settlement offer for my car today, and they are offering me considerably smaller amount than what the car is worth. NADA value of my vehicle is $3700. It does have some prior damage, but the prior pull would cost at MOST $1200 to fix. They are only offering me $2300 for my car. The prior spoil did not toal car, THIS damage did.
Do I stipulation to contact a lawyer? I really don't want to do that, because I know it will take forever to obtain a settlement if I do that.
Anyway, so what happens if I turn down their offer?
Answers:
The unrepaired prior damage diminished the value of this vehicle, which is why they are offering you smaller number for it. The NADA value would be for a vehicle without body plunder.
Well, their $2300 plus the admit $1200 previous damage comes to $3500, within roughly speaking 6 percent of the book value of your car--and book value assumes good/average condition. You have damaged goods to set off with--why wasn't that previous damage fixed?--so you can't expect to be paid for that despoil from this accident. Best take it, because if you turn down the contribute, you may wind up with nil.
Using your own numbers - the motor is worth 2500.
The NADA retail value assumes a car contained by good condition.
As you say, your vehicle has prior damage that would cost nearly 1200 to fix.
Therefore, 3700 for good condition car - 1200 to repair prior blight = 2500. value of your car prior to the loss.
If you tried to see the saloon with the prior damage for the full retail significance - you would have a hard time selling the saloon. Most likely, the buyer would subtract the cost to repair the prior damage from the full retail good point.
If you were going to Car-max to purchase a used car and the used coup¨¦ had damage on it- would you pay packet full retail? Probably not. You would subtract the cost to repair the prior damage from the retail value.
Using your own numbers - their donate is not that far off the mark. You may want to counter tender them at 2500 and see what they do.
If you have collision coverage on your vehicle- you can always profile under your collision coverage and see what your company comes up with. Source(s): Insurance Adjuster 12 years
Ok -- your car has an NADA of $3,700 -- it have $1,200 of PRIOR damage so truthfully, it's only WORTH $2,500. Insurers underside settlement claims on a car's value, not what NADA or Kelly or Big Al at the local gas station say it's worth. It sounds to me similar to they may only be short $200 -- so call them up and variety them explain how they established their value. It could be they will up their offer to $2,700, possibly even more but you will NEVER catch $3,700 because you couldn't have sold it for that amount prior to the loss. Always keep an uncap mind with these sort of things and what ever you do, always hang on to your cool and remain professional when dealing with an adjuster. The insurance company doesn't want your car -- they are bound by state statute to 'total' the vehicle when costs to repair exceed the value or a percentage of that value. A advocate will only get you a huge bill you will enjoy to pay to them. Source(s): Old claims guy.
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