What To Do When The Insurance Company Totals Your Car - Lehto's Law Ep. 4.41
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- Опубликовано: 10 июл 2018
- People often ask me what they should do when the insurance company is going to total their car. What steps should they take? And what can you do to avoid being ripped off.
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My father had an older truck he loved get hit once. The adjuster totalled it, even though it wasn't badly damaged. I easily fixed it for him with some used bolt on parts. For about 6 months the insurance company kept calling him demanding the title, so they could brand it as salvage and pay him. He didn't want a salvage title, so he wouldn't do it. They eventually gave up and sent him the check.
My dad has passed, but my brother is still driving that truck.
Insurance companies try to screw everyone. A repair or replace clause is something that needs to be in the contract
I'm guessing it was a Ford. People tend to get attached to the old and vintage Ford trucks. I'm on of those people, and lucky enough to have the diesel version with almost 500,000 miles on it.
@@mikejohnson5491 That they do. Back in 1996 I got sideswiped. My car was totaled and I wound up in the hospital with a broken arm. The other parties insurance were refusing to pay 100 percent on my medical bills. I had to get a lawyer involved just to get the insurance to pay for my medical bills.
I am sure that the adjusters want the cars/trucks for themselves at a cheap price.
they also probably have a side business supplying their buddies .........................Just saying!
@@loufaiella3354 I know a POS dog that is involved in this in addition to some outright criminal activity. The bank drones repo scum and body shops are all taking advantage and cutting themselves deals out of the hides of the regular guy.
This has happened to me in NY (no fault state). Offered me $900 for my truck after hitting a deer. The adjuster was nasty on the phone, and told me my truck was worthless and I knew it.
I did my research. I found the fair mkt value was around $3500 +/-. PLUS, the company that was offering the $900, was a salvage company working for my insurance company. I found them online.
I called the nasty adjuster back. Told them what I found. I then told them, they could shop around my area, like I did, and they would find the true FMV of my truck instead of the salvage value... OR they could talk to my lawyer.
In 24 hrs they offered me $3800, minus my $500 deductible, so $3300. I asked the buy back price. $300. I bought it back. Kept the $3000. Spent $500 fixing the truck enough to make it drivable. Drove it for 7 more years. Then I GAVE it to a friend to use as a private property snow plow truck because his, same model, broke in half. His plow fit my truck perfectly!
WIN WIN WIN. It was a great truck. 1991 Chevy S15 Blazer. Total rust bucket. But ran over 350,000 miles.
Your car dealer can be a big help, I had a truck stolen that was less than a year old and when they found it the engine was stripped out of it. The insurance company lowballed me to the point of an insult . The insurance company said they could not find any comparables. My dealership found some and gave me a print out of them . The insurance company paid me almost what I paid for the truck.
Yes. Because the dealer wanted to sell you another truck.
@@TheFrenchPug With the help he got from his dealer he should buy from them. Sounds like an honest dealer.
@@davidvogel6359 I didn't say it was a bad thing.
@@TheFrenchPug No, of course not. Good service brings more customers. And word-of-mouth is better than any other kind of advertisement and free too.
@@davidvogel6359 I'll agree with that!
Tip: If you have a rare, custom, or classic car, get special insurance with agreed value coverage. Hagerty or Grundy both insure classic cars.
Yupp I have Hagerty on my classic for a good value.
I’ve heard of Replacement Insurance lately
It’s for aftermarket parts/upgrades.
Dropping 7k worth of goodies on your old land cruiser? Definitely worth talking to your insurance agent!
With hagerty I got full coverage w/uninsured motorist coverage for only $30 a month. That was $10-80 a month less than everyone else for liability only w/o uninsured motorist coverage. Can't beat that. And No I don't work for them.
Thank you! My Uncle and I just finished restoring one of his classic cars together and we were trying to figure out the best way to insure it.
@Jo Speers maybe you shouldn’t have filed a $2500 claim?
State Farm tried to hustle me. Their "adjusters" claimed to be licensed automobile damage adjusters, and thus required to maintain a specific standard of ethics and follow a specific set of rules. After being given a ridiculous offer, I decided to check this claim. It turns out that licensed automobile damage adjusters in Pennsylvania cannot be employees of the insurance company. They have to be independent. So, I called the adjuster on my claim and asked for his license number, which he refused to give me. I spoke to his boss, who also claimed to be a licensed automobile damage adjuster. I asked for her license number, which she refused to give me. We went back and forth over the value of the car, with me telling them I wasn't going to accept their low offers.
Eventually, we reached an agreement on the value of the car after two weeks of daily negotiations and reading the adjuster the state statute requiring them to use a "publicly available" vehicle pricing service (not one run exclusively for insurance companies) and to find a comparable vehicle in the "same area" (not 120 miles away). But, that issue of being a "licensed" auto damage adjuster really stuck in my brain. So, I wrote a letter to the department of banking and insurance giving particulars.
I got a call from an investigator. He was incredulous. I asked him what office he worked out of (there are 2 in Pennsylvania, one in my office building). He worked in my building. I told him to stop by and I'd give him my notes, which were voluminous. He stopped by, looked it over, chatted a bit, and agreed to investigate it.
A month or so later, I got a letter stating that the investigation was complete, with no details given. I figured it was all for naught. Later, when I saw the investigator in the hall, I asked what happened as a result of the investigation. He said that State Farm had terminated the entire department, agreed not to do it again, and paid a fine. Ironically, both the boss and adjuster were both licensed, but lost those licenses as a result of the investigation and are now "black listed".
So, you CAN win against the insurance company, but you have to know what the law is to do it.
@Craig Tiano As I started reading your comment I said to myself "He should report them to the DOI", and you did!
So glad they were caught and punished. And I say this as a person who spent her entire career in the commercial insurance industry.
Regarding the PA license, that is not true in any way. You can be licensed in all states that offer them, and also work for an insurance company. In almost all cases, this is required. You can not write an estimate in PA without a license. Also, in PA, your license number has to be on the estimate you write, as well as all supplements to that estimate.
@@gdn86 Under the terms of the motor vehicle code in PA, an automobile physical damage appraiser MUST be a neutral third party. That precludes the appraiser from being a direct employee of an insurance company and being involved in insurance estimating. The appraiser can be a contractor, someone hired to do an estimate, and paid that way. In my situation, these people were licensed as individuals, but regular full time employees of the insurance company, not paid through a third party, and not paid per estimate handled. They used their licenses to imply that they couldn't do wrong (because they were licensed), which of course, is fraud, which is also cause for a loss of license under title 62.
I have had two cars totaled. Each time I was low balled. I turned down 3 offers. You can count on getting screwed. The money you get will never get you an equivalent car. While researching Washington regulations I concluded they were written by the insurance industry.
Nonsense, you have to know how to play the game. Many years ago I worked for an insurance company. Do your homework. Write down the improvements to the car, find an actual car that is for sale etc etc. Get all the info you can. Then show them the documentation and you will get a fair offer. End of story. I have had three cars totaled in all three cases I received more than fair offers. Usually the issue is that people don't do their homework and it costs them. Also, don't get low ball insurance, you will get low ball treatment when it comes time to settle the claim. I have been with the same national company 30 plus years.
AMICA would never bargain at all, not even close to replacement even with the data, with Liberty Mutual, I was able to get some more for a new tyranny, but never enough for a full replacement. Yup, lowball and would not repair deer damage. Always a darned deer, except that one 18 wheeler in the wrong lane that ran over me.
@@davisrs1 That makes no sense. I can't speak for coverage in all states, but a deer under any policy I ever heard of is covered without question. It would fall under comprehensive rather than collision. There is an appeal process with any insurance company. If you have documentation that the offer they have given you is not fair and they do not have documentation, you will win an appeal. My own experience is that insurance companies consider replacement or repair of vehicles small potatoes. In general there is no incentive to cheat or low ball anyone. If you get a lowball offer you probably paid too much for the car.
@@tiw2572 I paid too much for AMICA insurance. Never again! Lowballers and Highjackers in New Jersey.
@@tiw2572 I had a 1974 Plymouth Scamp that I really liked. Not a high value car. I had full coverage and someone sideswiped me putting a shallow dent in the left rear 1/4 panel. Without talking to me, the insurance company had my title destroyed by the state and sent me a check for about $500. No negotiation, car was still totally driveable. Good luck finding a 1974 Plymouth Scamp at all, much less a nice one for $500.
I'm in Virginia and my wife and I had a car totaled, due to a fire in the engine compartment. The insurance company found three comparable vehicles at dealerships to determine the value of the vehicle. Funny enough, the amount they offered us was $2200 more than we paid for the totaled vehicle.
That’s because of the stagflation that is going on.
@@user-tb7rn1il3q You have no idea whether this happened yesterday, or the guy is 90 years old and the incident happened 30 years ago.
My wife's car was rear-ended last week and totaled. After reviewing this, I spent some time looking at the various sites to get a reasonable idea of the cost. Got the "offer" from the insurance company. Imagine my surprise when it is about $1500 HIGHER than the highest value I found. This on a 14 year old Camry LE model. I found one small mistake, they left out the sun roof, so I'll get back to them. But overall, very happy with the results. Goes to show that not all insurance companies try to rip you off
Most insurance companies make reasonable offers. The issue is usually when the owner of the 73 pinto thinks he owns a 2017 Maserati…..
They wanted to settle before your neck started hurting from whiplash
About 15 years ago, I bought a used Caravan for $4,000. Two years later we had a hail storm. The adjuster totaled the Caravan at $4,000 and sold it to me at salvage ($600). So the adjuster gave me a check for $3,400. The hail damage was on the top of the white van and was not visible at street view. You had to get on a ladder to actually see it. I was pretty happy. I put the $3,400 in the bank and saved it for a down payment for when the van finally gave up the ghost. The van was still "street presentable" so I drove it for many years and by my way of thinking it only cost me $600.
Steve, you are so right.
When my SUV was t-boned by someone who ran a stop sign, the damage exceeded the current value of the vehicle. Neither the police or the insurance company found fault with me. However, the insurance adjuster gave me two choices. One was to give up the vehicle and get a check, or keep the vehicle and get a smaller check (fees and so forth) which was half the cost of repair. Well, I kept the vehicle, took the check and my recent tax return back to the dealership who made the estimate for repairs for the insurance company. They repaired the vehicle and provided the state inspection which I used to get a "salvage" title. I then submitted it to the DMV and my insurance company and all was well right?
Not exactly, one day I get a call from a clerk at my insurance company regarding my policy, they want to reduce my insurance fees since the value of my vehicle had been reduced. I asked her why? Well wasn't it totaled. she asked? We don't insure totaled cars. I explained to her quite simply that the vehicle was not totaled, it was repairable per the estimate from the dealership. I explained to her that the phrase was "total loss" meaning the repair value exceeded the insured value of the vehicle. This was an accounting practice, nothing more.
Then I told her that the car been repaired by the same dealership that had provided the estimate, been inspected by the same dealership who was licensed to do so and a new title had issued by the DMV declaring it legal, i.e. roadworthy. Also proof of repair by that same dealership had been provided to the insurance company as a matter of course. At that point I told her that I would not authorize any change to my auto policy as I had followed the advice of the insurance adjuster who had been assigned to me. Reminded her that I had been a client over thirty years and did she have any questions?
After a brief moment, and a polite reply, we hung up. I never saw any inquiry in writing and my insurance fees remain the same.
They will possibly screw you in the future if it needs collision repair, citing the previous issue. Insurance companies are all slimey. I would make an appointment to have them inspect and photograph the vehicle and have this cleared up, that is what I did in a similar situation.
@@KarateSensei71 LLP
Here in Manitoba Canada, if our public insurance totals your car, lets say for hail, and you by it back plus their check, you rates are still at the original rate, but the payout will be roughly half the next time you are in a crash. Here they should charge you a rate that is based on the value of your car, which they now say is less due to all the hail. A car with salvage title is worth less, but here they still charge you like your car has a clean or non damaged title.
You take the check and buy a brand new car, finance part or all of the difference if you have to. Wrecked cars that are fixed are junk unless it’s very mild damage like a bumper cover.
The day of the incident do the research and print all info about the comparables. Once had a battle over a 2nd truck. After 3 months they tried using fresh comparables that were much lower. When I told them either they pay what I wanted or it was going to an attorney. They payed my first price but it was now 3 months later. Had I needed it daily or been paying on it they would have gotten me to cave. Insurance adjusters and car salesmen are the same; soleless willing to do anything for a extra buck. Personally I've never been that hungry.
In the mid-70s, I had a 1971 Fiat 850 Sport Spyder that I bought in the service for 600 bucks (took over payments from a fellow sailor I worked with). I drove it from Florida to Washington state when I got off active duty, drove it for another year, no problems. I had replaced the carpet, made a custom wood console, installed a great stereo, and paid to have a shop install a new Robbins soft-top. Two days after I had it tuned up at a local import dealer, it caught fire while I was on my way home from work (working through college at the time). The insurance adjuster totaled it. I had replacement insurance on it. He said he couldn't find a replacement, and low-balled me on his offer. I demanded replacement, or blue book. So, I got 1600 bucks from the insurance for it. I bought it back with first right of refusal for salvage...400 bucks. Sold it to my brother in law for 400 bucks. He had an auto electric shop replace the wiring harness for 400 bucks. Totaled. Right.
Excellent advice as always. A friend of mine was in an accident and it wasn't her fault (Texas). The insurance company of the other party told her that her car was totaled and they offered her $1500. She was upset about it but was about to accept it. I went online to several auto sales sites and found several similar cars that were the same year and approximate mileage selling for around $3800. I printed off the listings and she contacted the insurance company and they cut her a check for $3400...she was ecstatic!
Been in insurance 20 years. Spot on advice. 1 th ik ng to add, is that insurance will not pay for your finance fees. You buy a car for $30k and they pay you $25. They don't owe for the amount you are upside down.
How about if they make insurance illegal? Sounds great to me ..
Here in SC, if you don't like the offer the insurance company is offering and you can afford to do it.... sit on it. If they don't pay out a claim within the calendar year it MUST go to arbitration and they don't won't that. I had a issue many moons ago after my wife totaled her car where the insurance company offered me less than the car was worth. I cited the KBB value and the adjuster actually had the stones to say, "Well it's totaled" , ah, I didn't insure a totaled car, I insured a new car. After a few weeks of back and forth and me telling them that I already had another car to drive and therefore I could wait as long as they wanted to, they caved and gave me the KBB value for the car which paid it off with a little left over to put away.
I am an insurance agent/broker that stumbled across your channel and I enjoy your videos and don't have any problem with anything you have said yet. I hope you keep posting.
Alan Cobb
We don't like insurance agents and banks, wonder why? Oh......BEND OVER!!! Lol
@@Saracinderallasushis ins agents aren't the problem it's the low life adjusters getting rich off of body shop kick backs and diverting low mileage "totals" to salvage companys for more kickbacks!
oldladytoofast
Maybe you are right, I meant insurance companies more so!
@@Saracinderallasushis I don't think the corporate thugs know or care what the adjusters are doing as long as they are saving the company money and the bonus checks keep coming their way
Thank you for this video. North Dakota has no fault insurance too. My 2014 Edge SEL AWD was t-boned with a NDAD value about 15K. The final repairs came to 12K which is 80% of the value. North Dakota requires 75% for a totaled claim. The insurance company valued the vehicle at over 20K. That makes it out of range for being totaled. The negotiations went over a month and I could afford a new vehicle, so I moved forward with my needs for a vehicle. My wrecked vehicle is now being repaired. As it turns out my son will be getting my repaired vehicle and it all worked out in the end. I was not expecting the games that insurance companies play. My own insurance company actually low-balled me with a 7K offer made out to the wrong repair shop and closed my case. The insurance company for the driver that t-boned me actually helped me more than my own company.
My mothers boyfriend had his car stolen once. He didn't have theft coverage, but his insurance company paid him out for the car anyways out of goodwill. Good move I suppose, most of my family are good drivers and have all switched over to them because of that.
I actually did this very meticulously when my wife’s 2 year old car got totaled. I found several very comparable cars for less than what the insurance company offered us. Based on the comments here I must’ve been lucky.
No, you probably were not lucky. Like many other areas of life, adjusters like dealing with reasonable people. Attorneys always tell clients to be polite when dealing with police for the same reasons people should be reasonable with adjusters. While there are some bad insurance carriers out there, if you pick a decent carrier and pay a fair premium, the first offer to an insurance company's own policyholder will be for at least what your car is worth. In recent years, the offer is low retail, not private party out of the books. Few people accept the first offer, and adjusters know that. I can remember using the classified ads pre-internet, but now all insurance companies go on-line to find prices from dealerships, and those prices for comparable cars get averaged. Some companies will take a small percentage off the dealer price assuming that people will pay less than the advertised price. Some don't take anything off if the car is individually advertised since those can be loss leaders for the dealerships or when it is on a service, as those prices are not very negotiable.
I've worked for six insurance carriers. I did work for one carrier that was stingy, but then, it was stingy with my salary as well. None paid me on commission. I was evaluated far more on speed in settling policyholders' claims than the amount.
@@jamesreynolds1091 Good info
I had a Dodge Avenger.. my first car, got totalled when I was at a light, and a cement truck crunched my drivers side. I saw him there, and it looked like he was going to try to turn into my lane -- I think he couldn't see me. Cop was right behind me, so the claim was easy-peasy.
I had gap-insurance, so that all worked out.
I had a 15 Mustang that got totaled not by another driver, but by God. A tree fell on it. It needed a quarter panel, trunk lid, 1 window, and 1 tail light. They put the value at 18K by taking the asking price of 3 cars of the same model/year that were for sale at local dealers and averaging the amount. The cost to repair was around $14k. I had taken it to a dealer's body shop one of their recommended ones. The problem I had was that I didn't think it needed as much work as the shop claimed. For example, they said you can't cut out the quarter you have to replace the entire section which goes around the door to the A pillar, and in doing that you have to replace the roof panel because its welded to the door frame and you can't separate them....same thing with the rocker panel. But i thought they gave me a good price for a 2 year old V6 model with 35k miles and I let them have it. It was a gorgeous car though but the build quality wasn't that great.
You need to make sure you can show what extra factory options your car had (if any) because you should be entitled to the cost of a comparable car WITH at least those options, not the lowest end base model.
and ask for the CCC or valuation report to see what options are listed and other info such as estimated value and cost to repair.
Totaled a $2,500. Motorcycle,....The Tank had a 2 inch long scratch, to the metal,... Dealer said, they do not paint tanks, and that a new a New OEM tank replaced was $2,800. (Bought it back, Had body shop match the paint, $200.
@ My Aunt had her 2010 Journey written off from hail damage back 4 years ago, she bought it back for $3200 Cad. I think most insurance companies will offer you to buy it back for a percentage of the payout.
@@gerble36 Hail? I'd buy it back and keep driving it until the wheels fall off.
But were you able to insure it after it had been totalled?????
@@gerble36 but in my state you dont get yr title or new plates or insurance until u pay for repairs and the DMV inspects yr vehicle and certifies it roadworthy
Bought a 2005 olds alero for $800 a few years ago, 2 weeks after I bought the car a lady hit my front 1/4 fender, bent the hood and driver side door. I called her insurance and they had me bring the car in for estimate. The agent asked me if I wanted to total the car I said no it is still drive-able. She brought me inside did a damage assessment and offerd me $1650 for the damages. I obviously took her check happily cause I had doubled my initial investment on the vehicle. a month later I was on my way to work in that same car and actually hit a deer that ran out in-front of me. which damaged my front bumper only. in total I repaired my car for $100 at pull-a part. Still was in the + on that whole situation.
I paid claims for a few years after college, there is almost always a 2nd offer, almost never a 3rd.
My experience with this is atypical. A 2015 Nissan Versa base model three years old with 60,000 miles was totaled in a wreck with a Jeep. Allstate gave us $12k for the car we paid a little over $11k for new. I couldn't say yes fast enough and then it took us weeks to get the expired Texas registration renewed. A used 2015 Nissan Altima was totaled and we got enough to cover a used 2016 Altima with less miles and more features (some insurance company I've never heard of). Go figure.
Even more interesting, I had one daughter in a 2000 Ford Focus get back ended by her older sister in a 2001 Kia Rio. Neither had any collision coverage so I totaled the Kia and ended up buying another car. I sold the Kia for $300. The woman who bought it also sold us her services as a housekeeper. Her husband revived the Kia and they drove it from Houston to Guatemala and back to Houston. The only problem with that is it turns out she was an illegal alien and I'm probably not eligible to run for President as a result.
Mark Hansen:
Thanks for making me laugh!!!😀
Awesome video Steve. I was hoping you would touch on the subject of buying back a vehicle that was just totaled by your insurance carrier.....usually at a great price.
My parents did that. They had hit a deer, and the car was older. Dad bought the car back from the insurance company and fixed it up. They got a few more years out of the car, and felt they were way ahead.
This is a great video. I am a fellow Michigander and despise this sates mandatory insurance laws due to the fact insurance companies have the upper hand when it comes to claim resolution. I take care of my vehicles. They are always in much better shape than other vehicles of the same type. I take care of them because it takes very little time and effort to insure they run well and are comfortable. Because of my effort I get far less than I should and especially so since of the 4 accidents I have been in three resulted in my vehicle being "totaled" and none of them where I was at fault. The worst case was a 85' K5 Blazer I bought in 1998'. I spent 3k for it a steal for its condition (only surface rust on frame all body and floorboards intact) and I could have resold it for an easy 6k in this state. When it was totaled about 18 months later in a bit better shape than I started with I only got 500 for it and the insurance company knew I didn't have time or resources to argue as I was working 2 jobs at the time and needed something fast. In Michigan you will never get anything close to your vehicles value unless you are an "average" owner that does little to nothing to maintain your vehicle. I have had friends in the custom car hobby that had beautiful creations and have all receipts and records of the work on their classics and have never even had half their money back on damages even though fully covered I guess because their vehicles exceeded transport requirements. Moral of the story in the state of Michigan is don't bother maintaining your vehicle just run it "into the dirt" like everyone else.
I took your advice. They low balled me, and I negotiated and made money from it. Thank you!
My 15 year old car was stolen and recovered stripped of drive train, wheels, and seats. I was original owner and this well maintained car with full documentation had been repainted and new leather interior installed less than 5 years prior. The insurance company's comparable vehicles were multi-owner, ripped seats, and in need of paint. They rejected my list of comparable cars for sale saying that they could not find them (I provided links) or they were too far away from me. On top of that, they would not include dealer fees that were shown on their comparable ads which ranged from $600 to $1000. Their best and final offer was insulting so the next step was arbitration. Two hours after I received the arbitration instructions they came back with an acceptable offer. I now have a different insurer.
You should do a video on your microphones. I've always admired them.
Why the audio sucks. Way to low, have to crank it up to hear him.
We had a '83 M-B rear-ended and destroyed a while back, when it was 23 years old and had 300K miles on the clock. We had full coverage. (This was in IL, not a no-fault state.) The kid's insurance offered us $1000, "or you can sue us." Our company valued it at $3000 (without negotiation) and we accepted it. We got $2500 within the week, and got the $500 deductible in a few months with no action on our part. That time, having full coverage on an old car paid off.
I had a car totaled out pre-Internet days. I had the local paper and a couple "Thrifty Nickel" type papers to work with. What I came up with as a fair price was more than what my big insurance company wanted to pay. I even called my agent for help. This was an agent our family had been doing business with for forty years. He was worthless.
When I questioned the low offer from the insurance company and showed what I had found, they countered with used car prices from at least a half dozen different newspapers elsewhere in the state and a few from surrounding states. Obviously they had info that wasn't accessible to me. The end result was I was stuck accepting their offer. I guess I could have hired an attorney to argue the settlement should have been based on local, comparable car sales, but all that would have done was cost me money I didn't have then, and wouldn't spend money on now.
Steve mentioned the insurance contract. Well, it's not unusual every year for the insurance company to amend the contract. Sure, they provided you with the amended documentation, but like the original contract itself, how many of us actually read it and how many of us would actually understand it if we did read it. I highly suspect attorneys draft up the contracts. They're full of legalese the average Joe isn't going to understand. So, end of the day insurance companies win out. Typically the only way John Q. Citizen comes close to getting his due is if there is an auto-related injury claim. Even then, if the injuries aren't significant enough, the injured party may still come out on the short end of the stick.
Steve, thanks for doing these. They are really informative and interesting. I really enjoy them.
Common knowledge, unless you’re in high school or something
LOL @ "regular fault" insurance! When a neighbor totaled my Jetta while it was parked on the street, I had a hard time getting their insurance to come up on value - they wouldn't accept any sales numbers from eBay or other sources, only dealer auctions. Which was a problem for a 21 year old VW.
See if they are willing to pay for your time and effort in getting a dealer license so you can go to the auction they are quoting you on.
Wanted to add, this happened to someone I know recently. The insurance company doesn’t frame it as an offer. This one did it in such a way to sell it as a foregone conclusion. In other words, they called and said their appointment is on such and such a day and your check for your vehicle will be given to you then. They try to avoid any discussion about FMV and present it as a fixed deal. In the end in this case the FMV ended up being accurate.
@Bizz Fo If you read the auto policy it says the insurer gets to choose whether to repair, replace, or pay the ACV (actual cash value which is replacement cost less depreciation) whichever is less.
Thank you for sharing your knowledge and expertise. I've watched a few of your videos and have learned good information. It seems that you really enjoy what you do.
Great info. Your comment about area of the country is correct. For example I bought my daughter an AWD car in Florida because she was going to college in Maine. The car was totaled in the Boston area and I got more than I paid for it because it was worth more in the northeast than Florida because it was an AWD vehicle.
This is true. You almost can't even give away a 2-wheel drive truck in Colorado.
I had wrecked intrepid, My insurance used after market parts, 6 grand of repairs. The hood didn't set right, radiator leaked, new headlights broke the same day I pick it up. Had the ajuster over and they paid another 5 grand to fix it. Car was only worth 14 grand.
You must carefully look at what the insurance company uses as comps. I've had several cars totaled, each time I had a true fully loaded car with all the options V8, leather, blah, blah, and they would use several V6, cloth, no option much higher mileage to try to bring the average value down. Each time I called them on it I got significantly more. The biggest jump I got was an initial offer of $15k, then when I proved that they had left out a lot of options my car had, they came back with $20k. I took it immediately. Also if you have an older car that can be totaled from a simple fender bender, just buy it back for almost nothing and take the difference to repair it for pennies. I had one car that was "Totaled" 4 times. Each time it was because the car was only worth $3k and would cost something like $2500 to fix. Each time the car had a busted bumper and fender, or a hood, something that just bolts on. Usually the reason for totaling was because they had to repaint a large part of the car due to the type of paint it had. I would buy the car back for like $250, go to the junkyard and get parts from a car that was the same color, pay an inspection fee and registration fee and I had my car back for $400-500 all said and done and would pocket the difference. When a car is old enough the "salvage" title makes little difference.
Were you able to keep your same insurance or did they drop your coverage on the salvage car?
In California we have “regular insurance” but since about a third of registered cars are uninsured, you really should have uninsured motorist coverage, so it ends up being like no-fault insurance.
Uninsured. Coverage is for medical bills. Your collision coverage covers your vehicle if the other party has no insurance, or if you have a single car accident. Behind the scenes, your insurance company will collect as much as they can from the other party.
You should also not buy the minimum required coverage, which in California covers bodily injury up to $15,000 per person, $30,000 per accident, and $5000 for property damage. If you cause an accident and one person is taken to the hospital, even if they have no serious injuries and are sent home that day, the bill for an an ambulance, an emergency room visit, x-rays, and examination could exceed $15,000. It doesn't cost much more to increase your coverage to $100,000/$300,000.
@@robertheinkel6225 wrong. I had minimum insurance in Ohio but I added on uninsured coverage. It covers my vehicle in case someone else fucks it up and doesn't have insurance. Nothing to do with medical.
Thanks Steve for the great video. I found it to be very informative and have gotten some important information from it. Your an excellent speaker and easy to follow.
When I was 19 I bought a new Chevy Silverado. Rode a bike to work for a year saving. I could not pay the difference to get another truck. Back on my bike I went.... life sucked.
Thank you. I have been an adjuster for over 45 years. Most do not read their policy contract. On total losses I make an offer as just that an offer. I do expose and will give them copies of my evaluation. I then ask them to do their own leg work and then will enter into negotiations. The sad part is that sometimes people get so attached to their car. That's when the best option is to total the car out and let the owner retain the salvage. This gives them money Towards the repair that vehicle. I am in Indiana and I belong to several adjusters associations that promote fair claims handling. I'm sure this video will help a lot of clients to better understand their rights under their policy contracts.
Is the total loss payout market value? And insured can keep car but with salvaged title?
I have full comprehensive and collision. Car was parked at a rest area and semi trailer swiped one side. I wasn’t there at the time. 50 days later they say total loss. I spent $3500 on car rental. I don’t have car rental insurance. They made me jump through so many hoops on bullshit, even denying claim. I am now broke. No income. No car. Waiting. Am I justified in asking for the car rental reimbursement?
The reason it took so long - I was on way to a vet and left car to go with contractor to Lowe’s. Return 2 hours later and see damage. Snowstorm is arriving. Decide not to go to vet. I had to validate my story about the vet. I provided a car dealership I visited immediately after calling in claim. Nope, they wanted a vet bill that said I took pet for treatment. Even though it was different vet . Week later. I also had to provide pics of my car not damaged prior to incident. All nonsense. I shouldn’t have taken car to body shop cuz I could have been driving it probably. Progressive
Thank you! Just “totaled” Ford Focus on Saturday.Great Info!
Wow listening to this I'm happy with my insurance company here in Australia. I have AGREED value on my car which is worth like 8x or more the actual value of the car in it's current condition or 5x the fleabay I want prices. I of course pay a higher premium but it's worth it to me. I also get free windscreen replacement of any window and 2weeks hire car free if totalled.
I did have one car totalled due to flood damage (they no longer chase tails on electrical damage due to floods as it's a waste of time) by this company. I'd just started with them and was changing over from a "sister" company (both owned by the same "parent" company). I asked which I should claim through and they said upfront hey as long as you only claim through one we'll take it no arguments or anything. Assessor looked, it wouldn't start, could smell the damage and went yep 2 days to get your shit out and it's on the truck and gone to auctions your money will be in the post today less the premium I had to pay. A week or 2 later I had this current car.
I'd much rather what we have also on the grounds of if some prick hits me I contact my insurance company with their vehicle and drivers license details, my insurance covers me no questions once the car is assessed and written off then my insurance company hits their insurance company or drags their ass through court to repay the costs involved in the entire affair which I believe even includes court costs. Being an insurance company they have a lot better lawyers than I and a lot cheaper so I'm happy with that. I've looked around and have found cheaper per month but I've heard too many stories of failing to pay, dragging it out and so much other bullshit where my company is well known for no fuss payouts depending on conditions like you weren't drunk at the time your fault or not.
Interesting video as always. Please address the other BIG issue in the case of a totaled car. Once the insurance company makes an offer they then take your car and sell it for salvage OR charge you what seems to be an inflated salvage fee IF you insist on keeping the wreck. Some people may have stereos or other components that they want to remove from the damaged car. Please drop us a volume 2 on totaled cars. Thanks
Bought a '92 4 runner in '96. Man ran a red light clipped the left rear. Tail light busted and dent below the light, plus left bumper section bent. The body shops (2) estimated $2300. Went to the insurance of the man that hit me, which my insurance was with the same company. The adjuster wandered out and gandered at my 4R, made the remark, " I don't think I want to put that much money in the old of a vehicle..." "WHAT!!!" I do believe he was going for the easy way out..... "NOT!!!" I made the remark, " LOOK!!! I bought this truck because I like it, and WE'RE going to fix my truck!!!! He turned around and headed for the office, I followed. When we got to the office, nothing else was said... he sat down and wrote me a check for $2300. And NO! Actually he was bigger than me!!! I was about 50, and already sorta ornery!!!! heh heh heh
a tip: before the adjuster comes to see the car clean and if possible wash/polish. it makes a big difference in the payout price.
They figure if you don't care why should they.
Also: I was once interested in buying a "totaled" but easy fix salvage title jeep. I called my insurance man and asked some questions about coverage. He said sure you can buy it, but we will not insure a salvage title vehicle.
Another: I had 3 vehicles and one was many years old I thought I would just put a minimum insurance on it.
it seems with minimum insurance it cost almost as much as the other cars.
Steve, As much time you spend on these videos, and the quality involved I really hope you get more subscribers!
Tell your friends! I'm gaining steadily . . .
Steve Lehto
Will be happy to:)
JJJ SMITH I agree and not only are they well produced but they're full of valuable information.
SouthJerseySound I concur. I live in Florida, and I would pay top dollar to have Mr Lehto as my attorney.
@@alvaroakatico9188 I agree that he is great. However I believe that he would probably recommend that you obtain a Florida attorney.
Want to know how I got my totaled truck replaced?
I just looked their adjuster in the eye and said these three little words, "My neck hurts,"
The adjuster said, "Ahh fuck," and wrote me out a check for what I paid for the truck.
@Yuriy Pasternak, It's not a lie, it's the truth, and you're just a prick with ears responding to two-year-old posts trying to start trouble... crawl back under your rock and STFU.
I said I'm recording this conversation please state your name and name of insurance company! Got my check in a week! Was free advice from a trusted lawyer! I've not had to use that line since, but have told ment people in the same situation!
@@squarenailco1747 billy bob junior, i go through AMERICAN INSURANCE COMAPANY #12 and i told'em i shattered all of my bones! i actually only shattered most of them! dumb insurance adjustors!
@@TrojanHorse1959 Robert, You are correct.
@Yuriy Pasternak Robert G does not understand, there is no statute of limitations in cases of fraud. If we knew his true identity we would be rewarded, for exposing his fraud, to an insurance company.
I've had insurance companies total at least 4 of my vehicles and I was able to buy it back from them for pennies on the dollar. I fixed them back up and drove them for years. No drama, no title transfers, no problems at all.
Hello how do this buy back process works because the insurance company just totaled my truck that I love
@@SHIZZOTHEPRO When the insurance company rep called me to tell me that they were totaling the car, I simply asked him what the salvage value was on it and that I was interested in keeping the car. They simply deducted the salvage value from the settlement and life went on. I probably had to sign off on it, but it was all done by mail and phone. Everyone was happy and I fixed and drove the car for another seven or eight years.
State farm in Alabama has totaled two cars that my wife and i had and in both cases we were givin more than fair, quick compensation, great medical coverage.
i came out ahead when the ins co totalled my truck.
i got 2 grand and got to keep it.it ended up with a salvage title.
it cost a grand to fix.
i sold it for 2 grand.
john dillinger so u profited a thousand
@@justnikki1690 And use of the the vehicle depending on how long he held on to it afterwords so it was win completely
@@justnikki1690 hey a profit is a profit sir.
Same here, hailstorm totaled my truck and gave me 5300 and bought it back for 2300 and in the state of Texas you don't have to list it as salvaged due to hail damage specifically!
I was offered the "take price" for my totaled Toyota. Three used car lots said $X is the lowest price they'd take for a nearly identical rig on their lots. The prices in these rigs' windshields at the car lots were significantly higher. I got nowhere negotiating a better price for my wrecked truck, nor would the used car lots sell me a rig for the price they'd just told the insurance company.
Love your videos Steve. Thanks for all the great info!
I ran into that situation, the insurance company made me an offer that was $5k low (based on KBB, Edmunds, and local similar vehicles), they said it was a fair offer and I should take it. We did this for a year, the vehicle they used for their comp value was on the Mexican border in San Diego, definitely not local. They just repeated it is a good offer, and I should take it. Contacted a lawyer, I was told they (the insurance company) would fight it (to discourage others from trying), we would win, but it would cost me $20k to win the $5k. And the legal fees are not recoverable. The system sucks, and you have to play. Can't wait for self driving cars to put them out of business.
Steve, I am aware that you made this video in the middle of summer, but in the future I strongly recommend that you apply an SPF 50+ sunscreen before going outside in the summer.
I was rear ended 3 months ago. Prior to the hit, my hubby replaced everything through routine maintenance. He also restored collision on the 12 year old vehicle. He uploaded every applicable receipt. It was repaired. Note: If the vehicle gets towed, check the tie rods. Mine had to be submitted in another claim.
GREAT VIDEO!
My issue was with insurance adjuster.
I had an 2004 Ford Explorer, Eddie Bauer with V8 AWD
Vehicle was PERFECT, but adjuster rated everything as "standard wear/condition". Easy to check-box and not my vehicle.
First offer was low from my insurance (MI no-fault), but they did listen and I showed documents of recent preventative maintenance on vehicle and my own personal pictures from accident and previous.
End result is they offered an extra amount to settlement and I accepted.
Actually considered keeping, but they added sales tax to claim for next vehicle and it did not make sense at that point fix car and wait.
again, great video, and ALLOWS challenge the adjuster.
Mr. P
Steve, As usual, great video. I will however offer some suggestions as to ancillary topics that are elbow to elbow with this particular video. First is this, in 2013 (late 2013) I bought a used 2013 Subaru WRX. (there will be those who know this car and will jump the gun and expect some horror story, fear not. This has been the best car I have ever owned. It was in pristine shape when I bought it and I have maintained it nearly flawlessly. At 120k miles it shows no sign of trouble) . This does however relate to this topic in that I have been required to carry "Gap" insurance for most of the time I have owned the car, this owing to the fact that the banks would have long since stopped financing used or even new cars as a result of the ridiculousness that are the prices cars now fetch. This "Gap" insurance is in place because like MOST people who finance cars these days I was "upside down" for most of time I have been paying on my car. Had my car been destroyed at some point, my car lien holder would have been paid off but I would have been left walking. This is a blind spot for many people and is worth some examination. Second is the case where, a person with the requisite skills to repair a damaged car would be able to purchase the car at some discount from the insurance company. I personally know of at least one case of this scenario in my own orbit. Lastly there is the variation of this where the damage is bad enough to warrant a total but where the damage is only cosmetic (crumpled trunk and rear quarter panels) yet the car can be safe to drive. This "buy back" option is one that might well be worthy of some time as well.
Again, as always, thanks for the work you do on the channel, be and do well
your fan and subscriber
Dana G. Schoen
What bothers me the most about insurance companies making offers on totaled vehicles is that they don't include any money for shopping, taxes or transfer fees. I live 50 miles away from the nearest dealership and yes, there are numerous used car dealers but, too many of them are shady for my liking.
Here in GA they mandated that insurance co include tag, tax (6.6%) and title fees as well as some other, as of 2022. States vary.
My Wife,while driving my Jeep,got rear-ended,then rear-ended another car as a result. There was a small scratch on the front bumper,a couple of bolts broken an a scratch on the rear. The other drivers insurance company sent an adjuster out. He totalled it and wrote me a check for me keeping it,and I drove it several years after putting two bolts on the bumper and sold it for what I had paid 4 years before.
You're a wizard Harry.
That's why ins is so effed up
How did you title it if he totaled it?
@@leeyates290 Ron! You do know hes a wizard dont you?
My Insurance company that covers both my cars trucks and houses. In every situation, they paid more than I felt it was worth. Not being on top of car values I do know cost estimating for repair and remodeling of different buildings. In all cases, they paid me more than I would have charged a client. I am honest to a fault and some of the housing damaged was not part of the insurance claim and I pointed this out. They still paid me for the previous damage. In the truck and car market the truck they paid me two grand over what I felt the truck was worth after comparing it to other similar truck sales. The other was a Miata they said they could repair it after taking it apart they found that they underestimated the repairs and would have been better off totaling it. Once repaired I kept it for a few years, as all the damage was body parts, there was no damaged to the structure if they lied they sure did a very good job straightening it as it drove as well as it did new maybe even better.
In Sept 2000 my truck was stolen but I got it back minus parts. The insurance company wanted to "total" it because there was $12,000+ damage. I asked them at what point would they wouldn't total it. They said it was "Repairable" at $7,200. So I took the 7200, stored the truck and I still have it. I plan on starting to restore it this summer.
On one episode, you said you put coins on train tracks to squish them. Just FYI, if you tape them to the track, you can find them easier. I duck taped them.
My dad used to do that!
You can also ask tell your insurance co. you want to invoke the appraisal clause, so they hire an independent appraiser to determine value or diminished value depending on how new it is.
My 19 year old 4 runner (177500 mi) really needed a paint job. When the hood flew up it caused my insurance to total the car. I did some homework but was pleasantly surprised by their offer. I wanted to reject it but I was thinking they will figure out their mistake, so I just took it and was happy especially considering I never had a full repair on the prior 3 year old tailgate and bumper damage. The best part was getting my deductible waived due to the hard time I had getting an estimate of damages. I give God the credit for all this good fortune.
Steve, another solution when you believe you have received an under valued offer is to hire a company which is way more qualified to determine the real value. It also works for a diminished value claim, when the company believes you are owned nothing and to as much a several thousands of dollars. These are usually ppl who usually have been in the body repair business and have seen the insurance industry at work. Most policies allow you invoke this option as protection against differences, and getting under real value settlements. It is also the only likely way you can contest bad repairs.
I have a new beetle that was totalled. We had just had work done on it and they added the cost of the repair to the payoff. When we got the check, we bought it back for $300. And fixed it for $660 more. Took a long time to get the title salvaged and recovered but it has been a good running car since then.
Good info Steve! Luckily I've come out ahead on the two totaled cars I've dealt with. One I got more than I paid for the car over 2 yrs prior to the accident, as I bought it cheap, and the other paid off my year old 16 Mustang GT. That was a plus because I was able to buy it back and repair it for under $20k, while my loan was $35k. The other driver's insurance basically paid off $15k of my car loan. Both times I got plenty to replace the car with an identical model. I'm keeping the Mustang forever, so it was a financial win for me. Keep up the great work!
My insurance company says I can't buy my truck back because they claim the frame is bent.
Before I have the estimate done I couldn't tell one bit of difference in how it handled everything works except for The Back-up Camera which I was rear-ended
One real important thing to remember. Even if the insurance company makes a lucrative offer for injuries don’t settle or sign until they settle also on your car. If they total your vehicle and won’t pay fair market value you have lost half your ability to work with them. Settle both at the same time.
Thank you for that advice! I’m going through that now, my car was damaged and the other person is at fault. I’m dealing with their insurance company now and I do have injuries, But I wasn’t sure if I should settle with the car first or what
@@Ninnjette- Sometimes the physical injuries can drag on for many months or a couple of years. Ligament damage never gets better unless you get PRP or stem cell injections.
Florida also has "no fault" coverage. Here in California, there is no such thing: Instead, they issue what is known as "Uninsured Motorist Coverage". California has what is called the "comparative negligence" clause. Ideally, someone is always at fault, because if a driver is 51% responsible, then he is 100% responsible. But in cases where responsibility is undetermined in a court of law, both drivers are generally screwed. NOTE: Sometimes, in cases like these, if either driver has comprehensive coverage, then that driver MIGHT be compensated for his loss. But it's a crap-shoot. Different insurance companies have different definitions of comprehensive loss. You have to read the fine print.
In 1990 my 1981 car got totaled. At the time it had about 60k miles on it. I took it to the adjuster and he decided it had 160k miles and said that some of the things bad on the car were from before the accident. They offered me about 1/4 of the value of the car. I continued to argue about the differences in value and the Adjuster said we will pay nothing and go sue us. 25 years latter I was rear ended by a drunk driver in a work vehicle. I ended up collecting a lot more from the insurance company after getting an attorney.
But wait! A new car recently purchased would have a warranty and possibly some nice perks from the dealer that certainly have a value that would be in addition to a purchase price!
So would a used car with similar mileage
Perks aren’t insured…..
In 1974 a person that had multi ticks for DWI hit me when I was driving my Sprite in the rear end - The insurance wants to total it out because I was still able to drive it I ask them i wanted to try to repair it myself. they gave me 90% - i then sold the car to the MG dealer for a Real good price because the MG dealer wanted it for the Front End Parts. I ended up walking away with 2X what i paid for it and got me a TR-250 (used) and still had money in my pocket Was an E-3 in army at the time
I like how you mentioned the word "fungible" and explained it like hardly anyone knew about it.
Which was true, before 2021. Now it's like "oh great, 'fungible' 🙄"
Steve - I keep full coverage on my 11 year old beater NOT for the beater BUT to cover the various cars that I rent throughout the year. The cost is minimal and sure beats "insurance by the day."
We used to do that but our agent was cool. We'd tell him to put full coverage on our car before we'd rent a car on vacation. It was super cheap. If you read rental contracts you'll find out even a scratch can cost you a small fortune plus they will charge your credit card and lots of other BS.
@@GudInformation Insurance is all about the other guy, until it isn't. You can be the best driver ever but a fool can still run into you and you're screwed without coverage. You have to have at least the minimum coverage or you're breaking the law.
@@GudInformation - Penny-wise and pound-foolish. You simply never know what could happen. What if a deer runs in front of your car and you hit it? I doubt the deer carries insurance.
Jeff J well i would say you're wrong. If you finance/lease a car you generally need full coverage. Besides the guy above you has a good point if you rent enough cars.
Your videos are excellent. Please explain to me the current version of an old dilemma. If my Chevy truck was 5 model years old, in beautiful condition, and with an exceptional service history from the dealership, and it was clobbered in a wreck, what should happen? Years ago an attorney said the insurance company could be shoehorned into paying a higher than average claim in extraordinary circumstances. Is that likely today?
In many states the insurance company also needs to cover the costs associated with getting the replacement car; sales tax, doc fees, etc. They tried to short us once and I had to call the state insurance department who then told the insurance company that they did have to cover doc fees.
The difference between your videos three years ago and now is dramatically different you look so tired in this video it’s unreal and with the beard and a haircut you’re a whole different person love it man even the audio has improved so much now 💙
That is a frustrating issue, no doubt. I saw my father go through this and he ended up getting top dollar due to his meticulous and anal retentive record keeping and history of the car. Thanks for al of the informative videos, I'm learning a lot.
Good points, good records can help they will usually go up a bit for things of value that you can prove. Like buying new tires a week before it gets totaled etc.
I'm terible with record keeping cause I just can't get a heart attack over petty stuff, I just assume take my lumps and emotional move on. Pluss I have enough tools and skills to come up on top in a million other ways.. 89 trooper,,62 sunbeam, 73 lemans, 78 MG midget,,and a pile of motorcycle I maintain 👌.. that said records are a good idea.. I keep misplacing things...ugh
Thanks for the video, I was curious. My car is 10 years old but only 46,500 miles and still going strong.
Just before I got married, I was in college and I bought a brand-new Hyundai Excel. I turned left into a parking lot and at the same time this guy ran a red light and came across the intersection and T Boned me. I sent the car to my Cousin's Autobody shop. I told him that I put 2K down on the car and if it's totaled, I'm out my 2K. He did a quote that was acceptable to the Insurance company and he completely rebuilt my Hyundia Excel. It took him almost a year to fix it. It was nice of my dad to loan me his farm truck while I waited. (New Mazda B200 same as a ford ranger) When the build got close to being finished my cousin sent in a supplemental bill to the insurance company and they paid it. It came in a couple grand over what a new Hyundia Excel would cost but hey I wasn't out my 2K down payment. That's one way to beat the insurance company.
I knew u were about to mention that notorious 2002 daewoo lantos....good information as always
Good stuff Steve. The main thing in all of this, is that you have to be able to replace the totaled car with a (nearly) identical car for the amount they give you. This gets a little tricky when the cars are being moved from one region to the other (think: rust!). I'd never accept the same car with the same identical options from the rust belt if my car from SC got totaled. Don't le the insurance companies bully you with a lesser value northern car!
I just posted this question to Steve. Where do they expect us to buy the replacement, Shady Slims Auto or CarMax? Big difference. And same on the rust. I won't consider a vehicle from NJ that's being sold in GA for equivalent money to a native GA car.
I carry full coverage on my 2007 Toyota Corolla that is worth $2500. Why? I need collision and comprehensive on the rental cars that I rent a dozen times a year. It came in very handy when an uninsured motorist nearly totaled the 2017 Nissan Altima I was renting in Milwaukee this summer. And believe me, the cost of covering the old car is far less than buying the coverage offered by the rental car agency.
I do the same here!
Anyone who's poor or broke should have the best insurance they can reasonably afford... I see all these experts telling financially unskilled people to lower coverage and raise deductibles and whatnot to save a few bucks, which would not be enough savings to cover the $1000 deductible they already can't afford.
Just went through this myself! Among the things I noticed were that the condition was based on 1 to 5 with 3 being typical. Their reasoning is that if your car exists, it is typical and above 3 is super rare! They knocked my engine down to a 1 until I showed them receipts for timing belt, tune up, clutch, water pump etc. These were replaced as a matter of miles and not failure. I had spilled some oil during the oil change so it "leaked". 8000 miles on tires with one cut during the wreck got a 2. Also look out for "Projected Sold Adjustment". Best I figured was that they simply said that the quotes were too high and they knocked 12.5% off up front! Do your homework!
When my truck got rear-ended, the adjuster totaled it and sent copies of local ads for similar trucks to come up with his offer. I was more than satisfied cause it was double what I paid for it. Also totaled vehicles are left with you to do with what you will. So I doubled my money and also got to keep driving the truck. It got totaled again and sold to a junk yard for good money. So got paid twice.
air bags deploy = auto totalling. Mostly. Insurance companies don’t want that liability.
I wish i had heard this last year it would have truely made a big difference in what happened to me
I had one totaled, but still driveable. Bought another used one, same make / model / year. Swapped parts between them so the replacement had all good parts, then let them take the wreck.
Steve;
Wish I had seen this about 8 years ago when my daughter had her car totaled by another driver. They told at at the settlement desk that the other driver ALSO had then as insurance. This should have been a red flag, along with low offer. But with no negotiating experience or skills we just accepted their offer.
Now we know, thanks HUGE.
Are you in La cajunman? Ins companys are allowed to rape, pillage and plunder. They always have the upper hand.
I would love to hear your opinion of agreed value coverage for classic cars (66 Mustang Fastback for example).
@@GudInformation They are indeed rust prone, I've replaced the floor pans in both my coupe and my fastback, it's not a terrible job, but you have to get one with a good solid frame and shock towers. They will not survive outdoors in the rust belt.
i pay 1-2k cash for vehicles ..fix what it needs and drive for 3-4 years...i always get full coverage no matter what. i have come out on top on cars you think were worthless after accidents.
I'd like to see this updated for the current inflated market. Cost for repair is way up so a car will get written off more easily, but replacement parts can be difficult to obtain if you want it fixed. Replacement cost is way up also. If a car does get scrapped many cars like mine are selling for well above MSRP, so the consumer loses either way.
Drive carefully out there...
If cars equivalent to the totaled car are priced higher for whatever reason, you should get fair market value as long as you can produce the comps.
I have had many cars totalled over the years , luckily it was the fault of others and all were bought below market value because of repairs needed when purchased . I've generally at least doubled my money after negotiating the initial offer 💰
The problem is when you have an older car that is perfectly drivable etc. Then it gets totalled by a dent in the bumper. I had a 1992 Acura Integra, got a dent in the bumper, would have cost 1000 to fix, but since it was so old, it was worth less. However, that meant my son could no longer make it to work because he had no car. Fair market value does NOT always make you whole again.
@@AtlasReburdened There were some bent brackets.
That insurance agent wasn't completely forthcoming with you. When they total a car, the insurance company offers you fair market value for the car (before damage), and takes ownership of the wreck. You have the option (the right) to buy back the wreck from them for a nominal price. After that, you have the opportunity to repair the car, (or not, as long as it is safe to drive). I did that once, with an older car, and it worked out well. Of course, I did the repairs myself, with used parts from a junkyard, so repairs were cheap.
@@waltonshattuck6454 Yes I had that option, but the title would have been messed up (salvage). So still not whole. Look as long as the insurance companies and the state insurance commission are in the same pocket (in GA I think almost all commissioners were former insurance company people)., then what happened to me is as "whole" as you can get.
@@monsteroyd, bummer for you. In my state, cars older than 8 years don't require title, only bill of sale. My old car only needed to be re-registered under the new receipt. ..well, actually, I renewed the registration. Drove the car another 40,000 miles, then drove it onto the flatbed that would carry it to the salvage yard.
You also have the option of not filing a claim for your vehicle at all and just having the repair done yourself. That way the vehicle doesn't end up being salvage/totaled and you get to keep the car as well. Win win
I was in this situation decades ago and the insurance company provided a rental. Had no alternative transportation and during negotiations the rep said, “Oh btw, we’ll be pulling your rental in two days.” Whaaat?
Because. While you dispute values of a car that’s X years old, you don’t get the right to sit there on someone else’s dime driving a brand new rental. Once it’s declared a total, just like with any property that’s destroyed, temporary replacement ends
Thanks for clear understandable advice.
Same things goes for workers Comp injuries and car wreck injuries. I had a workers Comp case where the hospital offered this gentlemen 6k we said no, then it went to 10, we said no, went to 12, we said no. They wouldn’t negotiate anymore. The evening before the scheduled surgery they called and offered 22.5k.
Thanks for the info sir