My Car Was Totaled And My Insurance Company Isn’t Paying What The Car Is Worth. What Can I Do?
Long story short, my 1987 Camaro Iroc-Z28 was totaled in an accident that wasn’t my fault. I’m dealing with my insurance company (USAA) for replacing the car but the other driver’s insurance company (American Family) for the bodily injury claim. USAA sent me a report from CCC showing how they determined the value of my car using comparable vehicles. They vehicles they used are NOT comparable (wrong year, wrong trim package, smaller engine on all 3 comparables, no T-Tops, no power options, mileage up to 25,000 different than mine when I only put 2500 miles on the car MAX each year, etc). Basically my complaint is that there is no way I can get the EXACT same vehicle for what they want to pay me out. I’ve called and asked them to re-evaluate the vehicle, sent a list of 7 more comparable vehicles and they are refusing to do anything. I’m not trying to be greedy, I just loved that car so much and want to make sure I get paid out enough to replace it with a car that has the same options with similar mileage and in the same condition (aka no rust holes through the floor boards which is what I will get if they pay out this little amount!!!). What are my options from here? Can I ask the other driver’s insurance company to pay out instead?
August 12th, 2010 at 7:12 pm
In your question you talk a lot about the CCC report…but you never say how you determined the value of the car for your self. Do you have documentation to support your assertion of the cars value….or is that just what you want?
The CCC report will try to find similar cars. It may not be able to find the exact car. So it will find the next closest thing. Then it will add and subtract to the take price of the comparable car. So…if it found one with a smaller engine then the CCC should add to the value of the comparable vehicle.
Yes, you can file a claim with the at fault carrier and see what they come up with. You do not have to settle with your collision carrier. So, go ahead and have the at fault carrier evaluate your car and see what they come up with.
The insurance company does not owe you the replacement cost of the vehicle They owe the Actual Cash Value of that car. That means what the damaged car could have sold for just prior to the accident.
If you check a book value…the NADA is the industry standard. However, not every car is retail condition. But you can look the car up on the NADA web site: http://www.nadaguides.com
August 12th, 2010 at 9:22 pm
see a lawer
August 12th, 2010 at 11:26 pm
Hire a lawyer and explore your options.
August 13th, 2010 at 6:22 am
And that’s the problem with Insurance Co’s, they screw you every possible way they can, evey time they can!
I think you’re beat on this – But if I were you I would review your insurance policy (you know all the legal stuff) to see what they state about arbitrating a claim…
August 13th, 2010 at 11:33 am
You should talk to a lawyer – these types of cases are usually “no consultation fee” and billed on a contingent basis.
August 13th, 2010 at 2:05 pm
You’re screwed man, sorry. I’ve had two vehicles totaled and both were the fault of someone else. I got screwed in both scenarios. One was a brand new car that I’d only had 6 months and they gave me $5000 less than what I owed on the loan. Lucky for me I had gap protection or I would have been upside down by $5000. The other was a car that I had paid off and they only gave me $3000 for it. Needless to say I couldn’t get a car for $3000 that was anywhere close to the quality vehicle that I was driving. I ended up having to take on a car payment again only a year after I’d paid my old car off. Insurance companies are going to rape you every time and unless you have money to pay a lawyer, there isn’t anything you can do about it.
August 13th, 2010 at 4:56 pm
You can ask where they got the info they did for the comparisons – not like there are a lot of those cars around to compare to; you can look online (if you have not done so already) @ ebay, autotrader, hemmings, etc. I also suggest looking at your insurance policy to see if there is any stipulation for having second opinions/estimates, and if your insurance co will/will not honor those estimates. Usually, they can choose the estimate they want to go with, and not surprisingly, it will be the least expensive estimate they can find
August 13th, 2010 at 9:15 pm
You can always get a lawyer involved but it will cost you more than what the car is worth.
Insurance companies do what they can so that they don’t have to pay. They are REQUIRED by law to match your car with the same model and coded in your VIN number. Example, Mustang GT is not the same as GT Cobra.
Just threaten them that you’ll get your lawyer involved if they don’t co-operate.
Also, if it was proven that you weren’t at fault, they it’s the person liable for the accident that should be paying for your damages! Your insurance company should be aware of this.
August 14th, 2010 at 3:02 am
Go to kbb.com (kelly’s blue book), and get the value for the closest match to yours. Print that info out in detail. Gather together any invoices you may have that prove the value of any mods. Determine the value you think it is worth based on these facts, (be real) and call the adjuster. Be polite and negotiate. Fax or send them your proof of value. A lawyer will do you little good and cost more money that it’s worth. The value of a car is finite and leaves little to negotiate. If you have some serious injuries, then a lawyer may help you there.
August 14th, 2010 at 9:06 am
All you need to do is prove it. If you can find 2 or more comparable vehicles in your area sold to the general public for the price you think is right, then you can probably make your case. But, I doubt you’ll be able to do it. They are usually pretty thorough – remember – its in your geographic area. Cars command different prices to some degree throughout the US.