Got hit by a Van . What’s the best next move.

[ka-t_240]

If the total, and the #s are low, find comps. Do a buy offer quote from Carvana, Vroom, CarMax, etc.

There are also 3rd party companies that will negotiate value on total loss claims when needed. Typically, their "fee" is 10% of the increase in payment from initial/your last offer from the company. But, if you do the above and find any good comps on dealer lots I would get that all ready for when you negotiate.

[Falkon240]

Originally Posted by Busybee

Met the adjuster today and he went over every single detail. He also scheduled a rental and o got it within 2 hours. His first impression was that it will be totaled but we discussed both possibilities total vs repair. They will decide and also send me a valuation report. Then I will have some time to negotiate.

So, what do you guys think is a reasonable offer? I saw some similar cars with similar mileages they sell here and there between 20 to 27K.

I hope they do not offer me 20-22.
Would 24-26 a good offer?

Not sure but since brand new 2022-2023 were around 29-30K who the hell would give more than 26 for a used car. Maybe I am wrong


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Update the OP with more information. What year, trim and mileage is your car?

[Ohio Enthusiast]

Originally Posted by ka-t_240

If the total, and the #s are low, find comps. Do a buy offer quote from Carvana, Vroom, CarMax, etc.

Luckily I never had to deal with insurance, but isn't insurance supposed to make you whole? I.e. give you the amount of money you'd need to buy a replacement vehicle that is the same or comparable to the insured car? Wouldn't that mean you need to show for-sale listings to the insurance company as proof that they need to pay you more to make you whole? A buy quote would be lower than the price to buy a similar car (due to the sell/buy margin).

As an example, if insurance offers you $20,000, Carvana would buy a similar car for $22,000 and dealers sell similar cars for $24,000, the insurance should pay $24,000, not $22,000.

[Busybee]

Initial offer is 25+.

I found 8 more comps and let them know what I want. All comps that I found are higher prices cars with similar distance; odometer model year range that they calculated market value base price. Told them that if they take the cars I found into consideration, my base value will be higher.

Will see where we end


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[soundman98]

Originally Posted by Ohio Enthusiast

Luckily I never had to deal with insurance, but isn't insurance supposed to make you whole? I.e. give you the amount of money you'd need to buy a replacement vehicle that is the same or comparable to the insured car?

theoretically.

but they're also a business. and businesses also stand to profit the most if they can cut a deal for as cheap as possible.



worst-case story time:

my buddy has a hand-me-down 15 year old chevy colorado from his dad that passed away a few years ago. nothing fancy, the most expensive features on it is the automatic transmission and a cheap aluminum bed cap. because it's nothing fancy, he carries liability-only insurance.

he lives on a residential side street, with fully marked 20mph signage, 2 houses in from the nearest 4-way intersection that has 4 stop signs at it. his front parkway just off the main road is graveled, and he parks the truck on the gravel, parallel to the street, but always 3-4' away from the street.

someone with something resembling SR-22 insurance blew the stop sign at the intersection, rounded the corner, lost control, and hit his PARKED truck so hard it sent the spare tire from behind the rear axle to living in front of the rear axle. shortened the overall truck 5", and pushed the PARKED truck a full 30' away from where it began.

instead of paying out to total the truck, they instead said he was in the vehicle, driving towards their insured driver (not according to the police report), and caused the accident. therefore, they wouldn't cover any of the costs of his vehicle.

he ran around and around with them for the next 6 months, spoke with his insurance (they wouldn't do much as he's on liability-only insurance-- if he filed, he would get nothing, they'd total the truck and take it, file against the other company, and he'd maybe get $1500 for the truck back sometime in the next 10-20 years), and 3 different lawyers to no avail to chase after them to total out the truck and pay something out for it. he ended up straightening the frame himself, and added a steel beam for a bumper. the bed cap sorta sits on it now.

the gist of what he gathered during that fiasco, is these "state minimum/SR-22" companies make money by never paying out, and any time they're challenged, they basically wrap the case up in legal processes indefinitely because it's cheaper to pay the legal fee's of on-staff lawyers to keep rolling things over than it is to pay out for any accident damage.



if anything, his fiasco has taught me that carrying full coverage, even on a $1500 beat up colorado, is a worthwhile investment, because none of us get to choose the quality of insurance coverage the other guy has when they make stupid choices.

[Busybee]

Case closed! I am sad that she is gone but the total amount I received is satisfying. Thanks for all the input.

One important note is that doing your homework and searching for similar cars for market value determination is very important. They used 6 BRZs with different parameters and I found 10-15 more within their parameters. When they did the re-valuation the offer was way better. Little more discussions and it increased a little more.

Also, did not know that other insurance offers some "pain and suffering money".
They offered 1K despite I didn't use emergency, see a doctor, or use any medications.
So, this is something that can be negotiated.

Overall, will remain here on the same platform. Considering the 2024 AT limited.
Could also be the tS. I wish that the ts being also sold AT not MT only

[The Red One]

Originally Posted by Busybee

Case closed! I am sad that she is gone but the total amount I received is satisfying.

Good to see you moving on and a new car on the horizon is always exiting.

Yes, proper study of your areas market value is a must; don’t jump on the first amount the insurance want to give you.

Back in 2007 I had my SIR EM1 stolen during a snow storm, the initial value they offered was just over $8k, my first reaction was that I was getting victimized a second time!
I refused the amount on the spot. Researched the cars for sale 200 km around and came up with about 8 as well with the values varying wildly I also had all my service proofs as condition of the vehicle.
The initial values they were giving me were for a bare bones Civic not the hi-trim SIR. It took me a long 2 months to be satisfied with a final offer of $13k quite a difference in my pocket at the time.
I also managed to keep the Wheels as I was on Steel winters and now my everyday car still runs with them.