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Screwed by an insurance company!

Discussion in 'The Garage' started by Derf00, May 20, 2004.

  1. Derf00

    Derf00 1/2 ton status

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    When I came home a lunch today there was a message from an insurance company wanting to talk to Matt about the "total loss," on his vehicle. I called the jackass back and sure enough according to some bull$hit data base, "CCC," the Jimmy has a cash value of $2000.00. /forums/images/graemlins/angryfire.gif I asked "Tony," who in the hell came up with that BS figure? some damn national average price for a '90 model vehicle with 181K miles.

    So I was offered $2180 if I surrender the Jimmy and $1800 if I keep it. The conversation deterioated rapidly after I said something about the fact that Tony's parents weren't married when he was born and something about the "blood sucking leaches," he was working for.

    Screwed by an insurance ompany!!!!!!!!!! /forums/images/graemlins/angryfire.gif /forums/images/graemlins/angryfire.gif
     
  2. 1-ton

    1-ton 1/2 ton status Premium Member

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    I learned this lesson the hard way. I had a 12 year old Chevy dually 4X4 with about $15,000 in it, and some old man in a Cadillac Fleetwood ran into it and totaled it. The blue book value on it was only $5,000. I lost $10.000 worth of investment in it.

    With the 1991 1-Ton 4X4 Crew Cab P/U I have now, as soon as I start to get a lot of money into it, I am going to have it appraised and insured for that value. That way if someone creams into it, the person that hits me insurance will, by law, have to pay that value for it, and I will not loose my shorts on the truck. I am also going to get uninsured motorist for that value, in case some scumbag derelict runs into my truck.

    The one thing you can do to up the value that the insurance company has to pay you for your truck is to get adds for similar trucks in similar condition that show what the asking price is. This is called "comparable value". You can usually get insurance companies to pay this, if your truck has a higher demand price going for them than the Kelly Blue Book indicates.
     
  3. Grim-Reaper

    Grim-Reaper 3/4 ton status Author

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    Get all the recipts and you can show what was in the vehicle and raise it some in most cases.

    Lesson:

    Next tim you build one you go to your insurance agent and make a list off all the upgrades and the costs. My Insirance knows everythign about my 75 Jimmy and I sould get about $4k for it. then buy it back. Still about 5k less then I have into it but between getting it back to strip the good parts and the higher pay out it's best I could do.The key is the insurance company has to know what it has.
     
  4. stallion85

    stallion85 1/2 ton status

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    That sucks man, makes me think i need to talk to my insurer. Is the body just damaged or what. Take the 1800 and swap bodys to your old rig?? just a thought. That blows man /forums/images/graemlins/angryfire.gif
     
  5. edjolly

    edjolly Registered Member

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    It's not terribly hard to deal with these guys if you keep your head, and realize that all they really want is to move paper across their desks. The claims agent isn't interested in screwing you, he just isn't going to any extra effort on your behalf--that's up to you.

    My wife wrecked my K5 last year. It's an $6,000 dollar vehicle, and the claims guy wanted to total it for 1800. I sent him a list of upgrades, even had to fabricate a receipt I lost with the help of my mech. and he bumped the figure, but not enough.

    Ultimately I ended up sending him copies of Truck Trader pages from my area with comparable vehicles for sale. That's what broke the impasse, and I got my truck fixed.


    Ed
     
  6. HarryH3

    HarryH3 1 ton status Author

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    You do NOT have to accept their claim. Since the accident wasn't your fault, just keep insisting that they repair your rig to pre-crash condition, and let them know that you won't accept anything less. You have plenty of photos to show that what you own isn't a run-of-the-mill clapped out 4WD. /forums/images/graemlins/thumb.gif If you have full coverage, then get YOUR insurance company involved also. They will go to bat for you. BTW, the goal of any insurance settlement is to make sure that the dollar amount that they pay out is the absolute minimum! They will do their best to low-ball you, since paying extra just comes right out of the coroprate bottom line...
     
  7. Poohbair

    Poohbair 1/2 ton status

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    dealing w/ an insurance company is just like dealing w/ a car lot... the first offer is just that, an offer... and is always in the best interest of the insurance company. You can negotiate w/ them just as if you were buying a car. As for how they total vehicles, most of the time they take the blue book for the vehicle and if the damage is 80percent or more of that value, they total it.
    I had a 74 F250 Hi-Boy and got deep trunked... i was at a dead stop and the guy had his cruise on 60 and never touched the brakes. His insurance companies first offer was 1800 for my truck w/ a buy back of 1400 /forums/images/graemlins/doah.gif... I told them it was unacceptable and that I would drive the rental w/ them paying for it until they pulled their heads out their asses. After 3 weeks of rental car bills, they gave me 4800 for my truck and I bought it back for $80 bucks.

    Look out for your best interests, because the insurance company sure the hell isn't going to! /forums/images/graemlins/rolleyes.gif
     
  8. diesel4me

    diesel4me 1 ton status Premium Member

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    My 69 GTO got rear ended years ago,and the insurance adjuster told me on the phone "we are ready to settle up on the loss of your 69 pontiac--for 500 dollars /forums/images/graemlins/angryfire.gif.I told him you forgot one word--GTO !.I told him if it was a bonneville or other ordinary land yacht I'd gladly accept the 500 and run to the bank.But you couldnt buy a GTO even with no title for parts for less than 1000 around here.I argued that in the want ads there were only 2 similar cars for sale,both over 5000 bucks,and I wanted them to reconsider.They said sorry its our final offer,so I hung up on them.Two days later they called back with the same offer---I told them my neck hurt,and that I had gone to a doctor about it,and was considering hiring a lawer.A week later they called and told me they would pay all medical expenses,give me 1800 for the car,and let me buy it back for 150 bucks!.Were you in the truck when it got hit??.I know one thing--anyone rear ends me again,I'm going to the hospital even if I only have a headache--not going for an ambulance ride the day my goat got hit was stupid---not only did whiplash set in later the next day,I still have back problems that were aggravated by that crash.I later learned had I rode in the ambulance,it would have opened the door to the other guys 10,000 dollar personal injury coverage on his insurance.I could have gotten a lot more if I knew more than I did about insurance,by then I had already accepted and signed off on their offer.My advice---dont give in too quick,let em sweat it out for awhile,and you should get legal advice.I wish I did sooner!. /forums/images/graemlins/blush.gif
     
  9. darkshadow

    darkshadow 1 ton status

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    yeah they do try to screw you, just happened to me in my k5 16000 in to it offered me 4000, said he was helping me because he saw it was in good cond. so i held out and drove a rental for 2 weeks. /forums/images/graemlins/histerical.gif
    Told him since you could see that it was in good condition, and not just origonal, you should see its worth it to be fixed. they were gunna right it off for a 7 doller differance. So i held out and got a bit more.

    And as far as insureing for and increased value, i was told you have to pay out the ass on your inshurance to keepit at the value



    DIESEL4M: what are the specs on your GTO? i sometimes work with pontiac pete hes the presadent of the gto club of ontario, and has a whole list of cars and tons of parts,
     
  10. Derf00

    Derf00 1/2 ton status

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    I guess just like everything else it is a big game, they low-ball me and I counter until we reach an agreement. I am not asking for anything but to fix the vehicle like it was before their client hit it, it shouldn't have anything to do with what my vehicle is worth.
     
  11. 6.2Blazer

    6.2Blazer 1/2 ton status

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    You already made the biggest mistake by responding to the agent like you were a 12 year old. While other people's insurance can be really frustrating to work with (I've been through it to), you need to keep your head, use reason, and realize it's nothing personal against you. Calling the guy names is gaining you absolutely nothing. Remember, he has probably never seen your truck and is simply offering you what his company says he can based on typical used car value.

    As already mentioned you need to take some time and deal with this guy. Sit down with him and have pictures of the truck and all the receipts for parts and work you have done on it. If you work with him in this way they should give you a reasonable offer. Also remember that just because you put $12,000 in aftermarket parts in the truck over the last 2 years doesn't mean the trucks value will be $12,000 higher.
     
  12. diesel4me

    diesel4me 1 ton status Premium Member

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    Sadly,I no longer have the GTO--I sold it to the friend I bought it from after the dual rear wheels on a tractor trailer came off in front of me on I-495 ,I swerved to avoid them and they impacted just behind the passenger side front tire--caved in the door,and climbed up the rear quarter and went over the trunk.The car was still drivable,but looked like it was just out of a demolition derby /forums/images/graemlins/angryfire.gif /forums/images/graemlins/angryfire.gif.Truck driver said he was sorry,just had the tires changed 100 miles back at a truck stop--one of his lug nuts was embedded in the windsheild--and the brake drum was still attached to one of the tires(it was leaning up against the gaurdrail nearly 1/4 mile behind where I stopped--if I let it hit me head on I'd be dead,even the state cop couldnt beleive I didnt get hurt worse).I had the car completely sideways in the third lane,left a dark green stripe from the enuduro bumper on the jersey barrier for 300 ft!.God must have been driving--after I swerved,all I remeber is a truck driver shaking me and yelling "are you ok"?? as I realized I was now parked in the grass on the right median strip!. I still cant follow tractor-trailers on the highway--I pass them as soon as safely possible and STAY AWAY from them now! /forums/images/graemlins/yikes.gif /forums/images/graemlins/yikes.gif /forums/images/graemlins/yikes.gif I'd like to get another GTO someday,but now they go for 15 grand,so it doesnt look like it will be anytime soon.I bought mine for 150 bucks in 1982-those were the days! /forums/images/graemlins/whistling.gif
     
  13. darkshadow

    darkshadow 1 ton status

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    glad you got out ok.
    My boss knows every thing engen codes numbers made.
    he now has: 72 ram air IV auto ( 1 of 145 or so engens)
    73(ithink) le mans sport 455 ho, 4 speed convertable, 80,000 origanal miles mint, unrestored. (one of only 12)
    just got a nice 4 speed restord 66, has two 64s one auto, one stick, both silver,a few TA's a 72 ish drag car runs high 10s, to torbo or super charged or nos just bulit, he has a 25th and 30th aniversary TA's, and theres more but i can't remember them all.
    Hes got parts out the ying yang too, and he knows his suff. I once had a guy show up at the shop looking for parts when he wasent around looking for pontiac pete he had came all the way from califonia to get parts, and showed up. /forums/images/graemlins/histerical.gif /forums/images/graemlins/histerical.gif
     
  14. Hardcore

    Hardcore 1/2 ton status

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    Same thing happened to my buddy in a mint condition Yota 4x4. Thing had fresh paint, engine serviced by the dealer regularly, beutiful inside and out. It looked and ran like a new truck. Anyway, some guy ran a light and t-boned him and they said it was totalled and gave him $3500, he threaten them with a lawsuit until they coughed up another $5,000. Still wasn't as good as replacing his truck but it was still another $5,000 in his pocket for a new truck
     
  15. Derf00

    Derf00 1/2 ton status

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    You are absolutely correct, I shouldn't have responded to him as I did. However, he is in Chicago, I am in Texas, he is looking at a computer screen that says my vehicles' cash value is $2,000 and before I laid into he had a take it or leave it attitude.

    I called the adjuster back today and found that he has had an attitude adjustment and told me that if I sent a pic of my vehicle and receipts for improvements he would reconsider, and felt sure that he would be able to work it out. /forums/images/graemlins/grin.gif
     
  16. Z3PR

    Z3PR Banned

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    Can't you tell them you want another truck like yours, not the cash value ???
     
  17. HarryH3

    HarryH3 1 ton status Author

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    [ QUOTE ]
    And as far as insureing for and increased value, i was told you have to pay out the ass on your inshurance to keepit at the value

    [/ QUOTE ]
    You were misinformed. /forums/images/graemlins/eek.gif I used to have Stated Value coverage on my '75. Book value was $1,300 or so, but I insured it for $7,000 due to all of the improvements that I had made. The insurance company had me fill out a form that listed all of the extra parts that were on it. The difference in cost to me? A whopping $17 per year. /forums/images/graemlins/yikes.gif Very little of the cost of insurance is based on the value of your vehicle. Most of it is based on the statistical odds of that vehicle, with a certain driver type (gender, age, zip code, income level, etc.) causing an accident that would then make the insurance company liable for paying out the full amount of your liability coverage. That's where insurance companies lose their a$$es. Fixing or replacing your vehicle typically costs them far less by comparison.

    Take a close look at a full covereage insurance bill sometime. You'll see that most of the amount that you pay each year goes for liability coverage. Collision, theft and comprehensive don't add a great deal to the total.
     
  18. darkshadow

    darkshadow 1 ton status

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    this was explaned to my by the company, it run differantly in canada, ITs called no fault insureance, so when i was in my accedent it was not my fault but it was my insueance that payed out not hers, since i was not at fault i did not have to pay the deductable, but it was my company not hers. dosent make much sence to me /forums/images/graemlins/dunno.gif /forums/images/graemlins/dunno.gif
     

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