Insurance company refuses to provide breakdown of value on totaled vehicle.

[GON]

Curious what the purchase price of the vehicle was when bought just a month or two ago and what the insurance company is offering.

With the crazy prices of vehicles did the family member over pay to begin with and the insurance company is going by what the truck is really worth, or did the family member buy at a very good price from a private party and wants to get paid what a dealership would sell for in these times?

I believe this is the vehicle the OP is referring to. One can see why the owner of the vehicle is super unhappy. Found a gem pickup in this crazy market, only to have it totaled.

There *might* just be a few decent dealerships left out there... LOL.

I was involved in the purchase of a $12,000 pickup truck for a family member this week. Anyone who is aware of what is going on, knows that $12,000 really doesn't get you a whole lot in a pickup anymore. The market for unmolested, but affordable pickups is really tight here in the Midwest. When...

bobistheoilguy.com

 

[BigCahuna]

The original poster is referring to an itemized breakdown of the value of the vehicle. You’re referring to a repair estimate and those are two entirely different things. An insurance company should be able to provide a repair estimate with little trouble.

Read the first line you posted of mine.,,

 

[Blinker]

Read the first line you posted of mine.,,

I did, you’re confused.

You’re referring to a repair estimate breakdown. Which includes all the damaged parts and gives estimated costs for replacing/repairing the parts plus labor, etc. to complete the repair. And the evaluation report is not itemized, it’s a summary of the value of the vehicle.

The OP is referring to a itemized vehicle breakdown report. He’s asking the insurance company to provide an itemized breakdown of the vehicle which lists $ values for each part on the vehicle. The parts value of a vehicle is often more than the ACV of a vehicle so he’s trying to play that game.

 

[BigCahuna]

I did, you’re confused.

You’re referring to a repair estimate breakdown. Which includes all the damaged parts and gives estimated costs for replacing/repairing the parts plus labor, etc. to complete the repair. And the evaluation report is not itemized, it’s a summary of the value of the vehicle.

The OP is referring to a itemized vehicle breakdown report. He’s asking the insurance company to provide an itemized breakdown of the vehicle which lists $ values for each part on the vehicle. The parts value of a vehicle is often more than the ACV of a vehicle so he’s trying to play that game.

READ IT AGAIN!!!!!!!!

 

[Blinker]

READ IT AGAIN!!!!!!!!

I did. We must not be on the same page. You received a valuation report, which is standard operating procedure. You also received a detailed repair estimate, which is also standard operating procedure.

Valuation reports don’t give a detailed itemized part cost value for every component on the vehicle. Maybe motorcycles are handled differently in some states, I’m not sure. An itemized detailed part breakdown is something a vehicle appraiser can determine, but that’s different than a valuation report.

By any chance your repair estimate included the sum of every part on the motorcycle? With a repair estimator program you can play around with it for fun and add every imaginable part to the repair order. I’m sure there are others here who work in body shops or insurance who have also done this, but you can take for example a 2021 Camaro LT and put it in the estimator and select every imaginable part and component needs to be replaced. You can easily exceed $100k in parts/supplies/labor on a vehicle with a $25k msrp. I wonder if maybe your repair order was done somewhat similarly for your motorcycle.

 

[FZ1]

OK, so here's the, apparent, deal. The truck owner overpaid for the truck and the insurance company is only gonna pay for the Value of the truck at the time of the accident, which is less than the buyer paid for the truck. It's not the insurance company's fault that the buyer is now " Upside Down" on the pay out. Pun intended. Get the best number you can get and move on. Jmo

 

[volk06]

Agents are completely different than adjusters. Agents sell the policy adjuster interpret the policy language. In texas an adjuster cannot sell insurance and an agent cant adjust claims both require a license. Now some agents have both but they cannot adjust claims for policies they sell.

Agreed but that wasn’t the point or inference of my post.

 

[mrsilv04]

OK, so here's the, apparent, deal. The truck owner overpaid for the truck and the insurance company is only gonna pay for the Value of the truck at the time of the accident, which is less than the buyer paid for the truck. It's not the insurance company's fault that the buyer is now " Upside Down" on the pay out. Pun intended. Get the best number you can get and move on. Jmo

You'd be wrong. No one is upside down on anything. Vehicle was purchased pre-COVID.

But thanks for your totally wrong opinion anyway.

 

[mrsilv04]

I believe this is the vehicle the OP is referring to. One can see why the owner of the vehicle is super unhappy. Found a gem pickup in this crazy market, only to have it totaled.

There *might* just be a few decent dealerships left out there... LOL.

I was involved in the purchase of a $12,000 pickup truck for a family member this week. Anyone who is aware of what is going on, knows that $12,000 really doesn't get you a whole lot in a pickup anymore. The market for unmolested, but affordable pickups is really tight here in the Midwest. When...

bobistheoilguy.com

Nope.

 

[mrsilv04]

So there are a couple of things that don't make sense in the OP.

How did they quickly cut a check on a TL? There has to be agreement and likely paperwork.
An appraisal written by Copart? That isn't a service I'm aware of Copart providing. The only value Copart would likely provide is a salvage value and only if someone had expressed an interest in retaining the salvage (AKA "Buying it back")

Assuming that the OPs home location of IL is both the policy state and the loss state then comparables will likely be the CCC valuation methodology. A quick google should turn up the code for claims practices which lays out the rules of engagement.

All of that said, if your friend has collision coverage they might be best served by filing with their company and letting them fight it out with A-O. It'll likely be less stress at this point.

The simple presence of an accessory doesn't increase value in some cases it might even decrease it. The easiest way to explain it in layman's terms is that if you had two trucks identical in every other way sitting next to each other on a lot, would the average person pay more for the one with this doodad on it, and if so how much more.

If your friend has asked for the updated evaluation and the representative has refused to provide it, then I don't understand that. Theres no legitimate reason to hide it.

My definition of "quickly" and your definition of "quickly" may be different. Considering the slow down of the simplest processes due to COVID and people simply not wanting to work anymore, I considered the payout to have arrived quickly. Yes, there was the typical paperwork and blah, blah, blah involved.

Of course, cutting a check in the shortest amount of time possible also gets the person out of a now much more expensive rental car as quickly as possible as well.

The appraisal was clearly listed on the CCC-One report as being provided by "Copart". A friend who is a body shop manager confirmed this. Copart provides vehicle appraisals to insurance companies. You're aware of it now.

I suspect that the appraisal was created by someone simply looking at a few pictures of the totaled vehicle, and not even information that could have been easily gathered from running the VIN. That would have required too much time and effort out of Copart, to do an honest and accurate job.

As I've seen from a sample of one, this one was poorly done and incomplete, but apparently good enough for insurance companies. Of course, a poorly done and incomplete vehicle appraisal tends to always fall in the favor of the insurance company.

 

[mrsilv04]

Curious what the purchase price of the vehicle was when bought just a month or two ago and what the insurance company is offering.

With the crazy prices of vehicles did the family member over pay to begin with and the insurance company is going by what the truck is really worth, or did the family member buy at a very good price from a private party and wants to get paid what a dealership would sell for in these times?

This was unfortunate and bad wording from me. The 2009 Silverado was a replacement vehicle for the wrecked vehicle, but not permanently. Something better will be purchased in the future.

It was an easy decision to grab this vehicle quickly, as so much was known about it.

 

[FZ1]

You'd be wrong. No one is upside down on anything. Vehicle was purchased pre-COVID.

But thanks for your totally wrong opinion anyway.

Well, uh, My speculation was based on your rather verbose attempt to explain a simple total auto claim.
A procedure easily handled my most of us on here at least once in our life experience. Without asking what was paid (or overpaid),on the initial purchase of the truck, or, what you are are being currently offered, what's the problem? The value of the truck is easily determined by multiple data sources. So you just get the best number you can get and move on to the next vehicle..........Don't you?

 

[Owen Lucas]

This was unfortunate and bad wording from me. The 2009 Silverado was a replacement vehicle for the wrecked vehicle, but not permanently. Something better will be purchased in the future.

It was an easy decision to grab this vehicle quickly, as so much was known about it.

So what happened, did you negotiate the value with the insurance company or get in touch with management?

 

[DuckRyder]

Well, it seem like the OP is just interested in providing rants and snide remarks instead of actual receiving help so I'm out... best of luck to him.

 

[CKN]

He was "assisting" a family member. Why one would want to put themselves in the middle of an insurance claim is beyond my realm of comprehension. You total out a vehicle-no one wins, it's just how much you lose by.....

 

[Gimpy1]

My definition of "quickly" and your definition of "quickly" may be different. Considering the slow down of the simplest processes due to COVID and people simply not wanting to work anymore, I considered the payout to have arrived quickly. Yes, there was the typical paperwork and blah, blah, blah involved.

Of course, cutting a check in the shortest amount of time possible also gets the person out of a now much more expensive rental car as quickly as possible as well.

The appraisal was clearly listed on the CCC-One report as being provided by "Copart". A friend who is a body shop manager confirmed this. Copart provides vehicle appraisals to insurance companies. You're aware of it now.

I suspect that the appraisal was created by someone simply looking at a few pictures of the totaled vehicle, and not even information that could have been easily gathered from running the VIN. That would have required too much time and effort out of Copart, to do an honest and accurate job.

As I've seen from a sample of one, this one was poorly done and incomplete, but apparently good enough for insurance companies. Of course, a poorly done and incomplete vehicle appraisal tends to always fall in the favor of the insurance company.

Dude all of your arguments are wrong. A body shop person is NOT the same as a licensed appraiser/adjster. Your entire argument is based on assumptions. I work with Copart every day and I can tell you no one a copart will run a TL eval ever, the eval may have been done at copart which is customary, but an IA or staff appraiser did the tl eval.

 

[mrsilv04]

Well, it seem like the OP is just interested in providing rants and snide remarks instead of actual receiving help so I'm out... best of luck to him.

Bye!

 

[mrsilv04]

Dude all of your arguments are wrong. A body shop person is NOT the same as a licensed appraiser/adjster. Your entire argument is based on assumptions. I work with Copart every day and I can tell you no one a copart will run a TL eval ever, the eval may have been done at copart which is customary, but an IA or staff appraiser did the tl eval.

Copart was the appraiser. It says it right on the CCC-One Market Evaluation Summary form.

Thanks for your help. Even though I am wrong.

 

[MolaKule]

If one cannot be civil with responses, then this thread runs the risk of being locked, expert or non expert.

 

[tedsweet]

if dont like the settlement hire a lawyer