This was the first time someone in my family had their car stolen or considered total loss after an accident. I would assume the insurance company will take in all considerations when coming up with a payout amount for the car. Like all insurance companies, they will low ball you I would assume. Can you decline and counter offer their first offer? The two big factors that will up the price on my parents side is it’s a 2015 with 33,000 miles and the used car market is still really high right now. If they don’t agree to the price, can the insurance company give a lower offer and say take it or leave it?
Insurance payout for stolen car
- Thread starter Finklejag
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My dad was in a similar situation when he crashed his Volvo wagon in the early 90s. He hired an independent appraiser to give his adjusted rate.
After the appraiser rate was considered, my dad still came out ahead.
After the appraiser rate was considered, my dad still came out ahead.
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- Oct 15, 2022
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The only experience I have is with a stolen motorcycle. Progressive offered either $X and if i wanted the bike back.
AFAIK, their value is pretty firm based on averaging the estimated repair costs in an accident or thr market value of totaled
AFAIK, their value is pretty firm based on averaging the estimated repair costs in an accident or thr market value of totaled
It's negotiable. Start "researching" now as to what the value is. Look up values from KBB, Edmunds, NADA, etc using private-sale as well as dealer values (what they sell for, not trade-in). Look for the same year and model for sale on dealer lots and the prices they want for them.
If your relative is happy with the offer, stay out of it (IMO). Unless they ask for your help or advice, it's not your fight.
If your relative is happy with the offer, stay out of it (IMO). Unless they ask for your help or advice, it's not your fight.
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Last year about this time, someone stole our 1999 Silverado. I checked it's value using the online calculators at KBB.com and edmunds.com to get an idea of what the truck was worth. When the adjuster finally got off of their duff and made a settlement offer, I was extremely surprised because it was almost twice what the online value calculators told me it was worth.
I was told a similar story by another gentleman who's car was totaled out due to flooding and damages when the car was moved by the water. He also got about twice what he thought he would get.
I do know that you can negotiate with the adjuster, but how much leeway there is I do not know. I would say go to KBB.com and edmunds.com to see what they think your car is worth and then chat with the adjuster.
I was told a similar story by another gentleman who's car was totaled out due to flooding and damages when the car was moved by the water. He also got about twice what he thought he would get.
I do know that you can negotiate with the adjuster, but how much leeway there is I do not know. I would say go to KBB.com and edmunds.com to see what they think your car is worth and then chat with the adjuster.
Forgot to add.... Yes, the insurance company can play hardball and say "this is our final offer" and your relative's only recourse is a lawsuit against them.
I've found insurance payouts generally to be very fair, paying high retail plus tax. You should be able to walk into Carmax, hand them the check and drive out in a very similar car to the total loss. Of course the payout will be less deductible owed.
With comprehensive insurance, you will get a payout for the value of the vehicle up to the limit of your comprehensive coverage. Insurers typically have tables of rates depending on the make, model and age of the car, among other things.
This was my elderly parents car and they WANT me involved. I posted the question so I will know how it’s done so I can help them.
Everything is negotiable. I have dealt with a couple of these payouts; none were mine. They have been more than fair.
The last time, they showed 3 comps and gave the high value or close to it. Basically market value.
Perhaps do your own research on the vehicle's value in your area.
Good luck. My guess is, it depends on the insurance company; there are good ones and not so good ones.
The last time, they showed 3 comps and gave the high value or close to it. Basically market value.
Perhaps do your own research on the vehicle's value in your area.
Good luck. My guess is, it depends on the insurance company; there are good ones and not so good ones.
Make sure you get the insurance adjusters boss involved if possible. My Pontiac Vibe was written off. My insurance company offered me an insult that was about $1500-1700 too low. The adjuster said he "settled" I had to get his boss involved to even get anything reasonable.
Is the insurance policy with a reputable insurance company? If yes, your parents will most likely be pleased with the settlement, and will not need to go back and negotiate.
I had an experience very similar to what @chemman shared. Several years ago, a girl was trying to beat a light, and broadsided my car. My car was a total loss due to complexity to repair a deployed roll bar. I knew the KBB and NADA values for my car, and so when the insurance company (State Farm) offered me a settlement for over $5k more than that, I was happy. I did point out to them that the tires were only a few months old. They said that perhaps that had been overlooked when the car was inspected, and asked for a receipt, showing mileage at time of purchase, and they did give me credit for that, without any hassle.
It is my understanding that the more reputable insurance companies have found that it better for them financially, to offer a generous settlement, than have to deal with negotiations, civil suits, and poor customer satisfaction.
Hopefully your parents will have a similar experience. Don't be afraid to speak up to the adjuster, if you feel they have not treated your parents fairly.
I had an experience very similar to what @chemman shared. Several years ago, a girl was trying to beat a light, and broadsided my car. My car was a total loss due to complexity to repair a deployed roll bar. I knew the KBB and NADA values for my car, and so when the insurance company (State Farm) offered me a settlement for over $5k more than that, I was happy. I did point out to them that the tires were only a few months old. They said that perhaps that had been overlooked when the car was inspected, and asked for a receipt, showing mileage at time of purchase, and they did give me credit for that, without any hassle.
It is my understanding that the more reputable insurance companies have found that it better for them financially, to offer a generous settlement, than have to deal with negotiations, civil suits, and poor customer satisfaction.
Hopefully your parents will have a similar experience. Don't be afraid to speak up to the adjuster, if you feel they have not treated your parents fairly.
I have been surprised with my MIL and the settlement amounts by Ford (Windstar and breaking axles buyback) and one car accident by other party (drunk hit parked Saturn VUE) where she got the same money paid for vehicles 5 years prior. This was before car craze recently…..
Remember this, insurance companies are experts at what they do. They know business details you don't and will actively underpay just about every time.
You must be made whole, and that means payment of these kinds of expenses related to a total loss.
Sales tax,
Title fees
Registration fees
Dealer fees
Dealer markup
Rental/loaner car
Search costs (gas, travel, etc)
AND of course, actual equivalent replacement cost.
You must be made whole, and that means payment of these kinds of expenses related to a total loss.
Sales tax,
Title fees
Registration fees
Dealer fees
Dealer markup
Rental/loaner car
Search costs (gas, travel, etc)
AND of course, actual equivalent replacement cost.
Did you-or anybody you know get these kind of expenses reimbursed? Very curious-because the added items you mentioned would total well over the market price (as indicated by dealer ads, Facebook Market place, auctions, etc.) for a replacement automobile. Potentially $1,000s of dollars. Many policies include rental costs at little to no extra premium.
Here is one at Carmax with 11,000 more miles for $17K. That would be great if they wrote a check for that kind of amount.
https://www.carmax.com/car/24138299
https://www.carmax.com/car/24138299
Might want to read the policy language - their obligations are very clear.
the last time i had a total loss, the insurance company used a 3 party company to do valuation. they scoured the local market to find 3 compairables and then sent me the amount. it was more than i thought it would be .
if they don't do it this way, you need to present them with info that , if you consider their offer low, that will counter their offer. you can't really say your car is worth $50k and they take your word for it.
if they don't do it this way, you need to present them with info that , if you consider their offer low, that will counter their offer. you can't really say your car is worth $50k and they take your word for it.
