Insurance payout for stolen car

[CKN]

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.

I understand how they arrive at worth. But dishdude is saying he got amounts well over the car worth. He said-
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.

 

[dishdude]

I understand how they arrive at worth. But dishdude is saying he got amounts well over the car worth. He said-
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.

That's not my list, but I did get sales tax and state title/registration fees in addition to the retail value of the car. Rental car coverage depends on if you have that coverage on your policy.

 

[SC Maintenance]

No one here can tell you exactly because it depends on your state. You need to check your state law.

Here in South Carolina there is a court system set up for these types of issues. Your state might be completely different.

Check your state laws. Even if you get a correct answer here it may not apply to you. Here its court. Maybe your state is an arbitrator, or whatever.

I can't imagine its a take it or leave it system in any state - that would be a license for the insurance company to stick it to everyone. The Insurance company is going to do whatever is cheapest for them, so if they make an offer and you provide a researched counter offer on why its worth more, there more than likely to just settle and move along. For them there is no emotion, only costs.

 

[CarLuver]

I understand how they arrive at worth. But dishdude is saying he got amounts well over the car worth. He said-
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.

yes they give me a total plus tax /title/ and prorated the reg that was left from the old car. basically enough that if i were to walk into any one of the 3 comparables and buy one, there would be little to no cost to me.

they even asked if i had gotten anything like new tires . supposedly if i did within 3 months i could submit the reciept and be compensated for it.

Not all insurance companies are out to screw people , but neither are they a charity.

 

[Owen Lucas]

Insurance auto damage adjuster here. I have written 1000's of total loss valuations.

Invoke your appraisal clause. This allows for a second valuation of your vehicle by a public adjuster and requires the insurance company also hire a public adjuster. The public adjusters will run their own values and come to an agreement which the insurance company will have to pay out on (even if it's lower).

If the adjusters do not come to an agreement, an umpire is hired, with his cost split between the customer and insurance company. The umpire has the final say. There is actually a higher level beyond the umpire, but that would be court and these situations usually happen with exotic car value disputes, extremely rare.

A public appraiser will cost $300-$400 and the consultation is usually free. The adjuster usually won't take a case they can't win but I have seen appraisers come back with lower values than the customer expected, even below the insurance companies offer. It's worth a free consult.

 

[Allaneddie]

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?

In my 2 experiences with totalled vehicles (one hit and one flooded), my insurance company paid the retail price for a used same car of the same year as mine. I thought that was fair.

 

[Finklejag]

It looks like my parents will be getting a check for $17,500. I think they paid around $24K-$25K for the car in 2015.

 

[Hall]

It looks like my parents will be getting a check for $17,500. I think they paid around $24K-$25K for the car in 2015.

What's it's market value ?

 

[Finklejag]

Double post

 

[Finklejag]

What's it's market value ?

$16,200

 

[dishdude]

It looks like my parents will be getting a check for $17,500. I think they paid around $24K-$25K for the car in 2015.

You said it would be great if they wrote a check for $17k, sounds like things worked out

 

[Finklejag]

Here is their car. It looks like the key cylinder is still intact leading me thinking it was a inside job when they brought the car in for the security update a few weeks before. They added some decals and the dealer advertisement in place of the plate. I thought California had a new law where you had to display a temp plate in that location? These lowlifes put over 5,000 miles on the car in less then 30 days.

https://sca.auction/en/1092361456-2015-hyundai-sonata

 

[dishdude]

Here is their car. It looks like the key cylinder is still intact leading me thinking it was a inside job when they brought the car in for the security update a few weeks before. They added some decals and the dealer advertisement in place of the plate. I thought California had a new law where you had to display a temp plate in that location? These lowlifes put over 5,000 miles on the car in less then 30 days.

https://sca.auction/en/1092361456-2015-hyundai-sonata

I highly doubt it was an inside job, possibly just used a screw driver to turn the ignition lock.

 

[Dehaka]

While back in 2021 a felon was on the run from the cops and plowed into my 96 f250 5.8 w 51k on it. Bent the frame, messed up the suspension...obliderating the matrix. I wanted my truck fixed. Geico valued it at $8,500 but wanted to total it.
They use a company called CCC to figure the value.....a company that only appraises values for insurance companies. They told me that if i wanted to dispute it, I would have to find trucks of same year 1 year older or newer within a 200 mile radius. So i demanded a copy of the appraisal. They used a dealership in Phoenix and one in Portland to come to the value of $8500 for my truck. However mine was a long bed XLT with a lift oversize tires and a sound systrm. These 2 trucks each had some of the same features but no lift and no system. Well in California where im located, the prices in AZ and OR won't reflect my local market prices. Then I noticed that on the comparison vehicles, one was a 5.0 engine so by setting that prescident, the vehicles engine didn't matter. So I went and acquired the prices of trucks with diesel motors and turned them into geico as a rebuttle. I threatened to get an appraiser and take the matter to court if they did not honor my findings. In the end they valued the truck at $25,000 and paid $17,000+ to fix it. I only paid $8,000 for the truck but I beat them at their own game and now my truck has full new paint job and is better than it was before the accident. Never accept their first offer. They screw people over daily on claims......but only because people allow them to get away with it.
I still have a year left if I want to hit them with a diminished value claim.

Attached are before and after photos