Need all the help I can get: Insurance

[ls1mike]

Originally Posted by Alex_V
Originally Posted by ls1mike
That is horrible man. It was so nice and clean. I am sorry to see it.

Took out a GTP too. I have soft spot for those.


I take it no one was hurt?


The GTP driver was helicoptered and the one that started it went by ambulance, but I didn't catch wind of any imminent fatal injuries.

Horrible. Glad you are ok man. Hope the others come out ok.

 

[AZjeff]

When you took out the full coverage on the car did they give you a totaled value? Seems like on an '82 that would be something discussed so you and SF were on the same page.

 

[Johnny2Bad]

Here you can demand they find an equivalent vehicle and buy it for you, even with basic insurance. If they can't find one in this or an adjacent Province, you can use what they did find as a bargaining chip (they have to give you a list of what they found that was newer/older or in poorer condition) for value and a settlement. But you have to be willing to stand up to them, or they will lowball and screw you.

There is also inexpensive Agreed Value insurance, all you need is an appraisal.

No idea what it would cost for an 82 M-B but for my Miata, which is appraised at $13.500 I have AVI at $9,995.00 (under $10K because owning a vehicle above that value affects my Disability Income).

It costs me $C 312.00 ($US 237.00) a year for the AVI over my $700 deductible premium ($C 790.00; $US 601.00 All Peril, $1million liability) and covers the car with a $50 deductible on private land when uninsured and on public roads when insured. But that takes the haggling out of it, they have to cut you a check for the agreed amount.

 

[NETWizz]

The problem is it doesn't matter all the pre-existing work that was done nor that there is a tiny rust spot somewhere. They are literally going to take its age 82 and figure that with normal wear and tear it cannot be better than X, which likley will be judged to be fair not good or very good even if it is very good. They aren't going to examine it or care even if it is freshly rebuilt and completely repainted for example. All they are going to do is look at the NADA or similar book price and likely pick the lowest price from the range they can.

Have them send their estimate over to you because they are notorious for getting details wrong like a 4 cylinder vs a V6, or incorrect millage, missing a package etc. Look at their estimate.

That said, if the book value is $800 and you don't accept it, do not expect a lawyer to be able to do much because that isn't a bad-faith offer. Besides it would cost you $1100 in legal fees and $300 to appraise it. Then Let's say you collect a judgement of $3000 (good luck). Your lawyer takes the first $1000 leaving only $2000. Now you have $1400 in fees (filing, process service, motion filings, depositions, court reporters, mediation costs, etc.) You are probably left with $600 of your $3000 judgement, and it's now 2021 that you are collecting it.

 

[DuckRyder]

Glad everyone is OK.

Lot of outright hogwash in this thread as usual. Amazing how clueless people will spout out complete nonsense like it is fact.

You are on the right track with your plan.

They will use Audasource to value it unless KY has a law that specifies it must be valued in a particular way.

Ask for a copy of the Audasource. Go from there. I can help you understand it, it may be a specialty evaluation on a car that age, which can be good or bad depending on what's on the market.

 

[Delta]

Sorry to see such a nice survivor destroyed like that! Atleast you walked away, that's something to think about. I think others here will get you started on the right track to get the right amount.

 

[Doc8404]

If you have an insurance agent, get them to do their job.

 

[jeepman3071]

Originally Posted by Alex_V

I believe it is a no-fault state. If my wife continues having hip pain from it, we may have other reasons to talk lawyer. I truly believe in forgiveness and understand some things are beyond control, but pulling out in front of 3 cars at 60 MPH ain't one of them.



I worked in auto insurance for a few years. I can forgive mistakes, but not negligence. Many, many people's lives have been severely changed because of idiots who were negligent, which in my opinion is unforgivable. I'm glad you are okay, as that is most important. Your wife should definitely see a doctor for the hip pain ASAP.

 

[Jarlaxle]

Originally Posted by NETWizz
The problem is it doesn't matter all the pre-existing work that was done nor that there is a tiny rust spot somewhere. They are literally going to take its age 82 and figure that with normal wear and tear it cannot be better than X, which likley will be judged to be fair not good or very good even if it is very good. They aren't going to examine it or care even if it is freshly rebuilt and completely repainted for example. All they are going to do is look at the NADA or similar book price and likely pick the lowest price from the range they can.

Have them send their estimate over to you because they are notorious for getting details wrong like a 4 cylinder vs a V6, or incorrect millage, missing a package etc. Look at their estimate.

That said, if the book value is $800 and you don't accept it, do not expect a lawyer to be able to do much because that isn't a bad-faith offer. Besides it would cost you $1100 in legal fees and $300 to appraise it. Then Let's say you collect a judgement of $3000 (good luck). Your lawyer takes the first $1000 leaving only $2000. Now you have $1400 in fees (filing, process service, motion filings, depositions, court reporters, mediation costs, etc.) You are probably left with $600 of your $3000 judgement, and it's now 2021 that you are collecting it.


NADA average value is 8400 dollars. 800 WOULD be a bad faith offer.

 

[doitmyself]

I cannot emphasize enough how important it is to see a doctor for accident pains ASAP. If something should get worse many months, even a year or more later, you will be glad that you have a paper trail established. It's imperative to have this paper trail when lawyers and insurance companies get involved.

Best of luck to you with your outcome.

 

[bubbatime]

Dude that car is totaled and they will absolutely write you a check for $800. Doesn't matter what you THINK the car is worth. You are about to get HOSED.

 

[JLTD]

First --

Originally Posted by Alex_V


Thanks. My wife and 14 month old son were with me - he was strapped in behind me where the body caved in at least 10". Not a scratch on any of us.


This is most important, glad to hear it.

Having worked in the insurance industry, here's a few tidbits which might help:

1. Do you have GAP insurance on the loan? If so, your loan will be paid off in full if insurance doesn't cover it.

2. Is your insurance policy a "specified amount"?(terms may vary by company) Often, for classic cars you can say what amount you want it insured for. If you have this, then if totaled you'll get the chosen value. I'm not certain SF does that, so

3. if you don't have the coverage then they'll offer you replacement value for your vehicle - so go find several very nice, fully restored/mint ones so you'll have three high estimates. Insurance MUST "make you whole", in essence restoring you to where you were prior to the accident. They may or may not make allowances for the new parts you just put on, but if you have receipts it will help and this part is somewhat negotiable.

4. $800 offer - likely from the other company at first and you are correct to refuse it.

5. Save your medical bills. Not sure how KY works but in some states you can collect from the at-fault driver, your own vehicle medical coverage, AND your health insurance for your medical bill$. Check with your insurer about how things work where you are.

edit: 5.1
Originally Posted by doitmyself
Originally Posted by jeepman3071
Your wife should definitely see a doctor for the hip pain ASAP.


I cannot emphasize enough how important it is to see a doctor for accident pains ASAP. If something should get worse many months, even a year or more later, you will be glad that you have a paper trail established. It's imperative to have this paper trail when lawyers and insurance companies get involved.


100% correct! In fact, ANY problems stemming from the accident, don't be shy about going to see the doc.


6. If the other company balks/delays/ignores/etc, I'd do two things: 1. Send a letter and use the words "bad faith". This will work wonders (usually) and if not, will be very useful in court. In fact, if they're slow to respond at all, put everything in writing to them. 2. If you'd prefer, you can work with your own company. You'll be out your deductible, which they will go after from the other company and will eventually return to you.

7. PM if you like with any further q's.


edit: after reading the above post about the NADA $8400 value, we're on the right track here. One last suggestion - figure out what the vehicle is worth to YOU. Then negotiate for that value. Glad you're all ok!

 

[spackard]

https://www.statefarm.com/claims/claims-help

 

[MCompact]

I live in KY as well; the at-fault driver's insurance is responsible for the damage to your car; your insurance doesn't kick in unless the at-fault driver didn't have coverage.

 

[69GTX]

I have to agree that there's a lot #$@& being spouted in this thread about getting 10% of the car's before accident value. The car's value IS what it would cost to replace it in pre-accident condition going out into the general marketplace. Forget about NADA and other price guides, they don't sell cars. For any decent insurance company this is what they have to do. I can't speak for Fly By Night outfits. I've had a few totals in my 40 yrs and my insurance company has always paid up the market replacement value of the car....not it's salvage value....or anything close to it. A rule of thumb might be 3X to 5X salvage value for cars that were decent and running well before the accident. My last accident had a salvage value of $750 and I was paid $4200 as the car was clean with lower miles. If anything, I felt my insurance company overpaid me on the car.

My stock 2 owner, 1999 Camaro SS 6 speed with 19K lists on NADA/KBB for around $8K. I would fully expect to get more like $11K-$13K if the car were ever totaled. All they've have to do is check Ebay, Autotrader, and dealer listings and they'd find them consistently priced at $12K to $20K. If they didn't want to do the research...I'd present the insurance company with a dozen listings proving it.

 

[ffhdriver]

My son and his wife's cars were totaled this year. Insurance companies paid a very accurate amount based on local and book values. No one got "hosed".

 

[Jarlaxle]

Originally Posted by bubbatime
Dude that car is totaled and they will absolutely write you a check for $800. Doesn't matter what you THINK the car is worth. You are about to get HOSED.

Please actually READ the thread. NADA LOW book on the car is $8400.

 

[Ethan1]

ITT: advice-givers who don't know what AutoSource is. Adjusters who can't spell "AutoSource". Probably zero lawyers. Probably zero people licensed to adjust claims in Kentucky. No information from OP regarding the insurance policy. Lots of FUD.

 

[DuckRyder]

Originally Posted by Ethan1
ITT: advice-givers who don't know what AutoSource is. Adjusters who can't spell "AutoSource". Probably zero lawyers. Probably zero people licensed to adjust claims in Kentucky. No information from OP regarding the insurance policy. Lots of FUD.


AutoSource was FKA as AudaSource still is in some markets but I guess you got me. Kinda like the shop owner I know who still calls company M "Glen Mitchell"... I'll assure you two things though, I'm not an adjuster and I know what it is. Well three really the third being that is what they will use unless KY has specific jurisdictional law.

 

[MCompact]

Originally Posted by Ethan1
ITT: advice-givers who don't know what AutoSource is. Adjusters who can't spell "AutoSource". Probably zero lawyers. Probably zero people licensed to adjust claims in Kentucky. No information from OP regarding the insurance policy. Lots of FUD.


I owned 1/2 of an independent insurance agency until the early 90s. I was in a private law practice from 1982 to 1986, then served as a judge in every level of Kentucky trial court from 1986 to 2014. I currently represent one of the fastest growing municipalities in the Commonwealth of Kentucky.
But yeah, I'm just making a few uniformed guesses here...