Think it'll buff out?

[SC Maintenance]

2nd, 3rd and 4th will be too. The only way to get a fair value is by invoking the appraisal clause in your policy. Hire an independent appraiser. In NC they have to be licensed.

Essentially you hire an IA, the ins co hires an IA at their cost, the 2 appraisers review each others reports, the agreed upon value overrides the insurance company report.

Typically $1000s in increased value.

How much does it cost to hire a IA - roughly?

 

[Owen Lucas]

Any tips on getting a realistic valuation from insurance? I turned down their first offer pretty bluntly and the adjuster said they would contact their "third party valuation team." I'm insured with GEICO.

The person that hit me is insured by USAA and a claim has been filed, though no fault has been admitted as of my last conversation with them. It's pretty cut-and-dry that it is the USAA member's fault; I understand that all the i's have to be crossed and t's dotted.

You should invoke the appraisal clause in your policy. You hire an independent appraiser, he negotiates with the insurance company's independent appraiser, and them come up to an agreed value, which is binding. Takes the insurance adjuster out of the equation and their crappy valuation system.

Not to be creepy but I ran the vin from your plate and got a value around $35k off the bat based on comparables, book guide came in at $38k but that does not carry much weight. Could go higher, or lower, if I had more details.

What value are they giving you?

I can DM you a few appraisal companies that I've worked with before that are pretty fair.

How much does it cost to hire a IA - roughly?

$300-$500 on average. Some companies just sell reports for $300 which are useless. You're still playing on the the ins co's turf and have to dispute the report against an expert valuator brainwashed to defend low values.

OP's independent appraiser would work with the ins company's appraiser, that is, the ins co hires an independent appraiser as well, on their own dime. Their employee, and report, are no longer in the picture. If the 2 appraiser's methodology is solid and fair, then both of their numbers should be similar as well.

That's the important part here, the appraisal clause is a carve out where 2 appraisers duke it out, so no one is negotiating with the ins co, which is practicing law.

OP needs an NC licensed appraiser.

 

[RooflessVW]

You should invoke the appraisal clause in your policy. You hire an independent appraiser, he negotiates with the insurance company's independent appraiser, and them come up to an agreed value, which is binding. Takes the insurance adjuster out of the equation and their crappy valuation system.

Not to be creepy but I ran the vin from your plate and got a value around $35k off the bat based on comparables, book guide came in at $38k but that does not carry much weight. Could go higher, or lower, if I had more details.

What value are they giving you?

I can DM you a few appraisal companies that I've worked with before that are pretty fair.



$300-$500 on average. Some companies just sell reports for $300 which are useless. You're still playing on the the ins co's turf and have to dispute the report against an expert valuator brainwashed to defend low values.

OP's independent appraiser would work with the ins company's appraiser, that is, the ins co hires an independent appraiser as well, on their own dime. Their employee, and report, are no longer in the picture. If the 2 appraiser's methodology is solid and fair, then both of their numbers should be similar as well.

That's the important part here, the appraisal clause is a carve out where 2 appraisers duke it out, so no one is negotiating with the ins co, which is practicing law.

OP needs an NC licensed appraiser.

$28k was the first offer. I cut the conversation short after that because we don't have much to talk about at this point. I'll gladly take a PM with more details, thanks.

 

[Owen Lucas]

$28k was the first offer. I cut the conversation short after that because we don't have much to talk about at this point. I'll gladly take a PM with more details, thanks.

DM'd That's pretty low, but typical. I'm glad you didn't accept the value!

 

[xspeedy]

It really is a crooked game these insurers play on valuations. So many resources are wasted in negotiating a fair value, and it is so easy to eliminate all of this via agreed value insurance. I tell the insurer my car is worth $50K, they charge me as such, and they pay me that when it is stolen or salvaged.

I remember fighting Allstate for an old BMW. The adjuster would find a comp that was a year newer and devalue the adjustment by $500 since my car was slightly older. But when I found a comp that was a year older and added $500 to my value (based on the adjuster’s logic), he said I couldn’t do that. I had to deal with similar nonsense over a stolen truck, and the valuing of different options.

 

[Owen Lucas]

It really is a crooked game these insurers play on valuations. So many resources are wasted in negotiating a fair value, and it is so easy to eliminate all of this via agreed value insurance. I tell the insurer my car is worth $50K, they charge me as such, and they pay me that when it is stolen or salvaged.

$50k agreed value is the ceiling they will pay, they'll run a valuation and pay whatever that comes to, $40k, $45k etc.

It's not even worth negotiating with them, giving comps etc. They make up their own rules even when it's illegal to do so.