NADA car value & Insurance - PeachParts Mercedes-Benz Forum

centroid1 · #1 01-09-2009, 10:37 AM

Howdy, does anyone have experience dealing with the insurance company with a wreck car and total loss recently ? They seem to start out giving you a very low value compared to the values in NADA. Usually, I would say that is high but I've looked around for my area and it seems pretty close.

I'm in MN and its rust country so to replace a car without rust seems to shoot the price up quite high. I lost a '82 240D 4spd-man with 242k mi and no rust. I have photo documenting the car condition in and out and there are only a few cars on the market that has that kind of exterior quality. I brought it back from SF, CA.

I've found a classic car dealership that has that same car interior and exterior and they're placing the ad at $6200. Even though most people on this forum would not pay that for a 240D, the fact still remains that there is no other on the market that is like that in my state. So my logic to the insurance is unless they can show me a car with similar exterior condition, I would have to insist that would be the closest value to the loss car. Does this sound reasonable ? Suggestions ?

JackG · #2 01-09-2009, 10:40 AM

Get a lawyer, Ins. companies have a very
bad record in front of a judge.

Matt L · #3 01-09-2009, 10:43 AM

You will probably find that your own insurance company is more accommodating. We did a few years ago with a somewhat worn 300SD. The other company offered $1000, our company offered over $3000. We were out the deductible for a few months while our company sued theirs.

centroid1 · #4 01-09-2009, 11:01 AM

Quote:

Originally Posted by Matt L

You will probably find that your own insurance company is more accommodating. We did a few years ago with a somewhat worn 300SD. The other company offered $1000, our company offered over $3000. We were out the deductible for a few months while our company sued theirs.

I'm not following here, when you say your company, do you mean that the car was a company car ?

What was the result of the lawsuit and what was the process like ?

mobetta · #5 01-09-2009, 11:14 AM

I think Matt was hit by another driver. I also dont see a mention of a lawsuit.

cebtriod1 had a single vehicle incident, so there is only his Ins. company to deal with.

the are not going to give you more money without a fight. on the other hand, IMO, lawyering up will cost you any gains that you might see, at the least. but fight it out yourself, dont give up.

there are a lot of threads on this exact issue here on the forum. what is the latest offer? what did you pay? how much work/ receipts do you have? what is the mileage on that car in st cloud?

The only time I've come out ahead with an insurance company it was PIP(personal injury protection) that payed, not any car value. but even then it took 4 years for that one.

centroid1 · #6 01-09-2009, 11:35 AM

I paid 3500 for the car in SF. It cost about 1200 and 4 days to get it back here. Then I might have about 500 on receipts on misc stuff, no major repairs. So that's about 5200 since I've owned the car.

The car in St. Cloud has 215k. Similar manual 4spd, no rust, everything works like my car. Latest offer was 4150, NADA average retail is 5975, high retail 8600. The adjuster did agreed that it was above average.

moon161 · #7 01-09-2009, 11:53 AM

I got $1800 - $500 deductible - $100 salvage for rear end damage to my 240D w/ 2 existing dents, leaky motor, worn interior. Not what I wanted, but more than I'd pay for same & knowing what I know now and where the market is. Woulda got more I expect if it's greymarketness hadn't made it hard to value.

I think best is to have a documented value & rationale for same, other's have mentioned agreed value insurance.

Also, have it detailed before you have the estimate done. If it looks dented & sharp in their pics, It'll be easier to argue for a higher value than a with dented & messy car. I'm sure this mistake cost me some coin.

matthias08 · #8 01-09-2009, 05:40 PM

i had a single car accident in my of 08...

its was in a 98 Caddy Deville Concourse.
everything functional... some rock chips/scuffs && things.. 174K on the car

first offer was $2200 minus 500 Deduct. my agent herself told the adjuster he was out of his mind (to put it in thread friendly version)

after i pull out documentations, get a new adjuster out there to look @ the newly detailed car, w/ new tires, new tranny seal radiator, & such... i came out w/ 4900 in my pocket after deduct.

never give up!

before

after

ps. i even got them to pay for a full tank of premium purchased 6 miles before accident... keep in mind... gas was still $4 a gallon then

cphilip · #9 01-09-2009, 06:04 PM

I am dealing with one now...

Was sitting here filling out all the information they want and came to a section where they want me to tell them what I paid for the car. Now... I get to thinking... why? What business is it of theirs what I paid for the car? For instance, if my father (no longer with us) had given me the car, what would that have to do with its value? What if I had done some trading and such along with some cash (this is fairly common and did occur) then what would that have to do with its value, as it sat, and as it was when destroyed? They ask me later on what its value IS. So why do they have any business knowing what I paid for the initial hulk that I started with before I started restoring/refurbishing it?

The only reason I can think of is to give them an advantage of knowing any part of my out of pocket loss. If my loss were less than it should have been, they would have a great advantage knowing that. For example, if they knew (in that hypothetical given earlier) that I paid nothing for it and it as a gift (which is wasn't), then they would be encouraged to offer me much less than would make me whole again (having a car of same condition). Trying to take advantage of that. But yet the car was worth more. And if sold would sell for more. So would need to be valued at more to make me whole again.

So... for now I am just going to not answer that and put something like "I don't recall". The very next request is to give them that bill of sale. Well... I don't have it. What copy I had burnt up in the car. And the other one was taken by the DMV. They also then ask for his name and address. Well... I don't recall that. And it burnt up in the car!

They also ask for the registration. Well... it burnt up in the car.

I do have the title and receipts for all (most) of work done and service records will be retrieved so I do have all that. All of these had to be retrieved as the originals burnt up in the car.

But can anyone tell me what right they would have to ask what you paid for the car? Or what business it is of theirs. I am not planning on providing it. They can take what I have and determine the VALUE of the car when it was lost, which is their duty and business to do right now.

Matt L · #10 01-09-2009, 07:02 PM

Quote:

Originally Posted by centroid1

I'm not following here, when you say your company, do you mean that the car was a company car ?

What was the result of the lawsuit and what was the process like ?

By "my company," I mean the company behind the full-coverage car insurance that we purchased.

The suit (which may not have even been filed) was to reclaim the loss to our comprehensive policy by claiming against the other driver's liability coverage. Their offer was laughable and I pay for insurance for a reason.

As I said, we got the payout minus the deductible immediately, and the deductible after a few months. The suit probably was not even filed; the threat of a suit by someone that they knew was serious was probably sufficient. It certainly did not go to court.

Cr from Texas · #11 01-09-2009, 07:15 PM

Lawyers are expensive and a last resort.
I'd do the following:
1. Try to work with the adjuster with the help of your agent. Use the documentation you have a similar vehicles.
2. If that fails, ask for expert arbitration (Your expert vs. theirs). Faster and less expensive than a lawyer. or
3. Use small claims court and file the case yourself.
4. Hire a lawyer.

babymog · #12 01-09-2009, 09:40 PM

If you recently purchased the car, the argument will be made that your purchase determined the value of the car. If book is $8k and you paid $2k, they will be cutting you a check for $2k. Also, if you tell them that you paid $8k, and they pull DMV records (they will) that say you claimed $2k purchase price for taxes, they will promptly offer you a check for $2k, you want to claim that you lied and actually paid $8k? The IRS will be your next problem.

The adjuster is in charge of minimizing their payouts, any information that you give him will be used for that purpose. They've been at it for lots of years and millions of dollars have been "invested" in the best strategies for doing so. Good luck.

Quote:

Originally Posted by cphilip

I am dealing with one now...

Was sitting here filling out all the information they want and came to a section where they want me to tell them what I paid for the car. Now... I get to thinking... why? What business is it of theirs what I paid for the car?

moon161 · #13 01-09-2009, 11:33 PM

If the car is not economically repairable, you should be entitled to replacement cost, less deductible. Just say "OK, it's a $2000 98 300d. Find me another" If they can't find you one for $2k, ask for the one that's $10k that they did find. In NY at least, this is your right. Contact your state insurance board. I found mine helpful in explaining my rights.

babymog · #14 01-09-2009, 11:39 PM

"Fair market value" is the wording here.

centroid1 · #15 01-10-2009, 11:54 AM

Quote:

Originally Posted by cphilip

I am dealing with one now...

Was sitting here filling out all the information they want and came to a section where they want me to tell them what I paid for the car...

I did tell them that I paid 3500 at first not knowing the consequences. But so far, its not a big hurdle. I stuck to my gun and begin to read the READABLE CAR POLICY that came with my insurance. It explains the event of a total loss and they have to right to paid you a 1) cash value (key word here is value). 2) repair or replace it. and 3) I forgot. But so far, I keep telling them they need to show EQUAL QUALITY AND CHARACTER. So if doesn't matter if you paid 1$ for it, if the rest of the cars for sale in the area shows $4k, then its $4k. That argument has allowed me to increase it from 2500 to 4150. I'm not trying to scam them or anything, its just that is what the market value is showing. My point is if you have a rust free car in CA, its value is increased in MN. So it has to be local to be comparable.

I was not thinking of a lawyer. They did talk about getting appraisals from both sides and compare. If the results is not agreeable, then arbitration. I don't know how far I want to take it. Someone mentioned something about causing problems might flag other policies later on. Has anyone noticed a difference in their policies following an accident ?