Totaled truck, insurance payout?

ondarvr · Nov 1, 2010

My son graduated from college and was back home for about 2 weeks and totaled my truck today, it was the other guys fault and he got the ticket not my son. We also called and had my son added to our policy right when he got back home, so that?s not a problem.

This was a 2002 F150 4x4 with 91,000 miles and its been garage kept all its life.

I've never had to really deal with a totaled vehicle before and I'm not sure how to go about getting top dollar (if possible) when they pay me for it.

I know everybody says their vehicle was in great shape in a situation like this, but I also assume the insurance company is going to low ball me with an offer hoping I need to replace the vehicle right away. I just want to be able to replace it with something in about the same condition and I'm sure what they first offer won't be close to doing that.

I don't need it replaced in a hurry and can wait any amount of time to be paid, it was paid for and I have other things to drive.

Clean retail the value is about $11,000 to $12,000 (NADA) and from looking on CL that appears to be fairly close.

So what should I expect for a payout and what kind of tactics do insurance companies use to keep the price down?

Thanks.

royal0014 · Nov 1, 2010

Re: Totaled truck, insurance payout?

Betcha the Insurance won't offer anywhere near that price. My advice, pony up for a lawyer, you're gonna need one

<<)))(((>>

trendsetter240 · Nov 1, 2010

Re: Totaled truck, insurance payout?

Sorry to hear about the accident, I hope your son is ok.

When dealing with insurance companies patience is the key. They will at first attempt to find a way out of paying you anything. Once that fails they will attempt to find a reason to pay out less than the value of the vehicle. When that fails they will usually make an offer that is substantial but still less than the true value of the vehicle.

If you`ve made it that far, most people cave and accept the offer. If you`ve got the time then hold out. Find several examples of the cost of replacing the vehicle in the exact condition is was. Search craigslist, dealerships, the local classified etc. There is no reason for you not to receive total compensation for your loss. You paid your premiums in good faith and they must pay the claim in good faith.

It`s the adjusters job to pay you as little as possible and at the same time make you feel like you are getting your moneys worth. just be patient and hold out until they make an offer that is acceptable to you.

Cheers.

JustJason · Nov 1, 2010

Re: Totaled truck, insurance payout?

Depending on which guide they use, (NADA VS BLUE BOOK), they should give you Dealer retail for it, making adjustments for milage and accesories. That's how it works here anyways. Since it was the other guys fault, you should fight for them to pay for a rental to.

OldePharte · Nov 1, 2010

Re: Totaled truck, insurance payout?

The first thing that you should is read your policy. See what options that have been agreed to before accepting any offers to you and you making any payment or in kind demands.

10thHawk · Nov 1, 2010

Re: Totaled truck, insurance payout?

I've had one car totalled out by an insur company. Thought I was gonna get hosed on the payout but actually ended up with three grand in my pocket after the loan was paid off.(had the car a lil over a year) They went and priced similar condition/mileage cars from dealers and private sellers within a certain radius of where i live and came up with an average replacement cost. Your company may do something similar but who knows.

lckstckn2smknbrls · Nov 1, 2010

Re: Totaled truck, insurance payout?

I'm playing the same game. My 2002 chevy impala was totaled last week, the other guy got the ticket.

fishrdan · Nov 1, 2010

Re: Totaled truck, insurance payout?

JustJason said:
Since it was the other guys fault, you should fight for them to pay for a rental to.

I would ask if they pay $XX/day for loss of use for the vehicle, instead of the rental car, if you don't need a rental. When I went through this the last time, they were willing to pay $15-20/day until they made their first offer, I needed a rental though.

I've found adjusters need a reason to increase their offer, not, I want more money. Do your homework and give them comparable trucks you find, in your local area. The piles of carp the ins co. dug up on my last settlement were kind of laughable. They would take a stripped base model and add $X for my options, instead of finding a fully loaded truck like mine, which was worth more. Basically, do their homework for them and don't accept the amount their computer spits out.

An interesting thing I found out. If you have insurance with the company that is responsible for the claim (IE: you have Allstate life insurance, the other guy has Allstate car insurance) the claim should go much smoother. Something to do with defrauding their customer, or something like that. Even though you don't pay for the policy that's paying out, you are still their customer and they need to treat you fairly, not yank you around like all the other people. I can't remember the exact phrase, but the adjuster told me about it when I was in this situation, she was very upfront about it and the settlement was very easy.

jonesg · Nov 1, 2010

Re: Totaled truck, insurance payout?

Your claim is against the other drivers ins, not yours.
You don't need a lawyer, by law your ins Co has to represent you.

CVX20SPRINT · Nov 2, 2010

Re: Totaled truck, insurance payout?

I went through this with one of my Goldwing's about 10 years ago.First thing they tried to do was low ball me.Told me that they could buy lots of them for 1/2 of what it was worth.So I said OK bring them to me to look at and we'll see.That didn't happen and when Icalled a few ph#'s that they gave me they were either sold or they wanted a lot more money than the insur. said.Next they called and said they were going to send it to a wrecker because they didn't want to pay storage anymore.At this point I said "We haven't settled on a price and I still own it so if it's going anywhere it will be my garage".They tried to tell me I couldn't do that.Later the same day she phoned and said "I'm going on holidays and would like to settle up(BS at it's finest)so what would make you happy".Long story short they ended up giving me more than I thought they would(they gave me what I asked for),but I had to play the game.The bike was the only thing they hasseled me about.Paid me large for my helmet,leather coat,boots,jeans etc... though.

Brewman61 · Nov 3, 2010

Re: Totaled truck, insurance payout?

How about waiting until you see the settlement? You have a rough idea of what your vehicle is worth, give the companies a chance, and if the offer seems low, go from there.
My son totalled his car a couple years ago, his fault, and Progressive came thru in fine form- their offer was right where I thought it should be.
If you are not satisfied with the proposed settlement, there are avenues that can be pursued, but give things a chance first.

dolluper · Nov 3, 2010

Re: Totaled truck, insurance payout?

Go to used car lots and see the lot managers at three and get prices from them what your vehicle would cost on their lot....if they sign its even better...give info to adjuster ....you have three estimates....they will go with the cheapest of coarse

avenger79 · Nov 3, 2010

Re: Totaled truck, insurance payout?

not to pee in the cheerios here but I have a very well appointed 2002 F150, towing pack, big V8 lots of bells and whistles. little more mileage then yours but....if someone offered me $11,000 I'd be laughing all the way to the bank. 3 years ago when I bought my Jeep they offered me $5000 trade in. hence the reason I still have it. that was 3 years ago though. now days 5 would seem fairish for it.

ezmobee · Nov 3, 2010

Re: Totaled truck, insurance payout?

Trade in value is not what they should be paying.

avenger79 · Nov 3, 2010

Re: Totaled truck, insurance payout?

won't be trade in but it won't be high retail either, I would think somewhere around 7-8 thousand.

DECK SWABBER 58 · Nov 3, 2010

Re: Totaled truck, insurance payout?

dolluper said:
Go to used car lots and see the lot managers at three and get prices from them what your vehicle would cost on their lot....if they sign its even better...give info to adjuster ....you have three estimates....they will go with the cheapest of coarse

Being a dealer I've done many appraisals for people with totaled vehicles.
This definately helps with negotiations especially if the market value is
higher then the book value. Don't forget to add on for any recent repairs.
GOOD LUCK!

ondarvr · Nov 3, 2010

Re: Totaled truck, insurance payout?

I'm out of town this week, but the appraiser came by and they placed the value at about what I thought it should be, so no problem there. They are trying to dispute it being their fault though, so I'll find out more soon.

TilliamWe · Nov 4, 2010

Re: Totaled truck, insurance payout?

Gee, big surprise, they made a fair offer?! Guess what? That happens EVERY DAY.

To anyone who said get a lawyer, lawyers don't take property damage claims. Only if someone is injured will they represent you for the injury. NOT for the vehicle. No money for them in that. So that was silly advice.

To those of you who recommend an adversarial tone and urge a fight, I say, you'll "reap what you sow." Ondarvr did EXACTLY what, (and all he could) by looking up the value in a guide book, and getting a general idea what the ASKING price is at dealerships. That's all you can do. And he did it, good job, ondarvr.

In regards to disputing liability, yes, you do need to see what they are thinking. But I would also recomment that you contact your own carrier too. If it takes a day or two for them to decide liability, then you are just further delayed in replacing your truck. I have no idea what the laws are in your state, so I don't know if they can apply a percentage of the liability to you or not.

I'll ask you this, did they actually "OFFER" you the whole value on your truck? Or did they just say "this is what it's worth. the adjuster will call you regarding an offer."? Big difference.

In case you look up my profile and see Armored Truck Driver, I'll say that I have 10 years experience as an auto damage appraiser for an insurance company.

jkust · Nov 4, 2010

Re: Totaled truck, insurance payout?

TilliamWe said:
Gee, big surprise, they made a fair offer?! Guess what? That happens EVERY DAY.

I have to say TW is correct here. Likely it will be just that, an offer. I know insurance companies get a bad rap some times deservedly so. I've been in similar situations a few times where either someone else at fault totaled my car, damaged my car or just flat out t-boned my unattended and legally parked car (too fast on an icy parking lot). Each and every one of those times (except for one) I was 90% satisfied with the way everything went. Even with the totaled car, the other driver's insurance company gave me fair value for my car. In that instance they did recognize it was well kept and got the differential between average and my car. I even got rear ended in a chain of cars caused by someone not paying attention and that other driver's insurance company not only paid for a new bumper with almost zero damage but wrote me a check if I would waive liability of their driver. I will say however, homeowners insurance situations weren't as smooth as auto insurance situations. I say let the process take its course before you ever even think about a lawyer for a property claim.

aspeck · Nov 8, 2010

Re: Totaled truck, insurance payout?

When I was in the auto industry I was almost always surprised at the offers the insurance companies made to our customers after a total loss. There were a couple insurance companies that would make me cringe if my customer said they contracted with them, but most companies were above board and MORE THAN FAIR with their total loss claims (even regular claims). Most offers were for more than we could ever sell a similar car for and we could ALWAYS find a similar vehicle for LESS than the insurance payout.

I am not in the insurance industry, and have no ties to the insurance industry, but I understand they are in business to make money, and they cannot do that if they do not treat people fairly.

Totaled truck, insurance payout?

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