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Post by MalleyCat on Aug 16, 2019 20:49:06 GMT
Our Infinity 2013 JX35 with 59k miles and base model, was just given a “salvage” title. The insurance only wants to give us $15,500 for our car. There is no way that I can replace this same SUV with similar miles, for that little! Not that it probably matters, but I found this car for a great deal for $19,500, 10 months ago. That price was $2k less that market value on the car.
I’ve been shopping online for a an equivalent replacement and the cheapest I found was for $19k, but has 7k less miles than mine, and is 380 miles from me. All of the other equivalent SUV have at least 70k miles, with many having much more miles than 72k miles. The two equivalent SUVs with 75k miles and 71k miles, are $18k and $19k. I just want to get a fair price for our SUV, so that I can purchase the equivalent SUV.
Our insurance company, Ameriprise e-mailed me the information including comparable cars that have sold. One of my issues, is that the comparable cars were pretty far away and are different car markets than here. We live 30 miles North of Sacramento. The comparable cars had many more miles than ours as well. They made an adjustment for miles, but I don’t know if it is a fair adjustment. I would think it would be more accurate if they compared my SUV with the same SUV that has more similar miles to mine. Or compare a SUV with less miles, and then adjust the amount, up to the miles I have on mine? Hopefully that makes sense?
When I purchased my SUV used 10 months ago, I only had to drive 10 miles away to go look at it and buy it. There aren’t many of my equivalent SUVs around, and I am wondering if it’s fair for our insurance to expect me to drive more than 50 miles away, to find a replacement? Reason for not wanted to buy it any further than that, is because I want to have it inspected by our local auto shop before buying. I also don’t want to buy it too far away, in case the car has issues and needs to go back to lot for work that is covered by warranty.
Insurance experts, do you think this is reasonable of me to want? I can post the offer they sent us showing how they arrived to the $15,500 price.
Any help or guidance would be much appreciated! 😊
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Post by Darcy Collins on Aug 16, 2019 21:35:28 GMT
You need to concentrate on the value of the car the insurance company insured. Availability of comparable vehicles close to you is NOT covered by insurance and is not going to help you in your negotiation. Have you looked at online values through kbb or edmunds for an estimate of value in your area?
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johnnysmom
Drama Llama
Posts: 5,682
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Aug 16, 2019 21:41:37 GMT
I just went thru this at the beginning of the year. Searched around for comps and argued my point with the insurance; ultimately it made very little difference (I think I ended up getting about $300 more than their initial offer). It got to the point where we just needed to buy a car and we needed the insurance payout in order to get one so we had to just give in.
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sweetpeasmom
Pearl Clutcher
Posts: 2,577 
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Post by sweetpeasmom on Aug 16, 2019 21:44:55 GMT
I would go back to them with information you have found. They don't owe you for more than you had but they need to get you as close to what you had as possible.
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Post by manda on Aug 16, 2019 21:46:46 GMT
Unfortunately you’re not going to win this battle and it isn’t worth trying.
Been there, done that.
This is the downside of cars and the insurance coverage. You’ll never receive replacement value.
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Post by christine58 on Aug 16, 2019 21:53:26 GMT
Were you in an accident??? Why the salvaged title??
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momto4kiddos
Drama Llama
Posts: 5,151
Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Aug 16, 2019 22:07:50 GMT
We dealt with this in the last year and it's a huge pia! Agree with Darcy, concentrate on the value of the vehicle not the replacement cost. Unfortunately the replacement cost just doesn't matter.
We went round and round with coming up with comparable vehicles also, most were far away and the insurance company didn't want to consider them....but at the same time they wanted to use local comps with far less options on them and more mileage. It was super annoying! Finally we asked for a supervisor and we got book value on it without a hassle. Seemed like if they could fluff you off with an adjuster and get you to settle they would, but if you went higher up they were willing to settle, at least with us anyway.
Good luck!
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snyder
Pearl Clutcher
Posts: 3,927
Location: Colorado
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Post by snyder on Aug 16, 2019 22:12:27 GMT
So, did they give you the car back and that offer or they give you the offer and keep the car? How bad was the car damaged. Would it be a project car for a budding mechanic or auto body person? I know when my parents had this happen, they gave the car to parents and they sold it for a few thousand and between that and the insurance check, they at least broke even of what they paid for the car. The care was brand new and only a few months old.
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CeeScraps
Pearl Clutcher
~~occupied entertaining my brain~~
Posts: 3,822
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Post by CeeScraps on Aug 16, 2019 22:13:13 GMT
When my daughter was hit they totaled our Mountaineer. My absolute favorite SUV.
We couldn’t replace it either with what they gave us.
What I did do I went through the paperwork they sent us in regards to what was on the Mountaineer. Well, they were not happy with me. They left items out of that document. I made my list, called the agent. He told me they’d check on it and yuppers we got a larger check. It still wasn’t enough to replace it, but that was ok with us. Why? The Mountaineer was an ‘06 and the accident was in ‘16. They didn’t make that SUV anymore.
At that time there wasn’t even a close equivalent to it out there.
We did get her a ‘12 Escape with very low mileage so it was ok, although I miss my Mountaineer.
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Post by mom on Aug 16, 2019 23:55:03 GMT
Our Infinity 2013 JX35 with 59k miles and base model, was just given a “salvage” title. The insurance only wants to give us $15,500 for our car. There is no way that I can replace this same SUV with similar miles, for that little! Not that it probably matters, but I found this car for a great deal for $19,500, 10 months ago. That price was $2k less that market value on the car. I’ve been shopping online for a an equivalent replacement and the cheapest I found was for $19k, but has 7k less miles than mine, and is 380 miles from me. All of the other equivalent SUV have at least 70k miles, with many having much more miles than 72k miles. The two equivalent SUVs with 75k miles and 71k miles, are $18k and $19k. I just want to get a fair price for our SUV, so that I can purchase the equivalent SUV. Our insurance company, Ameriprise e-mailed me the information including comparable cars that have sold. One of my issues, is that the comparable cars were pretty far away and are different car markets than here. We live 30 miles North of Sacramento. The comparable cars had many more miles than ours as well. They made an adjustment for miles, but I don’t know if it is a fair adjustment. I would think it would be more accurate if they compared my SUV with the same SUV that has more similar miles to mine. Or compare a SUV with less miles, and then adjust the amount, up to the miles I have on mine? Hopefully that makes sense? When I purchased my SUV used 10 months ago, I only had to drive 10 miles away to go look at it and buy it. There aren’t many of my equivalent SUVs around, and I am wondering if it’s fair for our insurance to expect me to drive more than 50 miles away, to find a replacement? Reason for not wanted to buy it any further than that, is because I want to have it inspected by our local auto shop before buying. I also don’t want to buy it too far away, in case the car has issues and needs to go back to lot for work that is covered by warranty.
Insurance experts, do you think this is reasonable of me to want? I can post the offer they sent us showing how they arrived to the $15,500 price. Any help or guidance would be much appreciated! 😊 This will not matter to the insurance company. They will not care how far you 'want' to find a vehicle. Thats not their problem. |
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Post by nlwilkins on Aug 17, 2019 0:43:29 GMT
When we had cars totaled, we bought them back from the insurance company and had them fixed. We would end up with a better vehicle than if we had used the money to get another one. Usually, once the damage reaches a certain amount, the vehicle is totaled. Sometimes it just needs body work, or perhaps some new parts. Hubby would go to the salvage yards and get parts to replace the damaged ones and then the body shop would fix the car. To get it re-insured we then would drive it to their office to prove it was fixed.
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Post by buddysmom on Aug 17, 2019 1:26:34 GMT
I read-no idea if it’s true- that a car with a salvage title can’t be legally driven and you can’t get insurance (liability) on it.
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Post by papersilly on Aug 17, 2019 1:58:48 GMT
Is that $15k and they take the car or $15k and you keep the car? I've known people who chose to keep the car and the insurance company pays them the current value minus the salvage value. Then they fix the car and drive it. Depending on your state, it's legal to drive a salvage. I see ads for used cars on CL or something, I see salvage cars in good shape and drivable.
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Post by MalleyCat on Aug 17, 2019 2:09:26 GMT
  Thanks for all of the responses. I have attached pictures with the KBB value. Even if they were to give us $17,500, that would be better than $15,500. I’m kinda at a loss on how they even came to only $15,500..... |
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Post by MalleyCat on Aug 17, 2019 2:12:36 GMT
I forgot to add, they offered us $15,500 for the car and they take car. It would be $9,800 for us to buy it with a salvaged title, and we would be responsible for making the repairs. Does that seem right? I was told that our insurance would cover a salvage title car, but it might not be for full coverage. It would have to be reviewed by insurance first.
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Post by elaine on Aug 17, 2019 2:41:14 GMT
Thanks for all of the responses. I have attached pictures with the KBB value. Even if they were to give us $17,500, that would be better than $15,500. I’m kinda at a loss on how they even came to only $15,500..... That is the purchase price, not the trade-in or private sale price or “what your car is worth” price. If you were to sell your car, you would not get $17,500. Look up the price you could get to sell or trade in your car and that is where they got the $15.5K, which is at the high end of trade-in and the lower end of private sale price estimate. They are paying you what Kelley Blue Book says your car is worth were you to sell it, not what you would have to pay to replace it. Unless you are paying the extra premium for replacement cost, rather than simply being paid what your car is worth, you will not win this one. They are offering you what your car is worth in your zip code. |
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Country Ham
Pearl Clutcher
Posts: 3,313
Jun 25, 2014 19:32:08 GMT
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Post by Country Ham on Aug 17, 2019 3:30:51 GMT
My Judge Judy expertise here. You never get back replacement cost. You get what is was worth at the time it was damaged. Doesn't matter how far you have to travel to find a replacement, or how much mileage there was etc
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Post by crazy4scraps on Aug 17, 2019 3:34:17 GMT
We had that exact same situation when my Cavalier RS with 39k miles on it was totaled by a hit and run. There were NO comparable vehicles of that same age and type with so few miles to be found anywhere. We got totally hosed by the insurance on that deal. It was completely destroyed in the wreck. There was no option for fixing it, and DH and his friends were so lucky to walk away without a scratch. Since we needed the payout to get a different car, we didn’t have any other choice. I’m sorry that’s your reality too. It sucks.
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Post by papersilly on Aug 17, 2019 3:38:58 GMT
I forgot to add, they offered us $15,500 for the car and they take car. It would be $9,800 for us to buy it with a salvaged title, and we would be responsible for making the repairs. Does that seem right? I was told that our insurance would cover a salvage title car, but it might not be for full coverage. It would have to be reviewed by insurance first. I think if you can fix it well, for under the $9k, and it's in safe condition, it might be worth keeping. Especially if you say you can't find a comparable car you can afford. |
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Post by MalleyCat on Aug 17, 2019 3:51:15 GMT
Thanks for all of the responses. I have attached pictures with the KBB value. Even if they were to give us $17,500, that would be better than $15,500. I’m kinda at a loss on how they even came to only $15,500..... That is the purchase price, not the trade-in or private sale price or “what your car is worth” price. If you were to sell your car, you would not get $17,500. Look up the price you could get to sell or trade in your car and that is where they got the $15.5K, which is at the high end of trade-in and the lower end of private sale price estimate. They are paying you what Kelley Blue Book says your car is worth were you to sell it, not what you would have to pay to replace it. Unless you are paying the extra premium for replacement cost, rather than simply being paid what your car is worth, you will not win this one. They are offering you what your car is worth in your zip code. I don’t think that is correct. My insurance is basing the price off of 3-4 comparable SUVs to mine, that have recently been listed for sale or sold recently at car dealerships. |
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Post by MalleyCat on Aug 17, 2019 3:53:17 GMT
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Post by elaine on Aug 17, 2019 5:20:05 GMT
That is the purchase price, not the trade-in or private sale price or “what your car is worth” price. If you were to sell your car, you would not get $17,500. Look up the price you could get to sell or trade in your car and that is where they got the $15.5K, which is at the high end of trade-in and the lower end of private sale price estimate. They are paying you what Kelley Blue Book says your car is worth were you to sell it, not what you would have to pay to replace it. Unless you are paying the extra premium for replacement cost, rather than simply being paid what your car is worth, you will not win this one. They are offering you what your car is worth in your zip code. I don’t think that is correct. My insurance is basing the price off of 3-4 comparable SUVs to mine, that have recently been listed for sale or sold recently at car dealerships. Then why are you bringing Kelley Blue Book into it? It apparently has nothing to do with your case because your insurance company doesn’t use it. If that is important to you, you may want to find an insurance company that uses it in calculating vehicle worth once you settle out this vehicle. And you should be able to get them to detail which figures they use. Now, onto what your insurance company does use... If you look at the 4 vehicles listed in the actual chart they use, it is clear how they came up with their numbers. And they seem fairly thorough in comparing and valuing options, etc. It isn’t their responsibility to find you your exact car, nor is it their responsibility to give you money for options on a replacement car that you didn’t have in your car. Your insurance policy should be clear about whether you are getting what YOUR car was/is worth, or whether you should be getting REPLACEMENT cost. It is usually a more expensive premium that you pay if you want to be guaranteed the replacement cost vs. value of your actual car. Which did you pay for? It stinks, but is the reality of car insurance. I’m sorry you are going through this. |
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Post by yivit on Aug 17, 2019 12:39:32 GMT
I would take the 15k and run. My son was in a hit and run rollover a week before hurricane Harvey in my f150 that had around 3k of repairs done in the previous year. I only had liability. I got 250 for it from a we-buy-junk-vehicles place.
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johnnysmom
Drama Llama
Posts: 5,682
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Aug 17, 2019 13:06:08 GMT
After I posted yesterday I remembered the reason they increased their offer by $300.....they said if we still disagreed with their appraisal then the next step was we could hire our own appraiser and they would hire their own appraiser. Cost for each appraiser was around $300. Whatever the appraisers came up with was the final amount even if it was less than their initial offer. They offered to just pay us the amount they would end up paying their appraiser and we took it because our car was older and ultimately we were arguing over a few hundred dollars.
But if you think there's a larger discrepancy then it might be worth it to you to check into hiring your own appraiser.
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Post by papersilly on Aug 17, 2019 19:06:38 GMT
I forgot to add, they offered us $15,500 for the car and they take car. It would be $9,800 for us to buy it with a salvaged title, and we would be responsible for making the repairs. Does that seem right? I was told that our insurance would cover a salvage title car, but it might not be for full coverage. It would have to be reviewed by insurance first. I think if you can fix it well, for under the $9k, and it's in safe condition, it might be worth keeping. Especially if you say you can't find a comparable car you can afford. |
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Gennifer
Pearl Clutcher
Posts: 4,988
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Post by Gennifer on Aug 18, 2019 7:28:34 GMT
You can dispute it with your insurance company, and potentially get more. My daughter rolled our truck earlier this year, and the original value they gave us was around $19K. We went though and made sure they had credited us for every option we had (it was loaded and in immaculate shape) and gave them links to trucks for sale near us, even though they really weren’t comparable. (Higher mileage, slight exterior body damage, etc) and we ended up with about $25K when all was said and done.
Of course, we couldn’t replace our truck for that (because everything for sale had higher mileage, exterior body damage, etc), so we ended up using that as a down payment on a new truck. It made an $80K price tag more palatable. 😂😂😂
Personally, I wouldn’t feel comfortable with a salvaged vehicle. It’s my family’s safety, and I want every assurance I can get in case of another accident. If the insurance company is saying they can’t repair it for less than it’s worth, then repairing It yourself for cheaper means you’d have to be cutting corners, right? Unless your husband happens to own a body repair shop, and you’re saving on labor, it just seems sketchy. Not a risk I would take.
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Post by Katiepotatie on Aug 18, 2019 7:49:59 GMT
I just went thru this at the beginning of the year. Searched around for comps and argued my point with the insurance; ultimately it made very little difference (I think I ended up getting about $300 more than their initial offer). It got to the point where we just needed to buy a car and we needed the insurance payout in order to get one so we had to just give in. Same. Our Country insurance never backed down on their low ball offer for my car several years ago. I fought long and hard to no avail. |
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Post by elaine on Aug 18, 2019 14:07:53 GMT
Personally, I wouldn’t feel comfortable with a salvaged vehicle. It’s my family’s safety, and I want every assurance I can get in case of another accident. If the insurance company is saying they can’t repair it for less than it’s worth, then repairing It yourself for cheaper means you’d have to be cutting corners, right? Unless your husband happens to own a body repair shop, and you’re saving on labor, it just seems sketchy. Not a risk I would take. Thank you for saying what I’ve been thinking. I’m surprised by the number of people are comfortable driving salvaged vehicles. Once the frame has been involved, it is near impossible to completely “fix” the car and have it as structurally safe as a car that hasn’t had the frame bent. It is similar to why you are supposed to always replace car seats and bicycle/motorcycle helmets that have been involved in accidents. Even if your car/car seat/helmet cosmetically looks as good as new, it may not be structurally sound and that could prove fatal. It isn’t a gamble I’d be willing to take just to save some money. |
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Post by mustlovecats on Aug 18, 2019 14:22:19 GMT
I forgot to add, they offered us $15,500 for the car and they take car. It would be $9,800 for us to buy it with a salvaged title, and we would be responsible for making the repairs. Does that seem right? I was told that our insurance would cover a salvage title car, but it might not be for full coverage. It would have to be reviewed by insurance first. If there’s no guarantee it can be covered once it’s fixed AND insurance won’t cover it fully, I would take the financial loss and walk away. You are never really made whole after an accident, but you can get plenty of good used cars for 15.5 and it might not be exactly what you had before but it’s not salvaged, you’ll be able to sell it down the road if you need to, and insurance will cover it fully. |
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