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Insurance question
#8553215
03/10/22 10:16 PM
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Joined: Aug 2009
Posts: 22,716
BigPig
OP
THF Celebrity
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OP
THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best?
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Re: Insurance question
[Re: BigPig]
#8553223
03/10/22 10:26 PM
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Joined: Mar 2013
Posts: 5,039
jetdad
THF Trophy Hunter
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THF Trophy Hunter
Joined: Mar 2013
Posts: 5,039 |
Ask them to replace the truck.
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Re: Insurance question
[Re: BigPig]
#8553224
03/10/22 10:26 PM
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Joined: Sep 2007
Posts: 7,636
Nathan at Fork
THF Trophy Hunter
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THF Trophy Hunter
Joined: Sep 2007
Posts: 7,636 |
Has he accepted the 14k offer? I just went through this. I gathered my own comps and sent back to them li ks and I fo for the comps, the reasoning why I think my vehicle was worth more than what they offered, and what I considered a reasonable amount. It took about 6 weeks of back and forth but we got to where I thought we should be.
No matter what ins you have, you have to be willing to do the research and put in the time to fight against them. They want to get you to accept the least amount they can.
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Re: Insurance question
[Re: BigPig]
#8553227
03/10/22 10:29 PM
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Joined: Apr 2007
Posts: 60,483
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,483 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it
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Re: Insurance question
[Re: BigPig]
#8553233
03/10/22 10:34 PM
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Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
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THF Celebrity
Joined: Feb 2010
Posts: 11,658 |
He may get a little more out of them but I doubt he gets much more A friend of mine prob 10 years ago got so pissed at a similar situation he sued his ins I think he said he paid around $2500 in lawyer fees and his insurance ended up paying about $2500 more than the original quote But all that took several months, not worth it
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Re: Insurance question
[Re: BigPig]
#8553236
03/10/22 10:38 PM
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Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
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THF Celebrity
Joined: Feb 2010
Posts: 11,658 |
I totaled mine a few months ago, and I thought they paid me out more than fair
My only wreck and insurance claim ever, the process sucked and they are slow AF, but paid good
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Re: Insurance question
[Re: BigPig]
#8553251
03/10/22 11:08 PM
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Joined: Nov 2009
Posts: 69,215
NORML as can be
^^Cut the Cord^^
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^^Cut the Cord^^
Joined: Nov 2009
Posts: 69,215 |
(R-TX) .-- " TCNN CURL CRLB VFF VRNO AYR SNDL CGC TLRY MSOS "
_=====___=________==-
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Re: Insurance question
[Re: BOBO the Clown]
#8553355
03/11/22 01:25 AM
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Joined: Dec 2010
Posts: 8,841
DocHorton
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2010
Posts: 8,841 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. This right here. My brother had his truck stolen back in December. Think he got around $45k for it, which was only like 5k less than he paid, IIRC. Sending his insco for sale comps is how he got that much.
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Re: Insurance question
[Re: Nathan at Fork]
#8553374
03/11/22 01:41 AM
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Joined: Jul 2005
Posts: 3,309
Stump_jumper
Veteran Tracker
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Veteran Tracker
Joined: Jul 2005
Posts: 3,309 |
Has he accepted the 14k offer? I just went through this. I gathered my own comps and sent back to them li ks and I fo for the comps, the reasoning why I think my vehicle was worth more than what they offered, and what I considered a reasonable amount. It took about 6 weeks of back and forth but we got to where I thought we should be.
No matter what ins you have, you have to be willing to do the research and put in the time to fight against them. They want to get you to accept the least amount they can. This is what I did when I had one totalled. NEVER accept their first or even second offer. They want to settle and get you out of the rental.
2017 Tundra 5.7 CM 4x4 2006 Champion 2200 Bay Boat
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Re: Insurance question
[Re: BigPig]
#8553382
03/11/22 01:47 AM
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Joined: Jul 2011
Posts: 6,116
Ranch Dawg
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2011
Posts: 6,116 |
Gap insurance policy pays difference ?
THE ROAD GOES ON FOREVER AND THE PARTY NEVER ENDS.
F##K YOU JOE BIDEN !!!!!
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Re: Insurance question
[Re: BOBO the Clown]
#8553385
03/11/22 01:48 AM
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Joined: Sep 2004
Posts: 10,853
DannyB
THF Celebrity
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THF Celebrity
Joined: Sep 2004
Posts: 10,853 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it BP, You may need your Realtor hat on for this. This person got lucky giving I suppose Autotrader "Asking" prices. In real estate comps ONLY count with "Sold" prices. I have no idea where you can pull "Sold" comps on autos. As we do daily, we can look at MLS and see all the "Sold" comps on property.
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Re: Insurance question
[Re: DannyB]
#8553438
03/11/22 02:23 AM
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Joined: Aug 2009
Posts: 22,716
BigPig
OP
THF Celebrity
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OP
THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it BP, You may need your Realtor hat on for this. This person got lucky giving I suppose Autotrader "Asking" prices. In real estate comps ONLY count with "Sold" prices. I have no idea where you can pull "Sold" comps on autos. As we do daily, we can look at MLS and see all the "Sold" comps on property. I told him the best he can do is find similar vehicles and contest their price. He’s meticulous. He won’t buy a used one. He documents every fill up, oil change, air filter, fuel filter, tire rotation, etc. He changes the belt, water pump, shocks, radiator flush, every 60,000 miles. A new similar truck isn’t in his financial plan considering it’s going to be $70,000+ I told him to sue the other driver. I really have no answer for him, but I’m in the same boat with driving a great 2014 truck with low miles that’s been paid for for 5 years. I’d hate to be stuck having to buy another truck in this market
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Re: Insurance question
[Re: BigPig]
#8553442
03/11/22 02:26 AM
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Joined: Sep 2004
Posts: 10,853
DannyB
THF Celebrity
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THF Celebrity
Joined: Sep 2004
Posts: 10,853 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it BP, You may need your Realtor hat on for this. This person got lucky giving I suppose Autotrader "Asking" prices. In real estate comps ONLY count with "Sold" prices. I have no idea where you can pull "Sold" comps on autos. As we do daily, we can look at MLS and see all the "Sold" comps on property. I told him the best he can do is find similar vehicles and contest their price. He’s meticulous. He won’t buy a used one. He documents every fill up, oil change, air filter, fuel filter, tire rotation, etc. He changes the belt, water pump, shocks, radiator flush, every 60,000 miles. A new similar truck isn’t in his financial plan considering it’s going to be $70,000+ I told him to sue the other driver. I really have no answer for him, but I’m in the same boat with driving a great 2014 truck with low miles that’s been paid for for 5 years. I’d hate to be stuck having to buy another truck in this market Your friend is up a creek. A lawyer won't give him the time of day for their cut of your friend's perceived valuation.
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Re: Insurance question
[Re: BigPig]
#8553448
03/11/22 02:33 AM
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Joined: Jul 2015
Posts: 23,177
Bee'z
The Beedazzler
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The Beedazzler
Joined: Jul 2015
Posts: 23,177 |
Danny touched on it but finding good comps for this one is going to be hard to verify. You need concrete data and everything on the web for vehicles is play sand per se.
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Re: Insurance question
[Re: Ranch Dawg]
#8553502
03/11/22 03:25 AM
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Joined: Oct 2005
Posts: 878
Jman
Tracker
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Tracker
Joined: Oct 2005
Posts: 878 |
Gap insurance policy pays difference ? Correct to a point - GAP only covers your note not what you think the value of the vehicle might be. I recently purchased a new GMC and put $5k down and got $5750 off sticker. I did not feel GAP would be useful since the value of any insurance settlement should more than cover my note. GAP, in my opinion, would be valuable when you finance 100%, roll negative equity into a new deal, or finance over 60 months since you are slow paying the principal on the loan. An agreed value policy is what he’d need. But that may require a specialty insurer. He would sue both the driver and their insurance company. He has two years and he would want to start sooner than later because finding someone requires lots of calls and referrals if he did not lose a limb in the accident.
Last edited by Jman; 03/11/22 03:30 AM.
Jim Featherston Mortgage Loan Officer - NMLS 2509901 Red Diamond Home Loans 165 S Kimball Ave, Suite 100 Southlake, TX 76092 PH 972-890-3114 Apply at: RDHLoans.com/Jim
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Re: Insurance question
[Re: DannyB]
#8553531
03/11/22 03:53 AM
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Joined: Apr 2007
Posts: 60,483
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,483 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it BP, You may need your Realtor hat on for this. This person got lucky giving I suppose Autotrader "Asking" prices. In real estate comps ONLY count with "Sold" prices. I have no idea where you can pull "Sold" comps on autos. As we do daily, we can look at MLS and see all the "Sold" comps on property. I got lucky by the insurance doing the same thing on two different trucks? I got higher then “blue book” with out even fighting them. If they do an average of listing price there is an 8.25% tax sway that essentially adjusts for final sale price . I’m only recommending what the Insurance Company ACTUALLY did x2 as I thought it was extremely fair. It was their idea not mine.
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Re: Insurance question
[Re: BigPig]
#8553550
03/11/22 04:25 AM
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Joined: Jul 2011
Posts: 6,116
Ranch Dawg
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2011
Posts: 6,116 |
Good post. Good info.
THE ROAD GOES ON FOREVER AND THE PARTY NEVER ENDS.
F##K YOU JOE BIDEN !!!!!
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Re: Insurance question
[Re: BigPig]
#8553632
03/11/22 01:06 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
Houses are full replacement value. Not the same with vehicles.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: Insurance question
[Re: BOBO the Clown]
#8553701
03/11/22 02:25 PM
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Joined: Jul 2005
Posts: 3,309
Stump_jumper
Veteran Tracker
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Veteran Tracker
Joined: Jul 2005
Posts: 3,309 |
Buddy of mine got into a wreck with his 2014 F250, it’s a nice truck and very well maintained. Insurance totaled it, stating it’s value because it’s close to 300k miles is less than what the repair would cost. He said they are offering him $14,000. He knows damn well he can’t buy that same year truck for anywhere near $14,000 right now. So, my question is, how does one go about protecting themselves from a situation like this? What insurance would be best? Go pull ads for 7 trucks with same mileage and trim level locally. Average them and send all of it to them. I’ve totaled two trucks. Well technically I wasn’t in either, but I had MetLife at the time and that’s what they sent me with my estimate. I thought I’d was very fair no hassle way of doing it BP, You may need your Realtor hat on for this. This person got lucky giving I suppose Autotrader "Asking" prices. In real estate comps ONLY count with "Sold" prices. I have no idea where you can pull "Sold" comps on autos. As we do daily, we can look at MLS and see all the "Sold" comps on property. I got lucky by the insurance doing the same thing on two different trucks? I got higher then “blue book” with out even fighting them. If they do an average of listing price there is an 8.25% tax sway that essentially adjusts for final sale price . I’m only recommending what the Insurance Company ACTUALLY did x2 as I thought it was extremely fair. It was their idea not mine. Vehicle tax is 6.25%. If there are no injuries then a lawyer is probably not going help.
2017 Tundra 5.7 CM 4x4 2006 Champion 2200 Bay Boat
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Re: Insurance question
[Re: BigPig]
#8553731
03/11/22 03:04 PM
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Joined: Apr 2007
Posts: 60,483
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,483 |
I thought about that last night but ya 6.25% swing essentially.
Apparently Insurance carrier matters. MetLife must be an anomaly…
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Re: Insurance question
[Re: BigPig]
#8553746
03/11/22 03:26 PM
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Joined: Dec 2020
Posts: 1,422
Sewer rat
Pro Tracker
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Pro Tracker
Joined: Dec 2020
Posts: 1,422 |
He’s meticulous. He won’t buy a used one. He documents every fill up, oil change, air filter, fuel filter, tire rotation, etc. He changes the belt, water pump, shocks, radiator flush, every 60,000 miles.
Stuff like that has zero impact on things. When they determine the value of a vehicle the maintenance history / records or mechanical condition are not even looked at. While I get where he is coming from it simply doesn’t matter. The way I have seen people get more from an insurance company is by being reasonable and courteous. It doesn’t always work but adjusters are human and you catch more flies with honey. Lots of people try to make insurance claims into a lottery winning. Make it clear that you are not trying to come out ahead and just want to be made whole. I know the truck was worth more than 14k to him but doesn’t seem horribly out of line for an eight year old truck with 300k miles. How bad is the damage? Any possibility to take their settlement offer and buy it back and then fix it himself?
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Re: Insurance question
[Re: BigPig]
#8553753
03/11/22 03:32 PM
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Joined: Mar 2017
Posts: 449
spankyttx
Bird Dog
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Bird Dog
Joined: Mar 2017
Posts: 449 |
Yup, local fair market value is for sold vehicles, not for sale vehicles, and yeah you start locally but if there's not enough comparable vehicles, then you can expand your search to nearby markets for those sold vehicle values. 7 comparable vehicles are ok, 10 is better
LI-SI-WI-NWI
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Re: Insurance question
[Re: BigPig]
#8553793
03/11/22 04:04 PM
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Joined: Nov 2010
Posts: 3,230
Marc K
Veteran Tracker
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Veteran Tracker
Joined: Nov 2010
Posts: 3,230 |
My wife totaled her car last week. It was a little Dodge Journey that she bought new, about 8 months ago. She bought that little "econo wagon" for lots and lots of trips up to Ft. Riley, KS to see the out daughter and Grand kids while their Dad is deployed.
She paid $20.6K out the door for it new and it had 18K miles on it when she crashed it. The insurance company is writing a check for $28.8K because that is what they said it would take today. Rental coverage is not part of that amount.
Marc
A Democracy is when two wolves and a lamb vote on the dinner menu. That is why this country was specifically not designed as a Democracy. We are a Constitutional Republic.
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Re: Insurance question
[Re: BigPig]
#8553799
03/11/22 04:06 PM
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Joined: Jan 2012
Posts: 9,185
hook_n_line
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jan 2012
Posts: 9,185 |
How much fuel was in it? Could have taken a loss if it was full.
Sometimes it's hard being me! But somebody has to do it.
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Re: Insurance question
[Re: Sewer rat]
#8553801
03/11/22 04:07 PM
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Joined: Oct 2019
Posts: 169
PigMoney
Woodsman
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Woodsman
Joined: Oct 2019
Posts: 169 |
[quote=Sewer rat][quote=BigPig]
I know the truck was worth more than 14k to him but doesn’t seem horribly out of line for an eight year old truck with 300k miles.
This right here. I realize trucks and especially diesel trucks are crazy overvalued at the moment, but 300K mile eight year old pickups aren't. I agree that $14K is not terribly far out of line. Maybe $16-18K.. Not like it's a 12 valve or 7.3 with their cult followers.
Edit: Quick search on autotrader turns up $22-24K values (F250 Lariat Diesel 4x4 crew cabs) may be worth considering...
Last edited by PigMoney; 03/11/22 04:21 PM.
“We don’t rent pigs!”- Hat Creek Cattle Company
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