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Insurance question #8553215 03/10/22 10:16 PM
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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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Ask them to replace the truck.

Re: Insurance question [Re: BigPig] #8553224 03/10/22 10:26 PM
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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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Originally Posted by BigPig
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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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 roflmao

But all that took several months, not worth it

Re: Insurance question [Re: BigPig] #8553236 03/10/22 10:38 PM
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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

Re: Insurance question [Re: BigPig] #8553251 03/10/22 11:08 PM
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Get an extra $2500. if he got bumped around.
https://www.valuepenguin.com/car-insurance/how-pip-works-texas


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Re: Insurance question [Re: BOBO the Clown] #8553355 03/11/22 01:25 AM
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Originally Posted by BOBO the Clown
Originally Posted by BigPig
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.

Re: Insurance question [Re: Nathan at Fork] #8553374 03/11/22 01:41 AM
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Originally Posted by Nathan at Fork
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.


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Re: Insurance question [Re: BigPig] #8553382 03/11/22 01:47 AM
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Gap insurance policy pays difference ?


THE ROAD GOES ON FOREVER AND THE PARTY NEVER ENDS.

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Re: Insurance question [Re: BOBO the Clown] #8553385 03/11/22 01:48 AM
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Originally Posted by BOBO the Clown
Originally Posted by BigPig
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.

Re: Insurance question [Re: DannyB] #8553438 03/11/22 02:23 AM
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Originally Posted by DannyB
Originally Posted by BOBO the Clown
Originally Posted by BigPig
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


Wade Dews, REALTOR ®
Rendon Realty, LLC
Frontline Real Estate Team
www.RendonRealty.com
WadeDews@gmail.com
214-356-2410
Up to 1% for closing costs for First Responders & Veterans
Proudly partnered with Assist The Officer Foundation https://atodallas.org/
Re: Insurance question [Re: BigPig] #8553442 03/11/22 02:26 AM
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Originally Posted by BigPig
Originally Posted by DannyB
Originally Posted by BOBO the Clown
Originally Posted by BigPig
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.

Re: Insurance question [Re: BigPig] #8553448 03/11/22 02:33 AM
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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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Originally Posted by Ranch Dawg
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.

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Re: Insurance question [Re: DannyB] #8553531 03/11/22 03:53 AM
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Originally Posted by DannyB
Originally Posted by BOBO the Clown
Originally Posted by BigPig
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.


Donate to TX Youth hunting program.... better to donate then to waste it in taxes

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Re: Insurance question [Re: BigPig] #8553550 03/11/22 04:25 AM
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Good post. Good info. cheers


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Re: Insurance question [Re: BigPig] #8553632 03/11/22 01:06 PM
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Houses are full replacement value. Not the same with vehicles.


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Re: Insurance question [Re: BOBO the Clown] #8553701 03/11/22 02:25 PM
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Originally Posted by BOBO the Clown
Originally Posted by DannyB
Originally Posted by BOBO the Clown
Originally Posted by BigPig
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.


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Re: Insurance question [Re: BigPig] #8553731 03/11/22 03:04 PM
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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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Originally Posted by BigPig


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?

Re: Insurance question [Re: BigPig] #8553753 03/11/22 03:32 PM
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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


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Re: Insurance question [Re: BigPig] #8553793 03/11/22 04:04 PM
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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


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Re: Insurance question [Re: BigPig] #8553799 03/11/22 04:06 PM
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How much fuel was in it? Could have taken a loss if it was full. grin


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Re: Insurance question [Re: Sewer rat] #8553801 03/11/22 04:07 PM
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[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.

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