mshumack

I got rear ended while stopped in traffic. I drove the car home. insurance appraiser came out and totaled car. I was offered $8496. Does anyone have any info on what my car is really worth?
KBB was lower but you can't put in all the options. Edmonds says $7864 Private party sale and $9619 Dealer Retail. Which number should I get from my insurance co.?. Any other places to check for comparison values? I consider the car to be in excellent condition, but insurance company knocked off some $ because my car has more than 5 paint chips,
It so happens that the local Lexus dealer has a similar car for sale for $10,500. But Insurance co says they don't pay you what you can by a replacement for - they pay by what their computer/service says the car is worth.

Mine is/was:
2001 RX 300
Pearl white with gold badging
Navigation
Wood grain and leather
heated seats
auto dimming mirrors
auto headlights (HID)
Lexus' 5-spoke chrome wheels
99,400 miles
CD changer
rear spoiler
probably other options I'm forgetting right now.

salimshah

Sorry to hear about the accident.

Insurance companies are more concerned about personal injuries and fortunately there are none.

If you accept the settlement (deposit the check) the issue is closed.

Here are your options:
1. Deal with your insurance company. Most likely they will stay out of it, but this is the time to find out how good an insurance you have. They should give you the best advice.

2. Contact a lawyer. The insurance company may capitulate and settle. Worst case is that get drawn out ... [you better have resources to purchase another vehicle till the case is settled].

3. Go talk to the Lexus dealer and negotiate the price down. They have a markup .. one of the three prices you quoted. Since they have an incentive to sell, they can give some advice too.

Salim

Z07

Never swing at the first pitch.

Were it me, and if they offered me a million dollars, my answer would always be, "That seems dreadfully low and you can do better."

JAB

Giving any thought to buying it back from the insurance company and shopping around for inexpensive repair?

hypervish

Sorry to hear that, it sounds like the RX held up well though.

Don't settle till you are happy with what they are offering.

carguy07

That's BS, they are supposed to give you retail plus tax/fees to buy the same car.

2KHarrier

That's about what happened with me. I was in my Bonneville about a year ago, sitting at a stop light and got rear ended. Total fault was on the other driver, so his insurance company settled on the car right away. They offered me basically what the car was worth, which was about in the middle of the KBB scale.
We ended up getting a lawyer on the personal injury portion of it, which is still under litigation. Wife ended up having surgery on her shoulder, and she was out of work for most of the year.

I can tell you this much, no matter what you settle for with the car, you will NEVER be made whole again. I'm paying on all the medical bills, just to keep the collection agencies away, until we do settle. Then I can reimburse myself and pay everything off...

Just an all around hassle.

Here's a link to the post over on the Bonneville forum with some photos.... Still hurts to see those.

http://www.pontiacbonnevilleclub.com...opic36929.html

jimbug

I think you'll be ok. This is the insurance agent or adjustor's first offer and they have room to move up, and the dealer of the $10k Lexus has room to move down. You have them both right where you need them. Tell the insurance adjustor if you can get that $10,500 Lexus for $9500 would they go for it? Then tell the dealer you can only go to $9500 on the Lexus as that's all the insurance will pay.

salimshah

Most likely the deal at the dealership can be had for 9k to 9.5k and if the insurance company lets you trade-in the current they can save on taxes.

OPs question about actual value is very hard to answer. It is what ever the buyer is willing to pay.

Salim