Rx totaled
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Driver School Candidate
Joined: Jan 2017
Posts: 1
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From: TX
Rx totaled
My 2011 RX350 was totaled( no fault) and the insurance company gave a low offer, Approx $4k-$5k less compared to comparable cars when I researched in sites like kbb, Nada, edmunds and local dealers. I presented all the facts to them but after two weeks they came back with the same initial offer. What should I do next? Should I hire an appraiser?
Any help is really appreciated.
Any help is really appreciated.
Intermediate
Joined: Sep 2014
Posts: 349
Likes: 40
From: Alberta
My 2011 RX350 was totaled( no fault) and the insurance company gave a low offer, Approx $4k-$5k less compared to comparable cars when I researched in sites like kbb, Nada, edmunds and local dealers. I presented all the facts to them but after two weeks they came back with the same initial offer. What should I do next? Should I hire an appraiser?
Any help is really appreciated.
Any help is really appreciated.
I feel just awful for insurance companies because everyone is always talking about what horrible, heartless, two-faced, money-grubbing thieves they are when it's actually a simple case of 99% of them giving the rest a bad name.
What they are likely doing is offering you the wholesale price, which is what you would have received if you traded it in at a dealership. It's always been my opinion that this should not be permitted because a consumer is not able to purchase a comparable replacement vehicle at a wholesale price and the intent of the insurance is that you are not put in a losing situation by no fault of your own. That's what insurance is supposed to be for. However, it seems that this is a standard practice and there is little that can be done.
If you are able to look into the details of your policy for phrases like "replacement value", "total loss" or "full replacement value" you might have a better idea if they are being fair.
Advanced
Joined: Jul 2013
Posts: 715
Likes: 357
From: Vermont
What you should do is contact your state's appropriate agency which oversees insurance companies. In Vermont, it's the state Banking and Insurance Commission. They are actually very
effective in influencing companies who act in bad faith. I have no idea as to the clout or demeanor of whatever agency you have in Texas. But I'd look into it.
effective in influencing companies who act in bad faith. I have no idea as to the clout or demeanor of whatever agency you have in Texas. But I'd look into it.
Pit Crew
Joined: May 2016
Posts: 239
Likes: 28
From: Nv
What you should do is contact your state's appropriate agency which oversees insurance companies. In Vermont, it's the state Banking and Insurance Commission. They are actually very
effective in influencing companies who act in bad faith. I have no idea as to the clout or demeanor of whatever agency you have in Texas. But I'd look into it
effective in influencing companies who act in bad faith. I have no idea as to the clout or demeanor of whatever agency you have in Texas. But I'd look into it
I have State Farm, and when my truck was wrecked, they valued it based upon examples of the same truck for sale in my area. It was quite a bit more than "wholesale/trade in" value.
Intermediate
Joined: Dec 2007
Posts: 341
Likes: 14
From: Ontario
"Help" the claims agent by doing some research for comparables. Insurance should also add the sales tax back to the formula.
And don't forget to add any after market upgrades that you may have included.
But most importantly, hope you and/or your family are okay.
And don't forget to add any after market upgrades that you may have included.
But most importantly, hope you and/or your family are okay.
Pit Crew
Joined: May 2015
Posts: 173
Likes: 50
From: PA
Maybe some insurance companies pay more than other for totaled cars. I've had State Farm forever and their rates are on the high side. They have however always paid me top dollar for both cars that got totaled. In fact both payouts came just a few days after the wreck and the amount they paid was far more than I expected. You definitely need to escalate your insurance company. You have documented proof of the cars worth to you and they are low balling the offer and not acting in good faith.
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Driver
Joined: Aug 2015
Posts: 64
Likes: 2
From: Florida
[QUOTE=ColAngus;9741485]*By "no fault" I am assuming you mean the other driver is 100% at fault. The term "no fault" is used in some insurance jurisdictions and it actually means something very different from what I assume you mean...]
Here in Florida, and I assume anywhere else it is used, "No Fault" means a person's medical bills are covered by their own auto insurance no matter who is at fault.
Here in Florida, and I assume anywhere else it is used, "No Fault" means a person's medical bills are covered by their own auto insurance no matter who is at fault.
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Instructor
Joined: Nov 2011
Posts: 787
Likes: 52
I agree with what most people have said about doing your homework. You can also present information about why your car is worth more. Accessories, maintenance records, new tires, etc. anything that shows your car isn't the average car. I once asked my mechanic to write a letter about how well maintained a car was. It helped me get 35% more than the original offer for my mom. If that doesn't work out as you expect, you should know that many insurers have an arbitration clause in their policies, and you can hire someone to represent your interests. There are people that specialize in this service, and they can be very successful. Also, a letter from an attorney asking about the appeal process or mentioning the state's insurance oversight agency can also encourage their flexibility.
In the end, it's usually easier and cheaper for them to pay you than to fight with you, and they aren't bad people. Usually. Just show them that you care, and that you're willing to spend whatever time, energy, and expense is necessary to support your claim.
My 2 cents worth.
In the end, it's usually easier and cheaper for them to pay you than to fight with you, and they aren't bad people. Usually. Just show them that you care, and that you're willing to spend whatever time, energy, and expense is necessary to support your claim.
My 2 cents worth.
Last edited by User 41924; Jan 24, 2017 at 01:39 PM.
Pit Crew
Joined: May 2016
Posts: 239
Likes: 28
From: Nv
Woody, those are great comments, and I hope everyone reads them. Let's also realize that in quite a few cases, the totaled car was actually worth LESS than what insurance paid. If you accept what they offer you, they can only think that the offer was pretty fair. If you question it with facts and reasoning, most of them will AT LEAST consider what you bring to the table.
Last edited by 11bravo; Jan 23, 2017 at 11:51 AM. Reason: misspelling
Instructor
Joined: Jan 2003
Posts: 895
Likes: 56
From: IL
If you have been with the insurance company a few years your agent should be able to go to bat for you. If you still feel you are being wronged a showing a little dissatisfaction with facts on popular social media may get some attention to your case.
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