Okay,
My current situation is that i totaled my baby (95 SC300). Now my insurance company is attempting to give me 5k less then it would sell for in my area. They claim that the price is based upon some other program rather than the Kelly Blue Book price. They told me that the KBB is only used by lawyers to claim prices. So far all of the dealers i have contacted have told me that they use the KBB. I was wondering if anyone else has ever ran into this other form of pricing and what the heck can i do to get my insurance company to pay me fair market price value.

thanks
patrick

 

Who is the company?
Tell them that your lawyer uses the KBB too and they'll have to answer to him if things get nasty. The $1k you pay one to threaten them might be worth it.
However in my situation, I will have to sue the dealer here to get some satisfaction for my car =(

 

I have Allstate and less than 8 months ago, I totalled (it was stolen) my Honda Accord. When speaking to the claims representative, he told me they are PROHIBITED to using KBB, Edmunds, orange book, etc, etc for pricing vehicles. The way they do it, is they go around dealers and see what other vehicles are selling for (in the same condition and same mileage that yours was). And then they average out the price, and they pay you the average.

Try what I did. It was going to cost $6000 to repair my Accord, but he said it was worth only $4700. I thought it was worth $5500.

I told him, "No, I don't want to total it then. If you can find me another Accord in the same shape that mine was before the damage, for $4700, then you buy it for me. Or else you repair mine." They ended up paying me $5200 -- not what I was asking for, but I needed the money. It's a win-win situation --- they didn't have to pay out the $6k and I got more than what they said it was worth.

 

Hey Gang,
...just recently went through the same BS. State Farm made an "offer for settlement" which was definitely in their favor and well below market value.

My advice is take an average of Edmunds, Kelley Blue Book and NADA... start your negotiation with your highest find and settle for nothingless than than the average of all three.

If all else fails, be sure to mention that you are a member of a consumer forum on the internet and that you'll be sure to mention your experience in a detailed manner. Albeit be careful.

Best of Luck.

papo

ps. "be sure to have your next ride appraised annually... especially if you make any upgrades."

 

Why should you be careful Papimon, Please explain.

Thanks

 

This is what they're trying to give me by the way

 

Most insurance companies in CA use a company called CCC. It basically is a database that has dealer & private party ads based on your local market (zip code). In the state of CA. you cannot settle using KBB or NADA as it doesn't reflect true market value. The best thing to do, is to give your adjuster comparable vehicle ads from the autotrader, photobuys or recycler (just remember the ad prices are asking prices that can be negotiated). If that doesn't work, most policies have an appraisal clause. The way that works is the insurance company has to hire an independant appraiser to evaluate your car (usually takes two weeks) and you might have to hire your own (costs about $250-$300), in most cases the appraisal will come back higher than the original report. Don't hold me to that, as that will vary due to the condition, mileage and location.

Good Luck !

 

It seems to me from your scenario, that you have not had this car for a real long period of time? If that is the case, why do you not present them your recent bill of sale when you purchased the car. The bill of sale should establish the auto's value.

 

Erfan,

(re:If all else fails, be sure to mention that you are a member of a consumer forum on the internet and that you'll be sure to mention your experience in a detailed manner. Albeit be careful.)


I make the statement to be careful because there have been instances where companies (including a certain auto dealer) have filed litigation regarding statements made in such forum as this.

Something like this is not likely to take place but it's always wise to be cautious.

 

It sounds more like you're "lying" to leverage your price statement. However, a claims adjuster who knows his sh*t can see your bluff and would know how to handle you. So if you were to "be careful" you would know which route you need to take.

 

$15k is pretty close... i'd still say its worth more like $16k or $17k

I bought my 95 fully loaded with every option except the heated seats for $13k

 

Red - I've had my car for 3 years - if its a short or long period of time, thats up to you. It's long enough for me to miss her

Bean - I like in CA, everything here is overpriced and has a #$@# markup.

Well thanks for the info guys. I'll do my best to fight the beast.

 

Good luck,

Thanks Papimon for the heads up, I did not know companies can sue you for bad mouthing them, why is that? Dont you have a right to talk about them if you are the customer and they did not treat you right