Car Totaled!! Insurance won't cover all, HELP!!! (1 Viewer)

[Glenn Overholt]

I've never had a car, so you know what this advise is worth.

I'd get myself a camera and a box. Whenever something was done to my car, I'd put the papers into the box and take a picture of it. Any insurance company would have a hard time arguing with that!

Glenn

 

[MarcVH]

"Yes, sir, we do indeed see that you have a photo of some papers in a box. We can't argue with that."

Good luck getting what you can out of the insurance company, but unfortunately this is one of the risks of being upside-down on a loan. Too bad it ended up coming back to bite you.

 

[Moe Maishlish]

Glenn,

Care to explain your method?

I might be a little dense right now, so I don't quite understand what you're trying to say.

Moe.

 

[Tim Markley]

I also had extended warranty on the engine and transmission

Your extended warranty may be refundable for the unused portion. I had an extended warranty on my Corvette when it was totalled in September. After the accident I called the dealer I bought the car from, told them it was totalled, had my insurance (Geico) send them proof and then I received a check for the unused portion a few weeks later.

 

[AjayM]

Insurance is supposed to cover you, not the bank. So if it takes X amount of dollars to replace your car then that is what the insurance company should be paying you. Part of car insurance is replacement value. Obviously you'll need to fight a bit to get that dollar number, but it can be done. And do exactly what others have suggested, a 2000 Dodge will be a fairly common car, get as many prices/ads of them from Autotrader/paper/dealer ads, etc and show them to the adjuster. Things like KBB and NADA (all of them actually) are months behind in auto value as they work on taking selling prices around the country and compiling them into what you see. Except dealers only send those numbers out once a month, etc.

Of course none of this helps out if you were upside down with the car. If you were this far upside down, why didn't you purchase the GAP insurance? Was it offered? I usually don't buy this type of coverage if I know I'm not going to be upside down, or if the number will be minimal, otherwise it's a good decision.

Andrew

 

[Joseph Howard]

This is standard operating procedure for insurance companies. They are in business to save money rather than spend it. They are NOT your advocate. They are more than likely only offering 60-70% the PARTS value.

You need to get at least three legitimate current value estimates for the car's RESALE value on your own. As was mentioned, Edmunds.com is a good place to start. There are a few other resale value resources (books, tables, websites) that you can use.

You will then have to let your insurance company KNOW that you have done the RESALE value research and show them the numbers and then will have to negotiate (bicker) a better insurance money amount (almost like you were buying a car).
YOU must be your own advocate to make sure you get the proper value for your totaled car.

Another good consumer resource to explore on this subject is Clark Howard's website (national public radio consumer show). (I think it is www.clarkhoward.com).

Good luck!

Dr. Joe

 

[Glenn Overholt]

Ok, maybe I was a little short. Let's say that you buy a new stereo system. You take a picture of it installed, and put the picture, along with the papers and receipts, into a carton in your garage. New hub caps, same way.

If the car was stolen or damaged, you'd have proof of what you had in it. They recommend the same method for your home. The insurance company could argue, but they'd have a much weaker leg to stand on.

Glenn