Question Dear sir
I hope you can help!!!!! My car was stolen, the police found it, unfortunately the car was burned after the thieves were done with their obvious joy ride!!!!it was burned very badly, it is not fixable, this car meant alot to me !i am angry because i feel violated by the thieves , and i feel that the insurance co. is not being fair i had a rental car for about a week , i had a telephone conversation with the person handling my case he said the settlement for my car would be 2400 and ihad to return the renatal car in3 days . I have not recieved any money and I don,t agree with the offer. what should i do
Sorry here are some brief info on the car
1993 Cadillac sedan deville, only one other owner all maintienance has been kept up , the car was in mint conditon i do have a licensed mechanic that has done work on it and is willing to inform the insurance company the excellent condition it was in.
any advice would be GREATLY appreciated.
AnswerHi Sue,
Thanks for driving a solid American car. And I agree that your model, if in such good shape as you recite, should have a value of MORE THAN TWICE WHAT WAS OFFERED.
If this adjuster did not investigate the GOOD QUALITY AND MINT CONDITION OF YOUR CAR, his offer could not be construed to be a good faith offer. Thus, your time clock for rental should not expire.
Let's look at the rental rules first. TOTALED VEHICLE. This IS YOUR CASE. Rental allowances are due for a reasonable time AFTER A FAIR OFFER to purchase has been made. In this case, you have not YET RECEIVED A FAIR OFFER.
First, his money offer is NOT ACTUAL CASH VALUE of your car before the accident. If it were in mint condition, then it will have a superior MARKET VALUE. So, we will fight that later on, below.
First, we have to decide whether or not you get more time on the rental allowance. The first issue is decided in YOUR favor. His offer SURELY IS NOT EVEN WITHIN THE BALLPARK OF A “FAIR” OFFER for the total value of the vehicle.
So, you should still be under the rental authority. Then, once you do get a fair offer (ballpark for fair in your case is probably around $3,500), the rental allowance starts to run from the time he gave you that offer.
Most adjusters will give a few days after the offer to present data and negotiate something higher, plus time to get the agreed settlement check written and to buy new transportation. Three days is pretty skinny.
Thus, one week of rental allowance beyond the date he made the offer is probably the industry standard for rental allowance. That would give the victim time to settle, to get the check, and to buy new transportation. You are NOT ALLOWED more than one week since the victim is expected to make his counter offer and to settle within two or three days and then get the check and buy a car within the remaining four or five days. The victim should already have all of his evidence to present for negotiations. You are not allowed to think about it or to go and take a week getting evidence of higher prices back to the adjuster. That is work that you are expected to have completed by the time he make his offer.
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First do your research as suggested below. Gather evidence to present. Assuming you and I are right in placing the value around $4,500 to $6,500, then make a summary of your market findings.
Next, I would consider contacting your state insurance commissioner http://www.settlementcentral.com/links.php AND DO THIS ASAP.
Get a complaint form online of via fax and fill it out ASAP. Call and get the name and e-mail of the adjuster's supervisor. Send her an e-mail with the completed insurance commissioner's form.
Tell her you need relief on both the rental and the value. Give her a chance before you have to file with the insurance commissioner.
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Fight Actual Cash Value and Present Your Own Research, and COMMUNICATE IN WRITING.
Now, changing topics back to how to get that value up for the insurance adjuster, let's get started for you. The first tasks are to get at the actual cash value and next throw out that outrageous offer that they made you.
My favorite sites for valuation are www.Edmunds.com and www.autotrader.com. They want to know your zip code, and then they ask for a range in miles to search. Don't limit yourself to your city: it is reasonable that someone could go up to 300 miles to pick up a used car. That way you will get a lot more information. Be aware that you should pick the option "any distance" from your zip code. You can use information from local papers, advertising flyers, car dealerships, and the Internet.
Be aware that the prices shown are the "asking" price, not the actual cash value. But also be aware that the insurance adjusters have used a computer scan of sales that were at the trade-in value, NOT the actual cash value.
If you have made major item replacements, above and beyond normal maintenance, you need to document them and ask for a review of those extras. For example, a rebuilt transmission or the like will add value to a used car. How about new tires or a new stereo system? The issue is: how much (if any) did they increase the FMV or actual cash value of the car. See this link and scroll to the bottom for more information on that topic. Car Accidents: Totaled, Repair, Valuation, Your Rights http://www.settlementcentral.com/page0007.htm
In the case of your Cadillac DeVille, I used autotrader.com and I selected “unlimited distance” and the results showed a goodly number of vehicles worth TWICE What he is offering.
I would get a brief statement of mechanical condition from the repairman who kept your car in mint condition. Have him mention not only the mint condition, but also that you had kept it up mechanically and he knew of no systems that were at risk of failure.
Make sure you prepare that letter and get it signed "to whom it may concern" and send it with the letter to his supervisor.
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Final Topic: Communicate in Writing—“DEMAND”, Don’t ASK
Effective communication with insurance claims adjusters. Establish Firm, Professional, and Positive Relationships With the Insurance Injury Claims Adjuster http://www.settlementcentral.com/page0059.htm
Always communicate with the adjuster in writing, showing your own analysis of value. It is OK I guess to have one call or so, but no more. Always have your information and ammunition in writing to give to the adjuster.
Let him know that you are FIRM IN YOUR RESOLVE to get what you are demanding (NOT "asking", since that invites a counter-offer, but instead "demanding" as fair and reasonable compensation) by asking him what the options are to resolve the matter fairly should he not agree to a reasonable claim value. In other words, let him know that you will go through with a court filing if need be.
Remember these tips, do your homework, print out your evidence, show resolve to get your fair settlement, and you will DO JUST FINE.
I trust that my extra time here has produced some information that has been of value to you, and thus I would respectfully request that you take the time to locate the FEEDBACK FORM on this site and leave some feedback for me.
Best Wishes,
Dr. Settlement, J.D. (Juris Doctor)
http://www.SettlementCentral.Com
