QuestionSorry for the confusion. The ACV according to them for the car is $4100. I have a $2000 deductable which leaves them paying $2100 to the finance company. I still owe over $5000 which will leave me owing $3000 on the car and they want to take it without giving me the chance to buy it back or fix it. I can fix it in about 5 hours myself with the parts car I bought and no one will be able to tell it was wrecked. It has no damage to keep it from driving. The air bags didn't deploy. I just need to bolt on the hood, driver's fender and door, and replace the driver's seat track. The parts car is the same color down to the pinstripe. They tell me I can't fix it under any condition or buy it to fix the other car. The lady I'm dealing with has been very arrogant and tells me I have not options. Thanks for your advice. You have been wonderful.
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Followup To
Question -
I hit a deer in my 2000 Escort. I have full coverage and comprehensive both with a 2K deductable. I owe over 5K on the car and insurance says it was only worth $4100. Their estimate was $3K damage which totals it out. I can buy a car identical with all bolt on parts same color and fix myself for $800. The only things needing to be changed are the driver's door, fender and hood. They say they are paying the finance co $2100 and I can't buy my car back or drop the claim and fix it myself. This will make me pay $3K and lose my car too. Can I refuse to give them my car and fix it myself and get it inspected or make them sell it back to me. The appraiser told me on the phone that he planned to estimate it as high as possible without totalling it which questions their integrity already. Can I get my own estimates and turn them in showing less than 75% of the value? What are my options besides going to court? This is my insurance company. They tell me I have to sign the title and send it in and they will be picking up the car this week. Also in a case like this who gets the car, the finance co or the insurance?
Thanks,
Craig Hamilton
Answer -
A deer hit is covered under your Compreheniose coverage subject to the applicable deductible.
If the car is in fact a T/L then the lender needs to be paid off so that the Title can clear, etc...
I see no real reason(s) why you can't purchase what's left of the car (called the salvage) from your company.. we do it all the time... if you agree to pay what they can get from a salvor then you should be permitted/allowed to purchase the car...
Ask them to explain in detail and in writing why you can't buy the car/salvage and TELL THEM that you intend to run that explanation by the State Insurance Department.. also tell them that you have requested a copy of your state's Fair Claim Practices Act and that you intend to review that and are further considering getting an attorney involved.... that should get their attention.
You can and should definitely get your own estimates from at least two reputable shops.
The numbers you cite are a tad confusing... what was the GROSS Actual Cash Value (ACV) or "book value"? What was your deductible? What is the total NET payout they intend to make including any payment(s) to your lender?
You have RIGHTS and shouldn't permit the insurance company to dictate what gets done here..
If you have an agent.. get them involved and have them earn their commission...
Lastly, working up an ACV is not an exact science... do you own homework (Red Book, NADA book and local used car dealers) and make sure that what your company is offering you is fair for your local market and includes applicable sales tax, etc..
Hope and trust that the above answers your question(s) and provides some direction.
Feel free to get back to me with any further questions/issues relative to this matter.
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AnswerA BIG part of your problem is the SIZE of your deductible... keep in mind that is a CHOICE/DECISION you made.
I continue to see no reason(s) why you can't buy the salvage and repair the vehicle yourself.
On the issue of the Actual Cash Value (ACV)/ "book value" do your homework as earlier suggested to make sure what is being offered is fair/proper in your market.
Also make sure you ask your lender about the issue of GAP insurance as again earlier mentioned and explained.
Suggest you ask the "arrogant" adjuster to identify her immediate superior/supervisor and ask to speak with him/her to see if you can't get the requested relief/accomodation.
If your insurer continues to resist your effort(s) RUN to the State Insurance Department.
Also keep in mind that until you sign over the title the car is yours and you control where it sits,goes, etc...
Do NOT permit the insurer to steamroll you... you have rights.. exert them and let the insurer know who is the CUSTOMER.
Good luck and get back to me with any further issues/needs relative to this matter.
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