View Full Version : Insurance low-ball
My 1994 Fleetwood (84K miles) was recently rear-ended by a mechanic from Tri-County Lexus on Route 46 in NJ.while he was diagnosing a customers Lexus SUV. Though it was low speed, the bumper of the Lexus smashed into my trunk and did damage all across the rear end. Estimate for repair is around $5500 without taking it apart. The dealer is saying car is not worth cost of repair. They want me to accept a lesser amount and total the car. I feel the car is worth more.
Any ideas about what a 94 Fleetwood with 84,000 miles (everything works well accept right rear window) is worth. Leather interior in excellent shape, recent new optispark and waterpump.
Market value in CA would be about $7000.
05-24-06, 11:13 AM
do a KKB.com on her
I had to prove that I could not replace my Suburban for the $4300 they offered me. So print up a ton of car advertisements for the same model car, similar miles and send it to them, fax or snail mail. They also have to pay tax/tag/title fees too. So make sure you get it all.
I ended up with $5400 when I was done. It helped a lot.
Do just your region, you are NOT expected to go hundreds of miles to find a car, 30 miles is all that is reasonably expected.
Last summer I had my 94 FWB keyed on every body panel. SO I was looking for a whole new paint job, very minimal (none) body work (not pulling dents). I don't remember the exact figure the adjuster came up with, but he used a sophisticated palm pilot with software that displays exploded views of the entire car, and labor time for each disassembly/assembly down to every body moulding.
Value was in the 5-6000 dollar range for the whole car. Repair estimate was $3400 or so, which came up as a percentage of the total value of the car. Once you exceed a certain percentage value (80% maybe?? Perhaps it was less....) of the whole car value then they will total out the vehicle.
Bottom line is that for a paint job through the insur co. damn near totalled out the car.
Sad, but true.
FYI.... 94 Fleets seem to have a significantly lower value than 95-6 Fleets for some reason.
I talked to someone and they said that 80% is a magic number for totalling. Even if they come up with a value to fix it or total it and it sounds like they are losing money if they were to fix it, they are still making profit 20%. There is a lot is hidden buffering that no one sees.
Insurance business is a very profitable business....
My fleety just got totaled about 2 months ago and it was a 94 just like yours, but mine had 70,000 miles on it. I didnt have collision coverage as I had changed my policy a few months prior to the accident, rearended aswell by a drunk *****. Since i was going through the other guys insurance they only wanted to give me $5,300 for it, which i thought was a ripoff, the adjuster argued with me for hours saying thats all its worth because it wasnt in mint condition, I thought differently, but after days of argueing, he wouldnt budge. I know if I still had full coverage that my insurance would have gave me a healthy settlement, as most of the time they give u more than its cash value so that you can replace it. I still have the *******s address so since Im not gettin what I want, might as well take something. ::yup::
Honestly, if you are getting ripped, talk to a lawyer. See if he can make some threatening phone calls, sometimes that is all it takes to set them straight. When a lawyer gets involved, they tend to back down, it isn't worth the legal fight for a few grand.
Don't be threatening yourself, be polite and if you have to mention the lawyer card that you have a lawyer that works the insurance industry and that he would be taking care of it.
Else, force them to fix it. It isn't your fault, so they think it is totalled, then fix it anyway. And don't accept any less. If they think the car is not worth much, then they need to replace it, not cut a check.
06-04-06, 08:09 AM
Hey, you guys - - - November Zero has the right idea
DIAL 1-800 SHY-STER
N O W
And if you've been rear-ended, say your neck hurts!
I hate to say this, but I base this on a distant acquaintance who was rear-ended by a Fleetwood (!) some years ago while stopped at a light. He was bunted thru the intersection. New car, totalled. Caddy heavily damaged, both drivers walked away Okay (?). Six months later, acquaintance had to be in traction for half a year!!!!!!!!!!!!!!!!!!!!:thepan:
So don't hesitate and play "Mr. nice guy." The guy hustling claims doesn't give one hoot in hell about your beautiful Caddy, nor about your spinal column. He's all about saving money for his billion dollar company (I used to work for one).:tisk:
06-04-06, 08:42 PM
maybe they will cut you a deal on a lexus!!! :)
Good luck with this!
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