Insurance Payout Seems a Little Low

[TaterMitts]

Hi all,
I was recently rear-ended by a semi and was attempting to settle with the trucker's insurance company. I had only liability at the time and I am told this would have been much less complicated if I had collision as well.
Anyway, the estimate that was completed by a local dealer totaled $4200 and the offer I received from the insurance company was in the amount of $2800 to have the work done myself or $3000 to total the vehicle. Now, in this instance I would probably prefer to have the vehicle totaled (apparently the adjuster knows this) but don't want to accept an offer that is less than half of what it would cost to replace it. On the other hand, I'm not sold on the idea of accepting a settlement for significantly less than what the repairs will cost.
Adjuster said he based his "totaled" number on trade-in and not retail. Is that common... or even acceptable?
I checked with NADA and Rough Trade-In value was $3200 (I went with lowest value for perspective) and Retail was almost $7k.
I guess I am just wondering if these numbers are negotiable and I just gotta play the game or if I just picked the wrong guy to hit me. Thanks for the advice!

 

[F150]

this dont add up....

 

[///MJay]

Develope a Lil paid in your back and they will want to settle up real quick before any medical bills pile up.

 

[INSUREGEEK]

Tater,

You can negotiate a settlement...BUT...you have to do some work here. Look at what similar vehicles are going for in your area. Check dealer ads, private sale ads, craigslist, kbb.com, everything you can think of for vehicles as close to yours in condition and mileage. You're fighting for the amount it takes to replace your car as it was before it got hit.

Keep in mind that routine maintenance, no matter how recent, is expected and not compensated. If you had any aftermarket add-ons, like special rims or stereo equipment, find those receipts. In some states, the insurance has to pay sales tax as well. Make sure you get that if you are due.

Unfortunately, you are not "owed" repair costs, even if you had full coverage yourself. You are really only ever owed the Actual Cash Value of the vehicle. That is not necessarily the same as market value - private party/trade-in - but a case can be made that your car is worth more than you are being offered. It takes a little leg work, but it can be done.

Another ugly truth about totaling cars is that there are several makes/models that have above average salvage value. That means the insurance co pays you, sells the car for salvage, and still come out ahead. If you can tell me year/make/model I can take a guess as to whether or not this is the case.

Now.....what is this "fix it yourself" business?? That means you can keep the car with a salvage title and be responsible for the entire repair bill!! Re-titling a totaled car is another mess you don't want to deal with unless you have very good guidance. Here are the options on the table as best I can tell:

$3000 and they take it.

$2800 and you can keep it (with a salvage title or clear title?) but you are on your own to get it fixed.

My experience tells me that $4200 repair bill WILL go higher.

Do you have the $2400 difference, plus some, lying around?? If not, stand your ground and refuse to sign anything until you know you've pushed as hard as you can afford to push.

I can go on and on. Let's start with what car do you have and go from there.