My Auto Insurance Provider-Nationwide is Trying Ripping Off

[obianayo]

Sadly I have been with nationwide for several years but with the accident that unfolded on September 16 2014 the company proved that they ARE NOT really on their customers side like they claim. I was hit by a motorist who failed to yield (clearly the motorist was at fault and it was stated in the police report). My vehicle was totaled in the accident and although my premium includes rental car yet nationwide took me off my rental car without compensation for my totaled car. UNTOP of that they STOLE my wrecked vehicle. Yes they stole it; the moved it from the current location to their convenient location without my authorization or consent while I still have valuable belongings inside the vehicle. And when I complained, they made up some stuffs and forwarded it to my residence claiming it was what they found. This company never called to check how the victim of the accident was doing; they are just so inconsiderate that they only care about my premium rather than post-accident condition and worst still want to pay me less than the value of my car .I have an old vehicle that I have modified and upgraded with brand NEW ENGINE and other accessories and have developed special bond with this vehicle and have kept it in great condition because I want to pass it down to a love one in the future, but when somebody wrecked it, my insurance company; NATIONWIDE only want to pay for its old dilapidated value and totally ignoring the upgrade even after receipt of upgrade have been forwarded to them.
As of this posting, November 3 2014; it’s been 48 days since the accident, yet, NATIONWIDE INSURANCE has not repaired or settled for my lost property but they have stopped paying for my rental vehicle and also kept the valuable belongings inside my vehicle .Any suggestion?

 

[djs]

Several things:

- Rental car coverage usually has a number of days associated to it, i.e., they will cover up to $30 a day for 30 days or $25 a day for 10 days or whatever you selected with the policy. I'm sure your time ran out based on your policy. They do not cover an unlimited number of days. You may be able to get more coverage from the other parties insurance company though (depending on what your insurance already paid).

- Brand new engine. This adds less value than most people think. Look at it this way, if you went and bought a used car, would you expect the engine to run? Of course. Its part of the experience. Now, a new engine does add some value, but not the full cost of the new engine.

- Condition of car: This should be taken into consideration when valuing the car. They will look at mileage, tire tread wear, condition of paint, condition of interior, etc. A well maintained car should have some higher value than a trashed car, but remember, you are on the resale market type of valuation here.

- Sentimental value: Insurance policies do not cover this unless you pay for a stated value policy. Sorry, but this is an intangible thing.

- Stole your car: No they didn't. The lot it was on was probably charging $60 a day or so for storage. They moved it to their lot where they probably pay $5 a day for storage. If they don't move it, they will send the storage bill to you. Somewhere in there, they should have told you to get your personal property out of it. In the confusion, it may have been missed.

- 48 days: Have they offered a settlement and you not accepted? Have you 'shopped' for a similar car and not found one for similar $$$ to what they are offering?

Dan

 

[CKSINSURANCE]

Agreed with Dan. Nationwide mostly likely did not depreciate the same amount on the engine as the other parts of the car. But still, it's an old car with a lot of depreciation. it would had been better if the car was insured on stated value clause.

 

[INSUREGEEK]

Oh, wow! SO many things to address:

I disagree on any stated value/agreed amount policy terminology. It generally still means than the company pays "lesser of" ACV or Stated/Agreed Value. Guess what's always going to be less? ACV. The only thing a stated value policy does is set the top line, not the bottom line. But I digress.

A new engine does not necessarily increase ACV (actual cash value). If the car needed an engine, or brakes, or tires, or a battery, it is expected that those maintenance items have been handled. Nothing lasts forever. Except taxes. Those will wake the dead, trust me.

48 days and counting? Yeah, you likely only got 30 days max rental at $x per day. I run a body shop and can't for the life of me get people to understand that the claim taker's "we'll get you a car" promise is not unlimited and without pitfalls. You do have a duty to help settle the claim too. Running out of rental is a good way for the insurance co to make you bend. They will generally cut off the rental about 2-3 days after their total loss settlement offer anyway. If we're at 48+ days, I cannot believe it is 100% Nationwide's fault. They are pretty fast and fair in my experience.

If you truly believe they "stole" your car, I'd take that up with the tow yard or body shop that released it to be moved without your express consent. Once a car hits my lot, it doesn't leave until you collect your belongings, your license plates, and sign a release. Heck, I can't even get a car moved from a yard TO my shop without the blood of a firstborn child sometimes.

As for the accident not being your fault, this is partly why you bought collision coverage, so your insurance could do the dirty work for you. I am guessing that no other insurance has accepted liability so this is between you and N'Wide.

Please make sure you're being reasonable as to the value of the car. Sentimental value means nothing to anyone but you. It honestly sounds like you're upset at the offer and refusing to close the deal. Where has that gotten you so far? It seems you are without a car, out of rental, and crying in your Wheaties right now.