I was at a bus stop and was hit from behind from a guy going 60 mph never stopped, pushed me into vehicle in front of me. Long story short my insurance comp decides to start the claim process and then go after at faults insurance. I drive 2007 z71 avalanche with all options. My adjuster informs me were not even closs for total loss. After my truck goes in for repairs problem after problem appears still my insurance moves forward with the repair. Today I pick up my truck total bill with rental fee is $19600!! And there is still possible repairs mechanical in the future. At faults insurance adjuster calls me and informs me this vehicle should have been totaled and lets me know they will have to investigate since ark law is 70% of value was reached. He Informed me my truck was worth around $25000-27000. My question is what are my options ? Am I stuck with my truck that is now worth only $16000 ( local Chevy dealer informed me today)
Vehicle Repaired Should It Have Been Totaled
- Thread starter Jmcmill21
- Start date
Not really sure what you are asking.
Would you take $16000 for the truck? I'm assuming not, though I have no idea. If not, then this is irrelevant.
Totals are based on estimated cost of repairs vs estimated value of the car before the accident and do not include all of the other coverages, such as rental car, medical, whatever. I can't speak to ARK law, but 70-80% is pretty normal. You are probably pretty much right on the cusp, based on the numbers you provided.
$26K * 70% = 18200. Take off tow bills, rental, storage, impounds, etc, probably in the ballpark.
Most of the time, the 70% applies to the initial estimate, not the final bill. If, during teardown, it hits this number, they usually go ahead and total. During rebuild, a lot of money is spent already and may change the equation a bit.
Future problems related to the accident should be covered.
Why would the at fault parties insurance even call you? Tell them to send the check.
Dan
Would you take $16000 for the truck? I'm assuming not, though I have no idea. If not, then this is irrelevant.
Totals are based on estimated cost of repairs vs estimated value of the car before the accident and do not include all of the other coverages, such as rental car, medical, whatever. I can't speak to ARK law, but 70-80% is pretty normal. You are probably pretty much right on the cusp, based on the numbers you provided.
$26K * 70% = 18200. Take off tow bills, rental, storage, impounds, etc, probably in the ballpark.
Most of the time, the 70% applies to the initial estimate, not the final bill. If, during teardown, it hits this number, they usually go ahead and total. During rebuild, a lot of money is spent already and may change the equation a bit.
Future problems related to the accident should be covered.
Why would the at fault parties insurance even call you? Tell them to send the check.
Dan
- Thread starter
- #3
Im asking what my options are with the information I was giving on my vehicle. Ie. since vehicle has already been repaired can I make them total my vehicle if I want since I now know that my vehicle should by law been considered total loss and if I try to trade ever I will be out thousands of dollars in value. Or if I'm stuck with it is there anything I can do besides go claim diminished value ( was told also by at fault adjuster that I deserve this but won't get more than $500) . Thanks
- 11,995
You are a bit over the place on this one.
Is the truck worth $25k-$27k or $16k? We're talking retail numbers here. What would it cost you to find a comparable vehicle in comparable condition in that area plus tax and tags?
If your insurance company authorized the repairs, they're on the hook for the claim and it'll be their responsibility to subrogate it with the other carrier. If this ever happens again (hopefully it doesn't), you want to start by working directly with the company that should be paying the bill for the vehicle. If the decision is made to repair the vehicle, they're going to repair it. Maybe they'll end up spending more fixing it than they would have if they totaled it out, but at that point they're committed to taking that course of action.
To answer your question, you're stuck with the repaired vehicle and you should not be liable for any of the repair cost if the other drivers insurance is covering it. Based on the $25k value you probably are nowhere near being totaled.
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All of the numbers you've provided completely contradict the statement in bold. That $16k sounds like a trade in number and that's not at all what the total loss number is based on. It's 70% of what it would cost to buy a comparable vehicle in the area. If your truck books $25k but the dealer would only give you $16k for it, then as far as the insurance world and the law as it relates to this case is concerned, your truck is worth $25k.
Is the truck worth $25k-$27k or $16k? We're talking retail numbers here. What would it cost you to find a comparable vehicle in comparable condition in that area plus tax and tags?
If your insurance company authorized the repairs, they're on the hook for the claim and it'll be their responsibility to subrogate it with the other carrier. If this ever happens again (hopefully it doesn't), you want to start by working directly with the company that should be paying the bill for the vehicle. If the decision is made to repair the vehicle, they're going to repair it. Maybe they'll end up spending more fixing it than they would have if they totaled it out, but at that point they're committed to taking that course of action.
To answer your question, you're stuck with the repaired vehicle and you should not be liable for any of the repair cost if the other drivers insurance is covering it. Based on the $25k value you probably are nowhere near being totaled.
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All of the numbers you've provided completely contradict the statement in bold. That $16k sounds like a trade in number and that's not at all what the total loss number is based on. It's 70% of what it would cost to buy a comparable vehicle in the area. If your truck books $25k but the dealer would only give you $16k for it, then as far as the insurance world and the law as it relates to this case is concerned, your truck is worth $25k.
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- Thread starter
- #5
The value of the truck NOT wrecked 25-27k per insurance adjuster. The 16 k is what I was told by local Chevy dealer as trade in value after the wreck, sorry I wasn't clear enough for you.
My point is as i replace this vehicle NOW as wrecked vehicle the trade in value has taken a huge hit. If they should have claimed total loss I would be in a lot better place now, especially since I had new car replacement coverage.
My point is as i replace this vehicle NOW as wrecked vehicle the trade in value has taken a huge hit. If they should have claimed total loss I would be in a lot better place now, especially since I had new car replacement coverage.
- 11,995
Often times that is the case. My car was in an accident over two years ago and it was repaired at the dealer, but still has issues from the accident. Unfortunately, your situation is just like mine in the sense that neither of our vehicles were actually totaled.
Do you understand why your vehicle was appropriately determined to not be totaled?
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- Thread starter
- #7
Re josh
I do not understand why .
All I do know is the at fault adjuster has told me my vehicle should had been claimed total loss and he has a problem with my insurance company repairing the vehicle and not totaling. If I'm stuck with the vehicle I guess I can pass it on to my kids as I know now I would never be able to trade without taking a huge lose!!!
I do not understand why .
All I do know is the at fault adjuster has told me my vehicle should had been claimed total loss and he has a problem with my insurance company repairing the vehicle and not totaling. If I'm stuck with the vehicle I guess I can pass it on to my kids as I know now I would never be able to trade without taking a huge lose!!!
- 11,995
Based on the facts your presenting, it sounds like that adjuster doesn't know what they're talking about per the math above djs did. If the initial estimate of repairs to a vehicle are less than 70% of the retail price of the vehicle (not trade) then it's not a total loss. If you're looking at a $26k vehicle then you're looking at about $18k. If the total bill you saw was $19.6k with the rental fee, it sounds like you didn't hit the 70% number by a long shot, especially considering they usually find something when they're working on it which makes the final bill higher than the initial estimate.
To put it another way, if the total initial estimate was anywhere around $18k or less then it's not a total loss. Considering the final bill with rental was $19.6k, it looks like this may have been approaching the point of a total loss, but it never crossed it. Again, that's just based on the information you've provided, but it sounds like the adjuster that authorized the payment to the dealer probably knew what they were doing.
An insurance company will never pay more than they need to. If the car should have been totaled, they would have done it, simply because its cheaper at that point.
The $16K number from the dealership doesn't mean anything in relation to this. It's just what the dealer would have given you if you sold it to them. Makes it sound like the $25-$27K number (retail) is about right. On top of this number, add another 10% or so for taxes, registration, document fees and anything else the dealer usually adds, and you won't come close to a total.
The at fault adjuster can still total it if he wants to. I doubt he will.
Just out of curiousity, what are the stipulations on the new car replacement policy? I've never seen a policy that will cover 5 years in, but then, I don't write in Ark. Or is this gap coverage?
Dan
The $16K number from the dealership doesn't mean anything in relation to this. It's just what the dealer would have given you if you sold it to them. Makes it sound like the $25-$27K number (retail) is about right. On top of this number, add another 10% or so for taxes, registration, document fees and anything else the dealer usually adds, and you won't come close to a total.
The at fault adjuster can still total it if he wants to. I doubt he will.
Just out of curiousity, what are the stipulations on the new car replacement policy? I've never seen a policy that will cover 5 years in, but then, I don't write in Ark. Or is this gap coverage?
Dan
- Thread starter
- #10
Re djs
No not gap. I took out new car replacement when I purchased the truck , it was just another bells and whistle item my agent convinced me to get. When I had the accident I was told that since I had the coverage they would have to give the retail value of the exact truck I had one year newer. Don't know how much that would have helped but anything more would help I guess. Also in regards to your statement saying they could still total even after the fact, the at fault adjuster did mention that they may do this , don't know how serious he is, he informed me he would be contacting me back after he reviews the demand payment from my insurance and then he would discuss dimished value ( $500 was max he said I would get)
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Re josh
Thanks for your information . What your saying makes sense, maybe the at fault adjuster just didn't like the final bill. Maybe next time he will handle the claim instead of dragging his feet and telling me to go my insurance while he investigates!!
No not gap. I took out new car replacement when I purchased the truck , it was just another bells and whistle item my agent convinced me to get. When I had the accident I was told that since I had the coverage they would have to give the retail value of the exact truck I had one year newer. Don't know how much that would have helped but anything more would help I guess. Also in regards to your statement saying they could still total even after the fact, the at fault adjuster did mention that they may do this , don't know how serious he is, he informed me he would be contacting me back after he reviews the demand payment from my insurance and then he would discuss dimished value ( $500 was max he said I would get)
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Re josh
Thanks for your information . What your saying makes sense, maybe the at fault adjuster just didn't like the final bill. Maybe next time he will handle the claim instead of dragging his feet and telling me to go my insurance while he investigates!!
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