Hi,

My 2007 Fit was recently smashed up and is a write off. Was hoping someone might be able to shed some light on the best method of ensuring I get maximum total loss value from the insurance company. So far all I'm going on is finding dealership advertising similar models and compiling these adds to provide to the adjuster. Is there a better method of going about this?
Thanks in advance for any input.

 

Was the car paid for?

 

I just went through this with my 2003 Honda Element with 107K miles on it.

It took many many calls and time, but I was able to get a very good price for it. Ended up getting just shy of $12k. Considering I bought it 4 years ago for $14k, I am very happy with that.

The best advice I can give is to stay in contact with them, almost daily. Also make sure you tell them about any all all upgrades you did the the car, stereo, paint, roof rack, rims, how much tred is left on the tires. It will all add up.

Also contact a dealer who you are going to buy from next, they will want to help you get the most money because it means you may spend more when you buy your next car.

If you have any other questions let me know.

Oh also make sure they are either paying for your rental or are going to cut you a check for "loss of us" usually about $25 a day that you are without a car.

 

Not sure what you mean by that. If you are asking wether I owned the car or was leasing it, I owned it, it was bought using a line of credit.

 

Thanks for the advice Gbarb



I got my first offer, replied with a list of advertisements of similar car selling for more and faxed in receipts for all work done on the car. Here's hoping they up the value a bt...although the first offer was pretty good...it was the first offer

 

The adjuster actually replied to my first correspondence in a rather abrupt manner, stating that the price was firm and that they would add $90 for the autostart we had installed, attached the form for us to sign and told me that our rental would be stopped next Tuesday. Looks like they want to play hard ball.

 

What insurance company is it?

The law states that they must pay you the amount it would cost you to get the same exact car with all the ad ons. Tax included.

 

It is TD General Insurance (Canada). The initial reply from the adjuster was total BS and really pissed me off. She pretended like all of the links I sent to the ads didn't work and essentially did not take any of them in to account. ( I re-sent all information compiled in a word document) The $90 was total bull, as I had inquired regarding the need for a receipt or if they would give a estaimated value...the $90 was my answer to that question.

 

Oh just fyi this information I have been giving you applies to insurance in the US. I am guessing it is pretty similar, but I do not know for sure.

 

Yeah, I figured as much but as for most things it is very similar up north here, and I believe most of what you have advised would apply. Thanks again for your input.

 

do you have gap insurance?

 

They owe you what it would cost to replace your car with like kind and quality. When you are documenting your findings keep in mind there is usually a difference in asking price and selling price. When you find a car like yours advertised for xxx dollars that doesn't necessarily mean the car is worth that. It's more than likely that car could be bought for several xx dollars less.

 

Typically, insurance companies will attempt to get you to agree to whats called replacement value that is really the wholesale value of your car by Kelly, NADA, or other used car value standards. It really should be the retail value, based. of course, on condition and especially miles driven They call it actual cash replacement (ACR) value. Challenge them to pay for a replacement similar to your destroyed car as long as it doesn't have a lot fewer miles.
If the 'accident' was your fault they may be much harder to get along with than if it was someother's cause. Some insurabnce companies will actively help you find a replacement if you're not the fault.
So arm yourself with not only NADA and Kelly book values but also potential replacements on Autotrader, ebay, and CarMax. Make sure you deduct properly for the mileage on your car. Failure to do so will put you at the disadvantange of insurance companies
If you can, find a replacement car for sale that is close to your old car and argue for that value PLUS the cost of tag transfer, taxes, and title costs. Argue for any travel or shipping costs to get the replacement if thats the case and reasonable.
As for anything owed on the wrecked car you need to talk to your financing agent and see if there will be any problems transferring the loan to the replacement car. They can be a strong ally in getting a proper replacement car or cash, especially iuf you owe more than the car, before wrecked, was worth. (upside down loan). And you will need to pay any difference between proper ACR and your loan payoff (hint; payoff is less than the sum of remaining payments) if you don't replace the car.