insurance guru's needed for help on a settlement.

[JaysZ]

Hey guys, hopefully there is someone more experienced in the field to help me out with a predicament I have. My car was involved in an accident. the lady has Fred Loya insurance and their rep told me they deemed the car a total loss and are willing to pay me $1225. I have $2400 in receipts alone for repairs on the frame and transmission prior to the accident, not including any of the engine mods. a guy once told me I should hold out from signing the form as long as possible if I want more money. This will pressure them to give in so they can close the case out in a hurry since it looks bad for them. Is this true? What do you think I should do? I need a little more than $1225 to pick up where I left off from... btw, the accident was involved in a body shop unattended. The lady was drunk and crashed into the place very late at night. Here is the email from the insurance people:

 

Please be advised that your vehicle is considered to be a total loss. Per my conversation with you, you have opted to retain your vehicle. The settlement offer is as follows:

 

 

 

2) You retain salvage: $1750.00 ACV

 

$525.00 30% SALVAGE

 

$ DEDUCTIBLE

 

$1225.00 NET T/L SETTLEMENT

 

 

 

 

Since you have decided to retain your vehicle, enclosed please find the Affidavit of Salvage Retention form that needs to be signed and returned to our office. Please make sure that all persons listed on the title sign the Power of Attorney / Odometer forms EXACTLY as they appear on the title. IF THE FORMS ARE NOT SIGNED OR FILLED IN CORRECTLY, THE SETTLEMENT OF THE CLAIM WILL BE DELAYED.

 

The check for the property damage settlement will be released once all of the total loss paperwork has been received. Should you have any questions, please feel free to call me.

[Cruez]

Did you by chance ever have it appraised???

 

I learned this lesson years ago and got screwed.... except it was $1000 and they keep the car and $750 and I keep it. My "lawyer" said it would be best to take the offer......but he didn't tell me that was for the car and all its contents also... I got screwed.... He also go fired.... but I did keep the car and reincarnated it..

 

Try to fight it as best you can... they will try to screw you also..

 

Don't cash that check....!!

[JaysZ]

ouch. that sucks. so you got the car for $250 pretty much?

 

well, the $525 is the 30% salvage value i would owe them if i took the car. i would end up getting $1225 all together, but of course thats a huge loss (for me) based on what i invested in it. if i hold out longer, you think they would give? i never had the car appraised. its literally been in the shop since i got it for some reason or another. i was hoping to get it appraised after all the work at the body shop was done, which ironically is where all this mess occured.

 

if i dont cash the check, technically, the case is still open, correct?

[Sparks280zt]

Hold out and keep all your receipts. You might want to contact 240Hoke and ask him how he handled his insurance claim on his 260zt when it was totalled. I know they lowballed him at first and he held out and ended up with a very reimbursement on his car, good luck.

[Supra510]

About all the info you need here:

 

http://forums.hybridz.org/showthread.php?t=102858

 

 

Re: salvage I don't know what the state law is where you are but in Oregon the insurance company has to present you with actual salvage bids from salvage vendors (wrecking yards typically), not a % of the settlement. Laws vary a bit from state to state. Usually you can find info on how total losses are handled in your state on the internet.

 

Anthony

http://www.cardomain.com/ride/674663

[Mikelly]

Don't settle. I had all my receipts and was able to negotiate to about $8K with Farm Bureau and I kept the car. It took a long time and was a very painful process, but financially worth it in the end.

 

Mike

[Guest Pete Z Racing]

JayZ,

My full time business is insurance. 16+ years. call me and I will give you the scoop.

Pete

PeteZ Racing

(505)301.7065

 

 

http://www.cardomain.com/ride/2116389

[JaysZ]

Thanks guys, I've read up on the linked thread and talked to Pete. I'm now confident to take this a little further and see if I can squeeze more out. Its just my car was in a very awkward situation. I've heard plenty of stores where people AT FAULT have gotten way more and I'm sick of getting screwed because of them.

[240hoke]

Keep fighting it and still get an apraisor to come look at your wrecked car. Dont ever let them have the car either.

 

I had to fight with my insurance compnay for a long time. The first offer they gave me was I believe 3500 dollars. I told them they were crazy, and I needed to have an appraisor come out to look at my car. I printed off many many turbocharged z cars from classifieds and printed up a list of every signle mod I had done to the car. My mod list was 15,000 dollars listed up in a spreadsheet and with alot of recipets. After i gave teh appraisor all the information and he looked at my car insurance came back with 15,000 total, and 12,000 if i keep it.

 

Needless to say I was very happy, if I wouldnt have fought the insurance company I wouldnt have a z right now. Course I think that appraisor was very nice to me.

[onephatz]

$525.00 30% SALVAGE[/b]

 

 

30% hahaha tell'em to shove it where the sun don't shine.

I was involve in an accident with my 91 maxima a year ago. I bought it back for 12%.... slimey bastards

 

jesse