Looking for advice dealing with insurance on totaled vehicle

[Voss]

Not F-150 related, but seems like a good group of people on here, so figured I'd ask.

I recently had a 2017 4runner stolen and recovered (SR5 Premium, magnetic gray 40k miles). It sustained significant damage and insurance spent 2+ months trying to rebuild it and now is deciding its totaled.

Now I feel like they are low balling me on the value of the car by about $2k-$3k. The first offer was really low so now they came back with an extra $700...big deal.

The car was stolen 3 months ago, and rental car coverage is a joke ($25/day), so if I hadn't ponied up and bought myself a nice new truck (definitely the best decision I've made in while ) I'd have been carless for 3 months.

Any one on here with experience fighting insurance companies on total loss values? Do I just have to take it and move on, or can I continue to successfully negotiate? For a couple k, its not worth trying to get a lawyer involved.

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[UGADawg96]

Not F-150 related, but seems like a good group of people on here, so figured I'd ask.

I recently had a 2017 4runner stolen and recovered (SR5 Premium, magnetic gray 40k miles). It sustained significant damage and insurance spent 2+ months trying to rebuild it and now is deciding its totaled.

Now I feel like they are low balling me on the value of the car by about $2k-$3k. The first offer was really low so now they came back with an extra $700...big deal.

The car was stolen 3 months ago, and rental car coverage is a joke ($25/day), so if I hadn't ponied up and bought myself a nice new truck (definitely the best decision I've made in while ) I'd have been carless for 3 months.

Any one on here with experience fighting insurance companies on total loss values? Do I just have to take it and move on, or can I continue to successfully negotiate? For a couple k, its not worth trying to get a lawyer involved.

If you go to KBB.com and look up your vehicle's value, is their offer close to "Good Private Party" or are they closer to "Fair Trade In" ? Your insurance should be replacement value, not trade in, so I'd expect it to be close to the first number. I'd press them on that. However, they may not take you serious unless you hire a lawyer. My $.02.

 

[Voss]

If you go to KBB.com and look up your vehicle's value, is their offer close to "Good Private Party" or are they closer to "Fair Trade In" ? Your insurance should be replacement value, not trade in, so I'd expect it to be close to the first number. I'd press them on that. However, they may not take you serious unless you hire a lawyer. My $.02.

They are in the 'Fair Trade In' range, below the 'Good Private Party' range, which is where I'm getting my numbers. Fair point on being taken seriously with vs without a lawyer.

 

[Missmy3/4ton]

I'd follow up with listing from online. We're talking about replacement value, which is the value that is costs to replace the truck. Look at Carmax (non-haggle pricing). KKB may say one thing but they're probably pulling recent bulk auction pricing which will always be lower.

 

[UGADawg96]

I'd follow up with listing from online. We're talking about replacement value, which is the value that is costs to replace the truck. Look at Carmax (non-haggle pricing). KKB may say one thing but they're probably pulling recent bulk auction pricing which will always be lower.

Insurance will never pay out Carmax pricing since they are the high end of retail. Plus they usually don't carry four+ year old vehicles. Although I haven't checked currently due to COVID and supply issues, they may be carrying some cars over 2-3yrs old.

 

[UGADawg96]

They are in the 'Fair Trade In' range, below the 'Good Private Party' range, which is where I'm getting my numbers. Fair point on being taken seriously with vs without a lawyer.

If they won't match good private, it may be worth consulting a lawyer if the spread is in the 2-3k range... then again it may cost that to hire one too. Good luck.

 

[Missmy3/4ton]

Insurance will never pay out Carmax pricing since they are the high end of retail. Plus they usually don't carry four+ year old vehicles. Although I haven't checked currently due to COVID and supply issues, they may be carrying some cars over 2-3yrs old.

Yeah, I need to edit my post. I meant that would be the max value plus 2-3K, not what you should be trying to get.

Separately CarMax has had 'older' cars for a while. Even about 4 years ago, 5 year old vehicles were not that uncommon. My local CarMax has everything from 2010 to today on their lot...guess they had to drop their age standards pretty good. BUT it should be noted these is 'nice' old cars. Like ones that granny had owned, mustangs, etc.

 

[nsbreeding]

You could also see what used ones are costing on autotrader or craigslist in a 200 mile radius of where you live on a 4runner that is close to the same mileage. That was what I did to try to figure out pricing on my 06 Tundra on what they were going for in around my area.

 

[Voss]

So I did all of the above things and then asked to see the actual appraisal report, and just kept pushing and asking questions because even the value they were giving me didn't see to match the appraisal. Eventually they came back with a value about $1,500 above what I was hoping for!!

I'm came pretty close to giving up because I wasn't making any progress, but one last ditch effort worked out. I'm still curious if they had the updated value in their back pocket the whole time or if the updates they supposedly made to the appraisal are really what moved the needle $4k.

If anyone else is dealing with this, just keep calling!

 

[UGADawg96]

Glad the persistence worked and you're feeling better now.

 

[EricR]

Glad that worked out for you!

For anyone else who finds themselves in a similar situation, a friend contacted their state insurance commissioner's office and the insurance company came around right away!

-Eric

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