Author Topic: Help getting fair payout from insurance company  (Read 1263 times)

Neo

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Help getting fair payout from insurance company
« on: September 05, 2017, 07:54:26 AM »
Details: A 23-year-old girl came across the center line (texting probably) and hit me head on. Totaled my '06 Toyota Sienna minivan with only 112k miles. Her insurance company (Nationwide) is only offering me $6,935 for the vehicle, but I can't buy one with similar mileage for less than $8,500. Any tips for haggling with the insurance company to get a more fair offer? They say they don't have to pay replacement value, only "cash value" which is some mystical, abstract value that only exists for them. They hide behind the fact that they use a 3rd party valuation company, but they are the ones paying them so who do you think their "values" will favor? I'm just pissed off that I was happily enjoying my nice, older, low-mileage van and now their driver gets to total and leave me holding the financial bag. They should have to restore me to the position I was in before their driver took it away from me.

financialfreedom

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Re: Help getting fair payout from insurance company
« Reply #1 on: September 05, 2017, 08:08:11 AM »
Were you injured?

Neo

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Re: Help getting fair payout from insurance company
« Reply #2 on: September 05, 2017, 08:17:21 AM »
No, I took the brunt of the impact and had a headache for about 24 hours but I think that's it. My wife and 3 kids were in the car too. Could have been much worse. I don't want to extort them with medical claims. I just want to be in the exact position I was in before their driver hit me. I really don't think that's too much to ask.

Another Reader

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Re: Help getting fair payout from insurance company
« Reply #3 on: September 05, 2017, 08:20:59 AM »
What does your insurance company say, or did you not file a claim with them?

Neo

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Re: Help getting fair payout from insurance company
« Reply #4 on: September 05, 2017, 08:22:39 AM »
I didn't file a claim with my insurance company. Is that something I should do? I don't see what they have to do with it since the crash wasn't my fault.

Another Reader

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Re: Help getting fair payout from insurance company
« Reply #5 on: September 05, 2017, 08:29:30 AM »
Usually you file a claim with your company and they go after the other company.  What is your deductible and what company are you with?  It might not be worth it if the only damage is the car and you have a high deductible.  If you have an insurance agent that is good at the job, I would call and discuss the pros and cons of filing a claim WITHOUT actually filing the claim.

NoStacheOhio

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Re: Help getting fair payout from insurance company
« Reply #6 on: September 05, 2017, 09:10:12 AM »
Details: A 23-year-old girl came across the center line (texting probably) and hit me head on. Totaled my '06 Toyota Sienna minivan with only 112k miles. Her insurance company (Nationwide) is only offering me $6,935 for the vehicle, but I can't buy one with similar mileage for less than $8,500. Any tips for haggling with the insurance company to get a more fair offer? They say they don't have to pay replacement value, only "cash value" which is some mystical, abstract value that only exists for them. They hide behind the fact that they use a 3rd party valuation company, but they are the ones paying them so who do you think their "values" will favor? I'm just pissed off that I was happily enjoying my nice, older, low-mileage van and now their driver gets to total and leave me holding the financial bag. They should have to restore me to the position I was in before their driver took it away from me.

The cash vs. replacement value might be a function of state law. I would try to find out if they're just blowing smoke.

My experience: State Farm lowballed me on an older car after their driver hit me (they tried to total it for mild bumper and headlight damage). They were super aggressive at first; trying to bully my mother at like 7 in the morning (I was home from college), and presenting their offer as non-negotiable. Thankfully, I had enough wits about me after being rudely awoken to say "Bullshit, everything is negotiable. I'll talk to a manager later."

I sent over every receipt and record I had, plus dealer ads for a lower trim level of my car with much higher mileage that were a solid $2,000 higher than their valuation. After that they fixed my car.