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Ok, in the last few months there have been a few people here who have dealt with insurance companies offering WAY too low a payout on Totaled cars....
These are true with many states, and I know for sure in NY.
1. Insurance companies always LOW-BALL....
2. You can tell insurance company their offer is unacceptable.
3. Most states, require them to pay replacement value...
4. INS Companies, do not understand that a c900 may be worth $2000-$5000 depending on model. They simply see it as a 15 year old car.
5. INS companies like to quote other lower trim models in their price polls, ie.. compairing a 89 spg to a 87 900s....
6. INS companies can quit paying for rental when the FIRST offer is presented...that is why it comes so fast and without thought.
7. Most people just take what they are offered.
8. Ins companies like to tell you, that the car had high miles and take upto 50% off of the retail....industry standard is 12-15k miles per year...so 200k might not be high depending on year.
9. Buybacks are typically 10% of the settles ammt or less, most times on a c900 or older 9000 buybacks under $100....
10. YOU HAVE RIGHTS...
Always check with the DMV in your state, most have guidlines set forth for you to contest the insurance companies offer. And it is mostly in your favor...most recommend or mandate that they pay high retail - condition = $$$$ of vehicle, but most states it is simply a guideline, and the ins companies have the option to use it or not, most do not...so you have to fight it...
I simply HATE to see people taken advantaged of, especially when another driver is at fault...I have had 3 cars totaled by other drivers hitting me or my wife in the last 2-3 years, and I have gotten my way every time, and every time I got 2-3X their original offer...and in most cases more than i paid for the car by at least $1000....
K
posted by 70.198.10...
, Sun, 11 Mar 2007 05:59:58, Sun, 11 Mar 2007 11:25:24
, Sat, 10 Mar 2007 18:44:44
, Sun, 11 Mar 2007 21:39:12, Sat, 10 Mar 2007 19:59:43, Sun, 11 Mar 2007 11:22:28
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