How to negotiate a auto insurance settlement

[trophybook]

Hit a moose with my truck back in November, 8500$ damage on a 2006 chev crew cab LT with every option. Truck is rated above average condition by insurance. Their first offer is 6600$ with no option of buy back (damage is 90%paint 10% bumper). I was told to never accept the first offer. But they seem to not want to budge.

Any insight is appreciated.

Thanks

[TROLLER]

You have to do your home work. Talk to a GM dealer they will be more than happy to give you a decent appraisal with the hopes you will buy from them. Check kIjij and auto trader as well have your home work done and they should move up with their offer.

Good Luck

[58thecat]

counter but 06 vehicle worth $6600 bucks.....depends on the kilometers now....
3K-8K depending on condition and klicks......

[jstubbs]

I am also interested in this. I know you can find comparables on Kijiji/AutoTrader and send those for consideration for finding fair value, but expect them to make up any small ridiculous reason to reject your comparables provided--in the end the claims adjuster you're dealing with is in the business of screwing you, not helping you.

I have heard that if you cannot agree on a settlement number, insurance companies are legally obligated to have an ombudsman office that are supposed to be independent arbitrators, but I have not been through this process so take that with a grain of salt.

[Drewski Canuck]

Your problem is not "How to Negotiate", it is How to get the Insurance Company to agree to your number.

There is only one consequence that means anything to an Insurance Company, and that is the threat of having to go to Court.

However, that requires that you observe your Limitation Period for filing a Provincial Court Civil Claim, then actually filing the Provincial Court Civil Claim, then serving the Provincial Court Civil Claim.

Finally, there has to be something more that some vague reference about what you saw in Kijjiji. That means you hiring an Auto Appraiser who can say in Court, as an Expert Witness, what the vehicle is worth.

If the hill is so important to die on, you will spend the money and you will prove your evidence to the Judge.

Otherwise, you really are not in any position to make the Insurance Company want to pay what you think the vehicle is worth, and the Insurance Company has no motivation to do so either.

Drewski

[jstubbs]

Originally Posted by 58thecat

counter but 06 vehicle worth $6600 bucks.....depends on the kilometers now....
3K-8K depending on condition and klicks......

I would think possible more but ya depends definitely on the KM.

Here are the closest comparables I found while assuming OPs truck is a halfton with maybe around 200,000 km:

2006 Chevrolet Silverado 1500 crew cab LT fully loaded, 200,000 KM, nice shape. Price: $13,995

https://www.kijiji.ca/v-cars-trucks/...z71/1432685516

2006 GMC Sierra 1500 crew cab SLT fully loaded, 234,000 KM, OK shape has rust starting. Price: $10,000

https://www.kijiji.ca/v-cars-trucks/...500/1477559269

2006 GMC Sierra 1500 crew cab SL not fully loaded, 200,000 KM, OK shape has rust. Price: $10,000

https://www.kijiji.ca/v-cars-trucks/...500/1471979577

2006 Chevrolet Silverado 1500 crew cab LS not fully loaded, 157,000 km, nice shape. Price: $13,500

https://www.kijiji.ca/v-cars-trucks/...int/1478224912

[Trochu]

I had my truck stolen several years ago. They presented an offer. I looked at the same model with similar km on dealer lots, Kijiji, and Autotrader, and averaged the asking price on the lot of them. The average was below what they offered, so I accepted, picked up the cheque a few days later and walked away.

I would disregard the advise of "I was told to never accept the first offer.", and do your own research. If you think you should be getting more, lay the evidence before them and await their reply. If you do your research and their offer is fair, why would you not accept it? Spending hours on the computer/phone/driving around looking at used vehicles, crunching the numbers, haggling, waiting weeks for the payout, etc., isn't worth the extra few hundred you may get in my mind.

[Tfng]

I went through this on a stolen f350 this summer. Know what your truck is worth to replace, consider also bolted on add ons. Tonneau cover or topper? Hitches?

Their first offer was 10k and I refused and requested 12k. We had an agreement 1/2 hour later at 12k. Some flattering pictures of the truck never hurt. Like has been said check comparable trucks and make sure they’re actually comparable and go from there. Knowing what you want and the value of your truck helps immensely. I was polite but firm and got exactly what I wanted.

[trophybook]

Originally Posted by jstubbs

I would think possible more but ya depends definitely on the KM.

Here are the closest comparables I found while assuming OPs truck is a halfton with maybe around 200,000 km:

2006 Chevrolet Silverado 1500 crew cab LT fully loaded, 200,000 KM, nice shape. Price: $13,995

https://www.kijiji.ca/v-cars-trucks/...z71/1432685516

2006 GMC Sierra 1500 crew cab SLT fully loaded, 234,000 KM, OK shape has rust starting. Price: $10,000

https://www.kijiji.ca/v-cars-trucks/...500/1477559269

2006 GMC Sierra 1500 crew cab SL not fully loaded, 200,000 KM, OK shape has rust. Price: $10,000

https://www.kijiji.ca/v-cars-trucks/...500/1471979577

2006 Chevrolet Silverado 1500 crew cab LS not fully loaded, 157,000 km, nice shape. Price: $13,500

https://www.kijiji.ca/v-cars-trucks/...int/1478224912

This is what I found aswell. I'll send the ins. Co these and see what they say.

[Big Bull]

Look into hiring a public adjuster to negotiate for you.

[amosfella]

Are you saying that you want to buy it back? Or want more money? Or both?

[trophybook]

Originally Posted by amosfella

Are you saying that you want to buy it back? Or want more money? Or both?

More money not a lot more tho, I offered to buy it back but they said no.

[slough shark]

Something to keep in mind is if you push too hard they may just write off the vehicle. If the amount that they would payout hits a certain % of the black book value they write it off. That may or may not be a good thing in your situation, just thought I would put that out there

[ZJHoban]

Originally Posted by slough shark

Something to keep in mind is if you push too hard they may just write off the vehicle. If the amount that they would payout hits a certain % of the black book value they write it off. That may or may not be a good thing in your situation, just thought I would put that out there

I think they are writing it off which is why he wants more money.

[Alberta Bigbore]

Originally Posted by ZJHoban

I think they are writing it off which is why he wants more money.

Yes a 13 year old vehicle with $8500 damage is a write off

[slough shark]

Originally Posted by ZJHoban

I think they are writing it off which is why he wants more money.

Ah it appears I missed a few facts, as far as negotiating send your adjuster several comparables, from online or dealers ads. Their settlement should allow you to buy a comparable vehicle

[RandyBoBandy]

IF... I mean "IF" you have an older vehicle that you maintain faithfully and make major repairs to keep it on the road.. I highly recommend getting a vehicle appraisal by a reputable vehicle appraiser.
You sink a bunch of $$$ to repair and keep the "devil you know" on the road. With an appraisal, the Insurance has understands what the vehicle means to you

[czechm8]

What we've had to do now, twice, is ask the insurance company for the appraiser's report. I think they're obligated to provide it to you. It gives you an idea of what comparables they're using and how they've adjusted those to reflect the appraised value of your vehicle. I've found significant errors/shortcuts in their work everytime, have pointed it out and sent my own kijiji comparables similar to comments above, and received and adjusted appraisal back both time that was closer to what the vehicle was worth.

Both times we were offered ~20% less than it would cost to buy the exact same vehicle that same day, and both times we negotiated back up to a value where we didn't make/lose money on the exchange so we thought that was fair. The second time took at least 4-5 phone calls and back/forth emails. Ultimately, if from your research you find you can't buy the exact same model/trim/mileage/quality of vehicle for what they're offering you, and can prove it well, then "don't take no for an answer", or at least, continue to push the issue until you give up.

Buy back was not something we considered as it was a write-off, but that complicates things a bit. I would say negotiate to a fair replacement value without buy-back on the table initially, then ask about it, but maybe some others who have done that can chime in.

[bobtodrick]

It's a crap shoot for sure.
Twelve years ago I was rear ended and my Volvo was a write off. The other guys insurance offered about 1/3 less than what a comparable model was selling for at local dealers. My agent sent a stern letter to the other guys threatening to take it to court and they coughed up the difference but it took a couple months.
This summer I was hit by someone who ran a stop sign and wrote off my 2008 Trailblazer (loaded, no rust). I priced out 1/2 dozen local ads and they offered my $500 more than the most expensive. I got quite a bit more than I thought I would.
Don't know how much of a fight you want...but it sounds like you are not getting a fair price.

[does it ALL outdoors]

Originally Posted by Trochu

I would disregard the advise of "I was told to never accept the first offer.", and do your own research. If you think you should be getting more, lay the evidence before them and await their reply. If you do your research and their offer is fair, why would you not accept it? Spending hours on the computer/phone/driving around looking at used vehicles, crunching the numbers, haggling, waiting weeks for the payout, etc., isn't worth the extra few hundred you may get in my mind.

I have a friend that was in the same boat as the OP about three years ago, after they lowballed him he spent a few hours dooing some legwork rounding up some comparable's and they upped their offer by close to $3000.

Not bad for a couple hours work just sending them some links.

Insurance companies are in it for themselves, it would be seriously unwise to accept their first offer, even if it's reasonable.

Your fault or not they are gonna get their money back so make sure you get what's yours. Never accepting the first offer is just good sense. What's the worst they can say? No??

OP, did they specify why they don't want you to buy it back? Sounds like a good candidate to put back on the road if it's only a bit of bumper damage. Either way, good luck. Crappy situation to be in.

I have a BIG fear of someone wiping me out, I wouldn't get anywhere near what it's worth and couldn't buy anything even close for what book value is. Mine is highly modified with all kinds of aftermarket & performance goodies and cared for like a first born. I want no part of starting over.

[Da'Newf]

Had an old Intrepid years ago that was wrote off after a parked truck was hit that then rolled into my car. Same kind of deal. Car wrote off. The adjuster came out, looked at it and made me a lowball offer. I knew it was low having already looked at the used ads to see what was on the market. I pulled out my Midas receipts for very recent suspension, head gasket, brakes and tire work. Yep. The offer went up considerably. Could have bought another Intrepid but spent an extra $50 above what I got from insurance and got myself a slightly newer 4x4 instead. Hehe.

[trophybook]

I sent off the comparables and my recent repair receipts, found a 3rd party total loss appraiser so I sent him a email as well.

Thanks for the insight

[Dean2]

Adjuster is not your buddy, think you already got that worked out. He is paid by the insurance company and most are contracted. They are evaluated on the effectiveness saving money and on not having litigations. If he doesn't do well he is out of a job.

If you have an insurance agent, he should be on your side and fighting for you. If he isn't what the hell good is he, might as well buy insurance on line. I would talk to him and draft him for help. If he won't help effectively, tell him you plan to move all your insurance because he earns a fat commission on your polices and isn't fulfilling the role a broker is supposed to play.

You have already got lots of good advice on how to try to negotiate a better deal. Stay calm, be reasonable, don't make threats or antagonise the adjuster but remain frim. Like Cement Bench rightly told you, unless you are prepared to take this to Small Claims Court, you have no bullets in your gun so negotiation is the only tool. Best of luck.

[Dave P]

Originally Posted by Dean2

If you have an insurance agent, he should be on your side and fighting for you. If he isn't what the hell good is he, might as well buy insurance on line. I would talk to him and draft him for help. If he won't help effectively, tell him you plan to move all your insurance because he earns a fat commission on your polices and isn't fulfilling the role a broker is supposed to play.

100% This. and I am a broker.

Your broker should be handling any fight with the company for you. They a lot more leverage/negotiating power over them than you do.

[leeelmer]

First off Insurance companies suck.
They are not out there to help you in anyway.
My wife hit a deer this spring with her car.
Write off.
Offer was $2800.00
Told them no way, there was not a single comparable even close.
They did not care.
Black book was $6000.00, they told me they go by black book minus depreciation. I emailed them lots of comparables.
They did not care.
Was told to take the $2800 or go to court.

[Ken07AOVette]

Originally Posted by leeelmer

First off Insurance companies suck.
They are not out there to help you in anyway.
My wife hit a deer this spring with her car.
Write off.
Offer was $2800.00
Told them no way, there was not a single comparable even close.
They did not care.
Black book was $6000.00, they told me they go by black book minus depreciation. I emailed them lots of comparables.
They did not care.
Was told to take the $2800 or go to court.

Trouble is too many people treat insurance like a lottery. Trust is lost after hearing for the 9000th time that the Strativarius and Monet were in the trunk of the '92 Corolla, plus all their worldly belongings because they were moving it to a safer location than the trailer park.

The companies get tired of this so they become more ruthless by hiring no-nonsense adjusters and appraisers.

All you can do is go through your insurance, find the line stating maximum cash payout for value insured, or guaranteed replacement value and show them. Remind them that you have been paying their premiums for years without fail, and the reason for that is 'in the case of loss'.

If that doesn't work, get ahold of me. I have dealt with these many times.

[liar]

"Trouble is too many people treat insurance like a lottery. "

isnt that the truth . people i know have bragged about their 2 cd colection growing to 100 cds when their cars get broken into etc etc . and then make the most noise when all our rates go up .