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    Negotiating with insurance company

    Someone stole my 2021 TRX Launch edition from the DFW airport. They are supposed to tell me tomorrow what they intend to pay me for it.
    From my conversation with them I expect it to be a low ball offer.

    I bought the truck new for $100,000.00 plus TT&L but in this crazy woirld a used one costs way more than that today.

    Dodge only made 700 of these trucks and the only 3 I can find for sale in texas range from $127,000 to over $150,000

    It was not a normal TRX

    How is the best way to deal with the insurance company?
    The lady I talked to said that my policy was not replacement cost but fair market value. What is the difference?

    I am 100% sure if the truck had went down in value they would only give me enough to buy one like it and not what I paid for it.

    Thanks
    Buff

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    #2
    Sorry to hear about your truck sir and I've been curious how insurance companies have paying out stolen or total vehicles now that many cars and trucks are appraising 10-25% have what they normally have been for years. Obviously they should be paying the market value but I bet there is some massive push back since its the opposite direction now a days...

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      #3
      I would put together the listings you have and be ready to submit a counter if they low ball you.

      BTW hope the thieves get some Karma

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        #4
        Didn't know there was a $100K dodge

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          #5
          Originally posted by LWC View Post
          Didn't know there was a $100K dodge
          Yep I know. My sister bought one of the first ones that came out for $110k! It only takes premium and is getting 11-12mpg so she is complaining right now lol.

          OP, hope they treat you right so you can replace your truck. Thieves suck.

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            #6
            If fair market value is $130,000, then take the $130,000. You made money on the deal. When they search for those trucks, and find they range from $127,000, to $150,000, that’s what they are supposed to pay.

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              #7
              Fair market value is what comparable vehicles (mileage, condition, extras etc) are selling for. Sounds like you've done your homework already and have some comparable vehicle to show them if they come in low.

              I wouldn't get too worked up until they give their offer....they may have found the same comparable vehicles....either way, if you show them what you've found, they don't have much of a leg to stand on if they are truly comparable....

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                #8
                They wanted me to send the window sticker and talked like they would not pay more than I gave for it.

                For the record..... that truck was silly fast

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                  #9
                  Originally posted by Buff View Post
                  They wanted me to send the window sticker and talked like they would not pay more than I gave for it.

                  For the record..... that truck was silly fast
                  What window sticker? Tell them pay up what you FAIR MARKET VALUE is like stated. You have plenty of proof it looks like. Raise He!! with them insurance companies are ridiculous.

                  What you paid for it is none of their business. You could have bought it from a buddy in a money bind for 75K still none of their business.

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                    #10
                    SIL just went through this with a totaled truck. They will have comps from your market area and you will need to get comps from your market area. It seemed like his market area was about a 50 mile radius according to the insurance company. Good luck.

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                      #11
                      Originally posted by Buff View Post
                      They wanted me to send the window sticker and talked like they would not pay more than I gave for it.

                      For the record..... that truck was silly fast
                      What you paid for the truck has absolutely nothing to do with the value of it now. For example, what if it was gifted to you or you won it? Maybe they wanted the window sticker for the options it had?

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                        #12
                        Any ideas how they were able to get your truck? Is there any video of it or anything like that?

                        Sorry to hear you are going through this. I'd take the advice that what you paid for it is none of their business. They are trying to find a reason to low ball you. Don't give it to them.

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                          #13
                          Sent you a PM and don't sign anything.

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                            #14
                            Rod Buvens may be of help.

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                              #15
                              Typically, replacement cost of a brand new vehicle is more than the actual cash value of a used vehicle. Your policy covers the actual cash value. If the ACV of that vehicle is now more than you paid for it, that doesn't matter. The actual cash value is still what it's worth.

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