Negotiating with insurance company

[Buff]

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

[150class]

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...

[BTLowry]

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

[LWC]

Didn't know there was a $100K dodge

[Pineywoods]

Originally Posted by LWC

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.

[RifleBowPistol]

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.

[EliteDriver]

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....

[Buff]

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

[dclifton]

Originally Posted by Buff

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.

[Txhunter3000]

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.

[EliteDriver]

Originally Posted by Buff

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?

[C-dubyah]

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.

[Pstraw]

Sent you a PM and don't sign anything.

[Burnadell]

Rod Buvens may be of help.

[Shane]

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.

[COACH_EM_UP]

.

[Hammerdown]

Sounds like a typical insurance company doing what typical insurance companies do!

[GarGuy]

ACV insurance is the policy. If it depreciated 50g I promise they would not care what you paid for it.

[SCHC]

Sorry to hear about that, hate a thief !

Originally Posted by Buff

They talked like they would not pay more than I gave for it.

Unless there is wording in the policy to reflect that - they owe you what the fair market value is.

I know this is water under the bridge at this point, if you have an expensive vehicle it is best to get an agreed value policy.

[r_u_sharp_2]

When I totalled my Tundra, I got fair market malue of a truck in similar condition. Meaning they pulled recent sales records and gave me a little above the average

Anything beyond stock, I would have needed to submit details to get more than the FMV.

Matt

Sent from my SM-G998U using Tapatalk

[gingib]

Not sure I would leave something that expensive at the airport. Well heck I wouldn't own one lol

Sucks!!! I don't see how insurance can win and beat you in this situation

They have the VIN, they should have all they need

[texanatrv]

better call Saul

[Drycreek3189]

Hate to hear that Marty, you may or may not have problems with the insurance company. If I were in your shoes, I’d have an attorney standing in the wings.

[WItoTX]

I wouldn't stress until you get the amount from them. Get your own comps, be ready to argue, but not much you can do until they send your amount.

How long ago was it stolen?

[BTLowry]

Surely there is video if it was at the airport

And if it is FMV then a sticker is no concern of theirs, unless it listed upgrades over whatever base features are on one. And then I would give them a copy of all but the prices

[Burnadell]

Originally Posted by BTLowry

Surely there is video if it was at the airport

And if it is FMV then a sticker is no concern of theirs, unless it listed upgrades over whatever base features are on one. And then I would give them a copy of all but the prices

I don't have my window stickers...just saying.

[BTLowry]

I don't either Randy but I have only ever bought 2 new vehicles

[Texas Grown]

I'm in a similar situation Marty. But at a lessor scale. Was told to have my comps ready to argue along with receipts. And an appraisal if necessary. And if it can't be "reasonably" worked out, then I was told to tell them I will see them in court.


Part of the negotiating Insurance team's duty is to pay the least they can on the companie's behalf. You can expect a lowball offer to start. Lots of people out there settle for the first offer not knowing any better when dealing with them the first time.

[smokeless]

My F-250 was stolen a few years ago. I had to fight tooth and nail to get what the truck was worth. They shot me a low offer of 8,000. The truck was worth 13+. I finally got 12,300 . Do your research and stick to your guns.

[M.E.B.]

All I know is that replacement cost insurance on $2300 Swarski binoculars was about $900.

[Texans42]

I’ve had two total loses both times the insurance company pulled up 8-10 local trucks for sale with like mileage and packages. Averaged them out and subtracted 1500, and wrote me a check.

I hope yours does the same

[cantexduck]

You should get replacement cost plus ttl. Don’t accept a low offer.

[be12hunt]

The sticker price of a 1967 Shelby super snake was less than $8,000. One sold for over $2,000,000 a few years ago. My argument would be that sticker price has no bearing on what fair market value is. You had a unique collectors edition vehicle and that should reflect in the price.

[Drop Tine]

Dang it, Marty! I know you enjoyed that truck, and it was bad as$. Looks like some solid advice above I’m sure that will all get worked out. Maybe a lucky break and they find the truck quickly.

[Wall_Hanger]

Out of curiosity, who is your carrier?

When you get into more expensive toys it sometimes pays to use companies like Chubb vs the big box guys. I’m sure there are others but Chubb is the only one I have experience with.

[Atfulldraw]

An appraiser is likely your best solution.

I’ll help you find a good one.

Billy Walkowiak at Collision Safety Consultants


https://collisionsafetyconsultants.u...OaEVytC6XEGLCQ

[erikm1981]

Just went through this with two vehicles. My insurance company Germania made it right their first offer for my wife’s car which was wrecked and our fault. The offer was exactly what the current market is for similar vehicles.

The other was my daughters challenger and wasn’t our fault. Their carrier Safeco insurance lowballed me and it took 30 days of back and forth and threatening action on my part to get them to pay a fair price. It was a headache.


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[DFA]

I have haggled with them before when my mom was rear ended and it totaled her car. I got some listings together and sent it to them. They made a lot better offer, and we went with it. So yes, you can haggle with them, but they will want something to go by, and it sounds like you have that. Don't accept a lowball

[Hoggslayer]

This is the way I've always looked a dealing with adjusters.

Adjuster makes the first lowball offer and the person accepts it. Adjuster goes into Bosses office and says, " I closed that case, the dumarse accepted our first offer." Boss says "Great, You save the agency $10K. Here is a $500 Bonus.

But, if you buck a little...

Adjuster makes the second offer, and the person accepts it. Adjuster goes into Bosses office and says, " I closed that case, the dumarse accepted the second offer." Boss says "Great, You save the agency $5K. Here is a $250 Bonus.

Buck a little more...

Adjuster makes the final offer that he is allowed to make without approval from the boss, and the person accepts it. Adjuster goes into Bosses office and says, " I finally closed that case, the guy was pretty tough." Boss says "Oh well, can't win them all, no bonus this time."

Keep bucking until you start getting in the Bosses pocket, then you might get a decent deal.

[bigjohntex]

I have been through this recently. My truck was totalled with only 34,000 miles on it by a driver with no insurance. What you paid for it has nothing to do with current market value. I received 40% more than I paid for that truck from my insurance! Document everything you added to your truck and the cost of any modifications after purchase. Also, it sounds like there are very few documented vehicles to compare your against. But, be prepared with all your documentation. There are actually companies that you can pay to fight for you to get "fair market value" for a loss.
Good luck and sorry they got your truck!

Sent from my SM-G973U1 using Tapatalk

[Atfulldraw]

Originally Posted by Atfulldraw

An appraiser is likely your best solution.

I’ll help you find a good one.

Billy Walkowiak at Collision Safety Consultants


https://collisionsafetyconsultants.u...OaEVytC6XEGLCQ

dug up his number

704-747-9337

[Buff]

Originally Posted by Atfulldraw

dug up his number

704-747-9337

thanks

[mooney_ag]

I’m still arguing with on the valuation of a vehicle when hit by their driver. The original adjuster and appraiser left options off the list and gave a condition notes of “good” condition. They changed the options when challenged but won’t seem to budge on the condition notes including refusing to clarify or adjust. Stating the rating criteria is proprietary. One of the option they said was cloth seats when car had leather so how can they stand by other statements. One clairification they did make before ending correspondence was on tire good condition that was considered good between 11/32 and 5/32 tread depth. The tires from the mfg come at 10/32. So how can a new tire just be in good condition. When noting comparable vehicles they take off $$ for a conditional adjustment from the comparison vehicles being rated better than good. So frustrating.

Any recommendations on legal steps or other. There last correspondence is they stand by their valuation or I can contact my insurance carrier.

[BTLowry]

Originally Posted by mooney_ag

I’m still arguing with on the valuation of a vehicle when hit by their driver. The original adjuster and appraiser left options off the list and gave a condition notes of “good” condition. They changed the options when challenged but won’t seem to budge on the condition notes including refusing to clarify or adjust. Stating the rating criteria is proprietary. One of the option they said was cloth seats when car had leather so how can they stand by other statements. One clairification they did make before ending correspondence was on tire good condition that was considered good between 11/32 and 5/32 tread depth. The tires from the mfg come at 10/32. So how can a new tire just be in good condition. When noting comparable vehicles they take off $$ for a conditional adjustment from the comparison vehicles being rated better than good. So frustrating.

Any recommendations on legal steps or other. There last correspondence is they stand by their valuation or I can contact my insurance carrier.

Lawyer up with what you have and add the cost of the lawyer to your claim?

name the company too so nobody uses them

[Paycheck]

Dang, what a mess. Good luck.

[tdwinklr]

I've had an insurance company send me a lowball payment in the form of a check without ever offering a verbal offer first. It wasn't enough to cover genuine parts replacement, about 1/2. I called them several times and demanded payment for genuine parts to be used in the repair but I guess since I had a check in hand, they totally ignored me.
What do you do in a case like that ???

[RR 314]

Originally Posted by tdwinklr

I've had an insurance company send me a lowball payment in the form of a check without ever offering a verbal offer first. It wasn't enough to cover genuine parts replacement, about 1/2. I called them several times and demanded payment for genuine parts to be used in the repair but I guess since I had a check in hand, they totally ignored me.
What do you do in a case like that ???

Trace your hand with middle finger extended and write VOID on check and mail it back to them. That usually gets their attention. :-)

[TeamAmerica]

Originally Posted by texanatrv

better call Saul

Better Call Slew!

[Burnadell]

Originally Posted by rr 314

trace your hand with middle finger extended and write void on check and mail it back to them. That usually gets their attention. :-)

Best Idea Ever!

[mooney_ag]

Originally Posted by BTLowry

Lawyer up with what you have and add the cost of the lawyer to your claim?

name the company too so nobody uses them

Absolutely, just asking for a recommendation for one in the DFW area.

Not real sure where the issue is held up or most to blame. Caliber Collision did the estimate and the appraisal notes are on there letter head referencing an adjuster and an appraiser. That's where the errors started. The appraiser is the "case manager" as her name appears on the communications from USAA. They've done next to nothing and keep repeating the same phrases. And to top that off they use CCC Intelligent Solutions as a database to rate and compare vehicles across the US. Crap in, crap out I say....