Re: Might lose my Ty, wrecked!
Hope this helps. The 70% is a guideline. I'll explain how they can do real math to the penny and maybe prevent a T/L.
A salvage value needs to be determined. Not a guess but a real bid. Two ways to do it. Call local salvage yards, explain the vehicle in its present condition and ask what they will pay for it. The local salvage yard that the insurance company uses can provide a bid as well. They may have a software program to provide an average selling price based on vehicle value (preloss), amount of damage and area of damage (front). Copart has a program called ProQuote. I have access to their system and can run your numbers if you want me to. Bottom line is you need an actual quote not a 30% guess.
Second you will need to see what the company values the vehicle at. Now the math and I will use easy numbers for discussion.
A vehicle valued at $10K will become a t/l at $7K in damages based on the 30% theory. The company feels that the vehicle will bring back 30% of the value ($3k) at the salvage auction so they would net out $7k after paying on the total loss. They have the right (per your policy terms) to "pay the lesser of" repair or replacement and they base their replacement on an Actual Cash Value. It is unlikely that your vehicle will bring 30% in salvage so using the aforementioned numbers let's say the bids come in at 15% so the salvage value is $1500. Now the vehicle does not become a total loss until $8500. Basically, ACV less Salvage ='s the total loss threshold. You need a positive ACV from the company and an accurate salvage value for the appraiser to do his math. You can work him from there. Make sure both numbers are accurate. You can ask to see the printout of the ACV and ask where they obtained the salvage value. I can review the ACV for you if you wish.
You can obtain the numbers from the company and do your own math and speak to the appraiser if he says it is a t/l and your numbers are different. You may also be able to negotiate with the appraiser and ask him to write an estimate just under the t/l threshold (if it is in fact a legit t/l), send it thru as a repair and tell him you nor a body shop will ever call him seeking any additional monies for damages. He will have to stick his neck out for you on that one so be nice to him. He is going to have to put his ultimate trust into you on that one.
Depending on how it goes, remember I mentioned an appraiser may not want to get involved and will inflate an estimate just to justify the total loss and move on. If this is your case, you would need to get a body shop estimate for something less than the t/l threshold and have the shop call the adjuster and say the appraisers estimate is wrong, too high and the vehicle can be fixed for less. Hopefully you don't have to go this route but keep it in mind.
Lastly, if the company runs an evaluation to determine an ACV, some of the companies that provide this product to the insurance company ask if the vehicle is a total loss when you provide the vehicle info or they just assume it is. They send their info to the Carfax data base. You may be able to negotiate a repair value on the truck, avoid having the title stamped SALVAGE but Carfax will still show a total loss. Make sure the company advises the evaluation company that the vehicle is not a total if that is what the final outcome is. Good luck.
Hope this helps. The 70% is a guideline. I'll explain how they can do real math to the penny and maybe prevent a T/L.
A salvage value needs to be determined. Not a guess but a real bid. Two ways to do it. Call local salvage yards, explain the vehicle in its present condition and ask what they will pay for it. The local salvage yard that the insurance company uses can provide a bid as well. They may have a software program to provide an average selling price based on vehicle value (preloss), amount of damage and area of damage (front). Copart has a program called ProQuote. I have access to their system and can run your numbers if you want me to. Bottom line is you need an actual quote not a 30% guess.
Second you will need to see what the company values the vehicle at. Now the math and I will use easy numbers for discussion.
A vehicle valued at $10K will become a t/l at $7K in damages based on the 30% theory. The company feels that the vehicle will bring back 30% of the value ($3k) at the salvage auction so they would net out $7k after paying on the total loss. They have the right (per your policy terms) to "pay the lesser of" repair or replacement and they base their replacement on an Actual Cash Value. It is unlikely that your vehicle will bring 30% in salvage so using the aforementioned numbers let's say the bids come in at 15% so the salvage value is $1500. Now the vehicle does not become a total loss until $8500. Basically, ACV less Salvage ='s the total loss threshold. You need a positive ACV from the company and an accurate salvage value for the appraiser to do his math. You can work him from there. Make sure both numbers are accurate. You can ask to see the printout of the ACV and ask where they obtained the salvage value. I can review the ACV for you if you wish.
You can obtain the numbers from the company and do your own math and speak to the appraiser if he says it is a t/l and your numbers are different. You may also be able to negotiate with the appraiser and ask him to write an estimate just under the t/l threshold (if it is in fact a legit t/l), send it thru as a repair and tell him you nor a body shop will ever call him seeking any additional monies for damages. He will have to stick his neck out for you on that one so be nice to him. He is going to have to put his ultimate trust into you on that one.
Depending on how it goes, remember I mentioned an appraiser may not want to get involved and will inflate an estimate just to justify the total loss and move on. If this is your case, you would need to get a body shop estimate for something less than the t/l threshold and have the shop call the adjuster and say the appraisers estimate is wrong, too high and the vehicle can be fixed for less. Hopefully you don't have to go this route but keep it in mind.
Lastly, if the company runs an evaluation to determine an ACV, some of the companies that provide this product to the insurance company ask if the vehicle is a total loss when you provide the vehicle info or they just assume it is. They send their info to the Carfax data base. You may be able to negotiate a repair value on the truck, avoid having the title stamped SALVAGE but Carfax will still show a total loss. Make sure the company advises the evaluation company that the vehicle is not a total if that is what the final outcome is. Good luck.
