Posted: 1/7/2009 11:15:43 AM EDT
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I just totaled my car and my insurance company (Farmers) made an offer of 15.8k for my 350z. I would like to get more money out of the claim as I believe the car was worth more than they are offering. Anybody have experience with this and how the process works?
A buddy told me that its state law they must reach an agreement with you within 30 days, although I'm not sure how true that is. Here's a pic of the car  I miss her already.
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Start by collecting information about what a car of similar make and model is worth. If you have any dealer friends have them get on Manheim and pull your car's value based upon the VIN. You may be able to get someone to write an appraisal of the car's pre collision value.
Information is the key. |
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The only way I can see this working out in your favor is if you can prove that it is worth more than they are offering. How much are comparable 350z cars in the same condition/mileage as yours? If they are selling for $20k, and that's the market value, I would imagine you could make a pretty good case for getting $20k out of the deal.
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I went through this last summer. You get on the net and find ads for cars like yours and the prices they are bringing. Check Ebay, Cars.com etc. I think I printed off twenty five ads for similar cars to mine. My agent (Farmers) even told me not to take the first offer because they are hoping your a sucker and will take it.
The other insurance co. that was paying me had some major fuckups(both mistakes and personel) and things dragged on for over two months. I threatened them with the state insurance board and hints of an attorney. They wanted to bring it to a fast closure after that. I ended up getting $1500.00 more than I expected. |
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Get the to give you the highest value they can (minus repair costs) and KEEP the car.
Put it on Ebay or some other place as a salvage vehicle. You'll end-up with more in your pocket than it was actually worth. As far as replacement cost, you need to find at least 3 vehicles similar to yours that cost more than the total the insurance company is offering. However, when my motorcycle was totalled (with me on it ), I found that the insurance company (mine, not the at-fault) was quite respectable in their offer.
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I was able to squeeze an additional $1200 out of a settlement with Allstate on an accident but I had to submit a detailed letter and supporting paperwork.
I had the original build sheet (showing mid-year options not factored into Blue Book value) and purchase bill of sale showing actual price of car as delivered. Full maintenance logs to support my contention that the car was in excellent shape despite the high mileage. Receipts for the stereo system and recent maintenance ($600 worth of rubber). Recent photos of the car showing exterior condition. When it was all done, I felt like I got a fair settlement on a 16 yo car with 275,000 miles on it. 
(you can clearly see the new tires) |
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Quoted:
Get the to give you the highest value they can (minus repair costs) and KEEP the car. Put it on Ebay or some other place as a salvage vehicle. You'll end-up with more in your pocket than it was actually worth. As far as replacement cost, you need to find at least 3 vehicles similar to yours that cost more than the total the insurance company is offering. However, when my motorcycle was totalled (with me on it ), I found that the insurance company (mine, not the at-fault) was quite respectable in their offer.Repair costs are actually more or equal to the car's value, the car has pretty bad frame damage that really is not repairable. |