Question about auto insurance

[Bugeater]

Last night my son got into a car accident, and while thankfully no one was hurt, I am fairly certain his car is going to be totaled. He is at fault, but he did have collision insurance, and an adjuster is supposed to contact him tomorrow. We know he's going to lowball him, but we're trying to figure out what a reasonable settlement for the car should be.

His car is was a 2010 Kia Forte Koup (they spelled it with a "K" because it's kool) EX, and I looked it up on nada.com, and they give an "average trade in" value of $6,725, a "clean trade in" value of $7,500, and a "clean retail" value of $9850. Nowhere does it say what a "omg I totaled my car what should the insurance company give me" value.

Also, when someone else is at fault you can get the sales tax value from the other driver's insurance company, but is it reasonable to expect it from your own when you're at fault?

I don't have much experience with wrecking cars so any input would be appreciated.

[eDave]

The problem is that nobody knows. What "I" know is that son at fault=he is getting hosed. For a long time.

[zonachief]

I would look at bluebook, edmunds and every site you can to look up the value. Be honest when the websites ask you the car condition. When they offer you a settlement, in most cases you have the right to accept or counter offer. If you counteroffer, thats when you need your ammo. Which insurance are you with?

[CoMoChief]

state farm goes off of nada value

[007]

kind of surprised it wasn't shared fault. Technically both cars were trying to beat the red light while it was yellow.

[Bwana]

Go to auto trader and see what similar cars are going for in your region so when he tires to low ball you, you have that information. http://www.autotrader.com/

[Bugeater]

state farm goes off of nada value
Which value? Trade in? Retail?

[Bugeater]

kind of surprised it wasn't shared fault. Technically both cars were trying to beat the red light while it was yellow.He was turning left so he loses. End of story.

[Bugeater]

Go to auto trader and see what similar cars are going for in your region so when he tires to low ball you, you have that information. http://www.autotrader.com/
Did that and checked Craigslist as well, I can't find another one for less than $10k.

[Saul Good]

I wouldn't be so worried about getting low-balled just yet. Often times, it costs more for them to have to haggle over a few hundred bucks than it does to simply pay up. They will base it off the retail price of the car because they owe the price to replace it.

They're also going to offer you the opportunity to purchase the vehicle back from them at the salvage price. Depending on the amount and type of damage, this can be a great deal for you. If it's driveable, you can probably sell it for more than the salvage value. I had my grandmother buy hers back for $400, and she sold it to a college kid for $2,000 who was thrilled to find a perfectly working car for that price even though the back passenger door was smashed up.


I'm actually going to take my wife's car in for an estimate today because some chick backed into her.

[Bugeater]

It's not drivable

[Pablo]

Just needs a little duct tape here and there.

[BlackHelicopters]

A ten cent washer and a couple turns of the screwdriver should fix that up.

[Bwana]

It's not drivable

Yeah I don't think that's going to buff out.

[Dartgod]

Yeah I don't think that's going to buff out.

Pffft...

My old man is a television repairman, he's got this ultimate set of tools. I can fix it.

[kepp]

I totaled my vehicle about a year ago and went through this. As others have said, get all the information you can on the cost of comparable cars...get as close to you can to the same equipment packages and mileage.

Second, don't accept their first estimate. The low-balled me by almost $3k at first. I had to go over the equipment/feature packages LINE-BY-LINE with them and made sure they recalculated. I got a lot of, "Oh, it has that? I didn't know that was available" b.s.

In the end, I ended up paying $50 out of pocket.

[Msmith]

I am glad that your son is not hurt.

[Dayze]

Thatll buff out


Damnit Bwana beat me to it.

[Saul Good]

I totaled my vehicle about a year ago and went through this. As others have said, get all the information you can on the cost of comparable cars...get as close to you can to the same equipment packages and mileage.

Second, don't accept their first estimate. The low-balled me by almost $3k at first. I had to go over the equipment/feature packages LINE-BY-LINE with them and made sure they recalculated. I got a lot of, "Oh, it has that? I didn't know that was available" b.s.

In the end, I ended up paying $50 out of pocket.

You should be able to get all of that info simply by running a Carfax report. Wouldn't be a bad idea to have one handy, as those can give you some information regarding the pre-accident condition of the car as well.

[Bwana]

Pffft...

My old man is a television repairman, he's got this ultimate set of tools. I can fix it.

Ok that's rep. LMAO


http://www.blogsmithcdn.com/avatar/images/11/1206727_50.jpg (http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http%3A%2F%2Fjeggerreport.blogspot.com%2F2012_03_01_archive.html&ei=GLeKVamzDoSDNoi7gfAG&bvm=bv.96339352,d.eXY&psig=AFQjCNHrHPSCN0rDiPVUbwMpIRRhY6Fl4A&ust=1435240580143514)

[CoMoChief]

Which value? Trade in? Retail?

retail

[Bugeater]

I totaled my vehicle about a year ago and went through this. As others have said, get all the information you can on the cost of comparable cars...get as close to you can to the same equipment packages and mileage.

Second, don't accept their first estimate. The low-balled me by almost $3k at first. I had to go over the equipment/feature packages LINE-BY-LINE with them and made sure they recalculated. I got a lot of, "Oh, it has that? I didn't know that was available" b.s.

In the end, I ended up paying $50 out of pocket.
Did you get a sales tax allowance?

[Buehler445]

Glad your son is OK.

[scho63]

Glad to hear your son and the others are OK.

Did he have GAP insurance with his lender or was the car already paid for? GAP insurance can cover the difference between what he owes and what the adjuster gives.

[Bugeater]

Glad to hear your son and the others are OK.

Did he have GAP insurance with his lender or was the car already paid for? GAP insurance can cover the difference between what he owes and what the adjuster gives.
It's my understanding that the car is paid for, although I'm not really sure how he managed to pay it off in only a year. He did save for a long time and put a lot down on it, and I think his girlfriend may have paid for part of it. Whatever deal with the devil he made to get to that point is his business, but there's not going to be an issue with him being upside-down on it.

My only concern is the adjuster working him over because he's young and dumb. This is going to be an expensive enough of a lesson for him as it is.

[Trivers]

More important, is that he is OK.

Cars can be replaced.

Bet he learned a lesson.

[Demonpenz]

I never met an adjuster that wanted to low ball anyone they just want to go timely and smoothly and pay what they owe.

[Bugeater]

I never met an adjuster that wanted to low ball anyone they just want to go timely and smoothly and pay what they owe.
ROFL

[kepp]

Did you get a sales tax allowance?

The DMV in Missouri counted the totaled cost as the trade in cost. So I only paid sales tax on the difference. I was told that it wasn't that way in Kansas...but I don't know that for sure. Research what the policy is for your state.