1. Attachments are working again! Check out this thread for more details and to report any other bugs.

Advice on whether I got a good offer from insurance?

Discussion in 'Gen 3 Prius Main Forum' started by a-dogg, Nov 10, 2015.

  1. a-dogg

    a-dogg Junior Member

    Joined:
    Dec 12, 2010
    31
    2
    0
    Location:
    Los Angeles
    Vehicle:
    2011 Prius
    Model:
    Four
    I live in LA and my 2011 Prius IV, ~40k miles, with nav and solar sunroof package, was totaled about a month ago. Insurance is offering me $20831. Does this sound reasonable?

    I'm trying to research similar cars, but a 2011 Prius with that trim and packages is really hard to find. I'd love to talk insurance up a bit, but I'm wondering if it's even worth it, since I've been having no luck finding a similar car online. The only ones I've found are:

    I'd love any advice anyone can offer!
     
  2. Silvertn350

    Silvertn350 Junior Member

    Joined:
    Sep 21, 2015
    64
    51
    0
    Location:
    Tennessee
    Vehicle:
    2013 Prius
    Model:
    Two
    Honestly , I think it sounds like a great number for a 2011. I totaled a car once and was given very close to the KBB used car purchased at a dealership price. I looked up your car and it gave me a range of $15,992- 19,227 with a typical of $18,710 . I think I would be happy with that offer but you can definitely negotiate with them which a lot of people don't bother to do.
     
  3. a-dogg

    a-dogg Junior Member

    Joined:
    Dec 12, 2010
    31
    2
    0
    Location:
    Los Angeles
    Vehicle:
    2011 Prius
    Model:
    Four
    Yeah, either way I plan to negotiate. :) But that offer seemed legit to me, too. I just didn't wanna get all starry-eyed and jump on it if it turned out to not be as wondrous as I first thought it was...

    Thank you!
     
    Silvertn350 likes this.
  4. mrbigh

    mrbigh Prius Absolutum Dominium

    Joined:
    Sep 6, 2005
    3,686
    699
    2
    Location:
    Long Island, NY
    Vehicle:
    Other Electric Vehicle
    Grab the 20K, put it as a down payment for a brand new 2015 and finance the balance for a very low, low, low monthly payment of probably $75.00 a month at 3 years. You can't go wrong
     
  5. JC91006

    JC91006 Senior Member

    Joined:
    Nov 10, 2013
    16,464
    8,377
    0
    Location:
    Los Angeles, CA
    Vehicle:
    2008 Prius
    Model:
    II
    $20831 is enough for a brand new 2015 prius 2 or possibly 3. Hurry before they change their mind
     
  6. a-dogg

    a-dogg Junior Member

    Joined:
    Dec 12, 2010
    31
    2
    0
    Location:
    Los Angeles
    Vehicle:
    2011 Prius
    Model:
    Four
    I'm actually not sure what car I'm going to buy yet, though I do know if will be used. I'm not looking to finance. JC91106 and mrbigh, sound like you both think what insurance offered is reasonable. :)
     
  7. JC91006

    JC91006 Senior Member

    Joined:
    Nov 10, 2013
    16,464
    8,377
    0
    Location:
    Los Angeles, CA
    Vehicle:
    2008 Prius
    Model:
    II
    There's a member here in Simi Valley selling a 2012 Prius plug in ADVANCED model for $20k with 37k miles on it.

    Surely your car is not worth as much as that car, and he's "asking" for less than what you're getting as a pay out for a 2011 with 40k miles.
     
  8. Silvertn350

    Silvertn350 Junior Member

    Joined:
    Sep 21, 2015
    64
    51
    0
    Location:
    Tennessee
    Vehicle:
    2013 Prius
    Model:
    Two
    What insurance company do you use? That number is making me want to switch lol.
     
  9. a-dogg

    a-dogg Junior Member

    Joined:
    Dec 12, 2010
    31
    2
    0
    Location:
    Los Angeles
    Vehicle:
    2011 Prius
    Model:
    Four
    I was actually driving for Uber at the time. It was my first day, my 4th ride! I got rear-ended at a red light and pushed into a Porsche SUV. The Porsche had a scuffed bumper. My car was an accordion. My insurance (Geico) wouldn't participate in the claim, since I was ridesharing at the time. And unfortunately, the driver who hit me was driving a rental car, whose company only has the CA minimum of $5,000 coverage. But Uber's insurance, James River, has been legit.
     
  10. mrbigh

    mrbigh Prius Absolutum Dominium

    Joined:
    Sep 6, 2005
    3,686
    699
    2
    Location:
    Long Island, NY
    Vehicle:
    Other Electric Vehicle
    It could be as the Steve Miller Band song: " Get the money and run......"
     
    #10 mrbigh, Nov 10, 2015
    Last edited: Nov 10, 2015
  11. a-dogg

    a-dogg Junior Member

    Joined:
    Dec 12, 2010
    31
    2
    0
    Location:
    Los Angeles
    Vehicle:
    2011 Prius
    Model:
    Four
    JC91006: you're totally right. Sounds like I have a great offer. I'll still try to negotiate them up a bit, but that's just the arguer in me. :-P
     
  12. VovCA

    VovCA Member

    Joined:
    Sep 10, 2015
    119
    33
    0
    Location:
    San Jose
    Vehicle:
    2013 Prius
    Model:
    Two
    I think it is a very fair price, this year prices for Prius are down. Good luck, don't leave Prius!:)
     
  13. 48mpg

    48mpg Member

    Joined:
    Nov 5, 2015
    193
    46
    0
    Location:
    florida
    Vehicle:
    2005 Prius
    Model:
    I
    take the money before Uber changes their mind, I always knew the insurance companies would void the polices if ridesharing was involved..hope your passenger dose not sue you.
     
  14. lrisius

    lrisius Member

    Joined:
    Aug 23, 2015
    120
    56
    0
    Location:
    Illinois
    Vehicle:
    2015 Prius v wagon
    Model:
    Three
    Is that offer for the car only or does it include allowances for sales tax, title fees and licensing? Generally, when a car is totaled, the insurance company gives you the value of the car and also additional amounts for sales tax and the other fees. That is essentially what is needed to make you whole since you will pay those taxes and fees when you replace the car. Where I live, we have about a 6% sales tax so the taxes and fees on a $20k car would run about $1400-1500 here. Your numbers will vary based on where you live. So realize that if that number includes taxes and fees, you are actually getting paid quite a bit less for the car than the raw number would indicate.
     
    Redpoint5 likes this.
  15. Redpoint5

    Redpoint5 Senior Member

    Joined:
    Aug 31, 2013
    1,024
    506
    0
    Location:
    Portland, OR
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    I don't see how Uber is left on the hook for this one considering the fault is clearly with the person who rear-ended you. Why isn't their insurance picking up the tab?

    Anyhow, as the excellent post above points out, you have to factor in all expenses, not just the expense of the vehicle. Try to find comps, then add up taxes, title, and registration fees to arrive at a fair compensation.

    I once argued with insurance for 3 months before they finally agreed to pay a reasonable amount for my vehicle. They offered $1,000, and I told them I would accept no less than $2,500 and gave them loads of comps as evidence.
     
  16. yeldogt

    yeldogt Active Member

    Joined:
    Jan 20, 2012
    810
    313
    0
    Location:
    NE
    Vehicle:
    2011 Prius
    Model:
    Five
    I don't remember how CA does the valuation -- Many states now have it built into the insurance law. It's a blended number and most now farm it out to a valuation company. There is no wiggle room .. in all honesty they are incredibly accurate.

    The protection is to pay a bit more and get agreed value -- you can normally get 1/3 more valuation upfront. Only the better companies write this insurance. It particularly important with low mile older luxury vehicles -- My company writes the policies so I have it on them all.