2013 Prius Totalled, Insurance undervaluing it. HELP

Discussion in 'Gen 3 Prius Main Forum' started by Popsalopagus, Sep 10, 2014.

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  1. qdllc

    qdllc Senior Member

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    One might think, but there could be other factors negatively impacting the valuation.

    Mileage is a very poor indicator of value. A 3-year-old car with 100K miles on it is possibly in better condition than a 10-year-old car with only 20K on it. Stop-and-go or intermittent driving is harder on a vehicle than lots of long highway miles. It might look better on the outside but falling apart on the inside...and that's not even touching the question of how well it's been cared for.

    The problem with KBB is that all they are doing is producing a book of AVERAGES. It's good as a starting point, but not for definitive value setting.
     
    #21 qdllc, Sep 13, 2014
  2. Popsalopagus

    Popsalopagus New Member

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    I received a follow up call form the adjuster today (nearly a week after the first offer). The adjuster said he tried everything he could, but he couldn't get the third party valuation service to run comparable vehicles. So the 16,400 is his best offer and he can't do anything more.

    I thanked him for his time and asked for his supervisor's number, and explained that I have no problem with how the car was evaluated but I continue to disagree with the comps he was comparing my vehicle to. Before I called the supervisor, I want to verify ALL of the comp's sell prices. I called one dealer, where 8 of the comps were "visually inspected" on July 24, 2014, and I learned that all 8 vehicles where sold at auction 5 months before my accident. There is no way these vehicles could have been "visually inspected" in July as they are now sold throughout the SouthWest (I verified using the Vin number Geico supplied in the valuation report). Also, the starting values for all the vehicles were AUCTION prices, not retail or replacement prices.

    According to Utah State Administration code, Insurance companies have to use retail sale prices and vehicles have to be appraised and inspected with in 90 days of the valuation. Instead of calling the supervisor, I called the Utah Insurance Department (Property Claim Division) to file a complaint. They only have a recording, where they take your information and then they call you back. I anticipate the crap is really going to hit the fan tomorrow when they cal me back.

    FYI, for any one interested, I asked for two separate dealerships to give me a price quote for a 2013 Prius with 37K miles. The Low offer was 19,500, and the High offer was 21,000.
     
    #22 Popsalopagus, Sep 15, 2014
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  3. Popsalopagus

    Popsalopagus New Member

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    Thanks for the help, I used the number today, I'll keep you posted.
     
    #23 Popsalopagus, Sep 15, 2014
  4. bisco

    bisco cookie crumbler

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    they won't give you the dealership price unless you have replacement cost coverage.
     
    #24 bisco, Sep 15, 2014
  5. SageBrush

    SageBrush Senior Member

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    NO, not trade-in value. Market replacement value.

    The proper way to go about this is to find comparable cars for sale at used car dealerships where the OP lives. Too bad petrol prices are low at the moment.
     
    #25 SageBrush, Sep 15, 2014
  6. ftl

    ftl Explicator

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    #26 ftl, Sep 15, 2014
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  7. qdllc

    qdllc Senior Member

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    FWIW, I'm pretty sure insurance adjusters get a bonus for how well they lowball settlement claims. They are financially incentivized to NOT give a fair deal when claims come in.

    Years ago we had an insurance carrier with whom we held a policy do this to us (fight like crazy to pay for anything) when the other guy (at fault) caused the accident. Needless to say we thought twice about keeping our existing policy with that company.
     
    #27 qdllc, Sep 16, 2014
  8. zebekias

    zebekias Member

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    It helps when you have EVERYTHING (house, cars, personal liability) with the same company. Plus you can pay for +1 year coverage; if my 2014 GTR is totaled, they will get me a 2015 GTR. That's with liberty mutual, other companies have similar coverages at the top end.

    At that point, there is no room to jerk you around.
     
    #28 zebekias, Sep 16, 2014
  9. MarcSmith

    MarcSmith Active Member

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    fwiw in may my 2010 prius iv was totaled by a tree falling on it. it had 50K miles and I got 19,200 for it...from USAA

    I smell a low ball...

    the company that did the valuation was CC-ONE I think...

    the market up here for the prius is much better... more comps and higher values

    is this your insurance company giving you these values or the truck drivers?

    Was the driver cited? was his log book up to date... is your back getting sore??? not sure if getting a lawyer involved will really net you any substantial benefits... market value is close...
     
    #29 MarcSmith, Sep 16, 2014
  10. Popsalopagus

    Popsalopagus New Member

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    UPDATE: What a long terrible ordeal, but the GOOD NEWS is, I WON!!
    The short version: GEICO low balled me. I involved the state insurance division, a lawyer, and an independent auto appraiser. We got thousands more than their original offer, and now an adjuster and Inspector for CCC One no longer have their jobs.
     
    #30 Popsalopagus, Nov 10, 2014
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  11. bisco

    bisco cookie crumbler

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    way to go!!! (y)i love happy endings, i always knew the gecko was a fraud.:mad:
     
    #31 bisco, Nov 10, 2014
  12. SageBrush

    SageBrush Senior Member

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    ROFL !!!

    I love your sense of humor
     
    #32 SageBrush, Nov 10, 2014
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  13. bisco

    bisco cookie crumbler

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    that puts you in a class by yourself.:cool: okay, and maybe my wife.
     
    #33 bisco, Nov 10, 2014
  14. MarcSmith

    MarcSmith Active Member

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    so the question, what did you get, where you reimbursed for the lawyer..

    An insurance company's job is to charge you as much as possible for coverage, and pay out as little as possible. Its what they do...
     
    #34 MarcSmith, Nov 10, 2014
  15. retired4999

    retired4999 Prius driver since 2005

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    And?
     
    #35 retired4999, Nov 10, 2014
  16. Munpot42

    Munpot42 Senior Member

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    The rules have probably changed, but when I had a car stolen years ago and I could not agree on a price with the adjuster my final line was: "Ok, now lets go shopping and see what we can find." Two days later I got my price.
     
    #36 Munpot42, Nov 11, 2014
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