Automobile's "Actual Cash Value"

[bbsvr6vento]

What is the name of your state?What is the name of your state?CALIFORNIA

My vehicle was declared a total loss by the at fault party's insurance company. I am in disagreement with the insurance company regarding the acutal cash value of my vehicle. I had done significant improvements some being custom body work which would have significantly increase its value. I have accepted the hard fact that I'm never going to be reimbursed for all the improvements that were made to the vehicle and I have to just take it as a lost but I feel thatvalue determined by the insurance company is way below the current market price.. I have been searching for 2 months within a 100 miles radius for a comparable vehicle and there's none available that's comparable within that price range. I'd like to know where the insurance company is finding these so-called comparable vehicles b/c there are not located in "my local market". Do I have a right to request their source for determining the acutal cash value of my vehicle as well as the the specific vehicles that were used and to identify specific locations that's included in the local market area?

 

[brad04]

insurance company's will try to screw you over everytime.... ide talk to a lawyar if u feel its an unfair amount.. show them proof of all the mods. the insurance company's idea is to save money so they will disvalue stuff just to pay you less.... it happens all the time.

 

[JETX]

Do I have a right to request their source for determining the acutal cash value of my vehicle as well as the the specific vehicles that were used and to identify specific locations that's included in the local market area?

Yep. You also have the 'right' to refuse their settlement offer and sue the at-fault party for what you feel is "FAIR market value" (not ACTUAL)!!
You will need LOTS of proof to establish your value. This would include price guides (NADA, Kelly Blue Book, Edmunds, etc.), plus receipts for any work you feel enhances the value over those 'normal' values.

One thing you should consider.... most cosmetic enhancements add little, if any, real value to the car.

So, what are we talking about here??? Make/Model? Value offered? Your 'value'? And why the difference??

 

[LK.]

Many "custom" enhancements actually decrease the actual cash value of the car. The vast majority of car buyers prefer a used car that was kept in factory condition...and not one that was altered to someone else's personal taste.

 

[bbsvr6vento]

Automobiles's "Actual Cash Value"

Yep. You also have the 'right' to refuse their settlement offer and sue the at-fault party for what you feel is "FAIR market value" (not ACTUAL)!!
You will need LOTS of proof to establish your value. This would include price guides (NADA, Kelly Blue Book, Edmunds, etc.), plus receipts for any work you feel enhances the value over those 'normal' values.

One thing you should consider.... most cosmetic enhancements add little, if any, real value to the car.

So, what are we talking about here??? Make/Model? Value offered? Your 'value'? And why the difference??

I sent the insurance copies of ALL receipts for work done that enhances the value. I went as far as to itemized and submit photographs of the vehicle BEFORE the accident to show the condition and pictures AT the accident scene showing the destruction their insurer caused.

Cosmetic enhancements done is tasteful and subtle. Nothing warranting a trophy for "Heinous Vehicle of the Year".

I sent a the settlement check back along w/ a letter stating that I am rejecting their offer b/c 1) deduction for salvage & 2) felt that the value was not fair. I also included 3 auto classified publications highlighting all comparable vehicles (barely any) and valuations on my vehicle from several sources. The letter clearly states that I am rejecting the offer and request that the claim be re-opened. Prior to this letter I received 2 letters from the insurance saying that I have elected to retain my vehicle. This is not true. I wrote 2 letters stating I do NOT want the vehicle. The adjuster called and ask where I wanted the vehicle to be towed to. I informed her that I did not want the vehicle . Apparently she didn't hear a word I said b/c she then asked a second time. I just received another phone call from her saying that she received my letter of rejection and once again she asked where I wanted the vehicle. I repeated to her very slowly... I DO NOT WANT THE VEHICLE. She then tells me that their not a storage facility and that since I rejected their offer and that they are no longer handling my claim and as far as they are concerned it's closed. Can they do that??? I now want to write a letter to her superior b/c apparently I've been talking to a brick wall. Is that a good idea?

Thank you in advance for your input. It is greatly appreciated.

 

[JETX]

I just received another phone call from her saying that she received my letter of rejection and once again she asked where I wanted the vehicle. I repeated to her very slowly... I DO NOT WANT THE VEHICLE.

And you clearly NOT understanding. Your wanting the vehicle or not has nothing to do with this. Simply, until such time as they insurance company settles with you.... if at all, this is STILL YOUR VEHICLE!!! The insurance company is simply telling you that effect that date (or some specific date), they will no longer be liable for storage fees on YOUR vehicle. It is your obligation to pay them or to have YOUR vehicle moved to somewhere else.

She then tells me that their not a storage facility and that since I rejected their offer and that they are no longer handling my claim and as far as they are concerned it's closed. Can they do that???

Yep. The ball is now in YOUR court to do as you want. If they are truly through 'with the case', you need to consider your options. The best one is for you to consider taking legal action against the 'at fault' driver to try to recover what you feel is fair compensation for your damages. You will need to prove your damage amount to a court. And you WILL be facing an experienced attorney as the insurance company will provide one for their policy holder. Needless to say, if you want a 'fair chance' you need to also be talking with an attorney about representing YOUR case.

I now want to write a letter to her superior b/c apparently I've been talking to a brick wall. Is that a good idea?

You can write all the letters you want.... they will do little, if any, good. Simply, this is a game that THEY play all the time. And since THEY aren't out any money or inconvenience as you are, they can wait as long as needed.

Try your best to negotiate a REASONABLE settlement (are YOU being reasonable in your expectations???) and if you can't, your only option will be to file a lawsuit.

 

[bbsvr6vento]

And you clearly NOT understanding. Your wanting the vehicle or not has nothing to do with this. Simply, until such time as they insurance company settles with you.... if at all, this is STILL YOUR VEHICLE!!! The insurance company is simply telling you that effect that date (or some specific date), they will no longer be liable for storage fees on YOUR vehicle. It is your obligation to pay them or to have YOUR vehicle moved to somewhere else.

How am I suppose to settle when the settlement breakdown includes a salvage deduction? I think I AM clearly understanding. As stated in their letter to me...

"As you know, you have elected to retain your vehicle and the amount representing its salvage value has been deducted from the settlement outlined above. A copy of the salvage bid is enclosed for your reference."

So, it doesn't matter what I want because the insurance company has already made up my mind and informed me that I am keeping the vehicle?????

So, I should accept the offer with the deduction for salvage despite the fact that I have NOT elected to retain the vehicle and chalk up the $2k salvage deduction as a charitable donation to the insurance company???? I think not.

Try your best to negotiate a REASONABLE settlement (are YOU being reasonable in your expectations???) and if you can't, your only option will be to file a lawsuit.

Oh, don't get me wrong I would LOVE to settle this entire mess. YES, I am being REASONABLE in my expectations. The insurance ACV is way below the market. I'm not even looking to get back anything for the upgrades. I am asking for a FAIR ACV on a vehicle that's bone stock. It's not like I'm pulling figures out of thin air. I did the research and I even provided to the adjuster proof of vehicles that are the same year and model as mine and their current value. I don't think it's unreasonable that the deduction for salvage should be added back in.

 

[JETX]

How am I suppose to settle when the settlement breakdown includes a salvage deduction? I think I AM clearly understanding. As stated in their letter to me...

"As you know, you have elected to retain your vehicle and the amount representing its salvage value has been deducted from the settlement outlined above. A copy of the salvage bid is enclosed for your reference."

So, it doesn't matter what I want because the insurance company has already made up my mind and informed me that I am keeping the vehicle?????

Can you really be that 'dense'??
They didn't already make up their mind that you are keeping the vehicle.... you did when you rejected their offer. Let me try to explain this to you... you have the following options:
1) 'Sell' them the vehicle for the 'fair market value' of the vehicle. They keep the vehicle. There is NO deduction for salvage. They will then sell the vehicle to a salvage yard and pocket the 'proceeds'.
Example: You sell the vehicle to them for $6000. They pay you, you give them the free/clear title. They sell the vehicle for $600 to a salvage dealer.

2) 'Sell' them the vehicle for the 'fair market value' of the vehicle. You can then buy-back the vehicle for the 'salvage price' (that they would have gotten).
Example: You sell the vehicle to them for $5400. This is your $6000, less the $600 (deduction) they would have gotten for salvage. You get to keep the vehicle in its current condition with no further claim. You are responsible for ALL costs (storage fees, etc.) incurred from the time of payment as it is YOUR vehicle.

3) Refuse to sell them the vehicle due to failure to agree on 'fair market value'. The vehicle is still yours. You are responsible for ALL costs (storage, etc.) until such time as the court rules as to value.

So, I should accept the offer with the deduction for salvage despite the fact that I have NOT elected to retain the vehicle and chalk up the $2k salvage deduction as a charitable donation to the insurance company???? I think not.

Nope. You WRITE them a very nice letter, explaining that you accept their offered 'fair market value' of $XXXXXX (the full amount, without the deduction), but do NOT want to retain ownership of the vehicle.
Give them a reasonable amount of time (5 days?) to respond to your settlement offer.

 

[bbsvr6vento]

Can you really be that 'dense'??
They didn't already make up their mind that you are keeping the vehicle.... you did when you rejected their offer. Let me try to explain this to you... you have the following options:
1) 'Sell' them the vehicle for the 'fair market value' of the vehicle. They keep the vehicle. There is NO deduction for salvage. They will then sell the vehicle to a salvage yard and pocket the 'proceeds'.
Example: You sell the vehicle to them for $6000. They pay you, you give them the free/clear title. They sell the vehicle for $600 to a salvage dealer.

2) 'Sell' them the vehicle for the 'fair market value' of the vehicle. You can then buy-back the vehicle for the 'salvage price' (that they would have gotten).
Example: You sell the vehicle to them for $5400. This is your $6000, less the $600 (deduction) they would have gotten for salvage. You get to keep the vehicle in its current condition with no further claim. You are responsible for ALL costs (storage fees, etc.) incurred from the time of payment as it is YOUR vehicle.

3) Refuse to sell them the vehicle due to failure to agree on 'fair market value'. The vehicle is still yours. You are responsible for ALL costs (storage, etc.) until such time as the court rules as to value.


Nope. You WRITE them a very nice letter, explaining that you accept their offered 'fair market value' of $XXXXXX (the full amount, without the deduction), but do NOT want to retain ownership of the vehicle.
Give them a reasonable amount of time (5 days?) to respond to your settlement offer.

I'm sure I'm not the first to say that you are rude. I merely asked a simple question based on the information I had. I did not post in this forum b/c I was running low on insults for the day. I posted in this forum like many others looking for some clarification. On behalf of the others you have insulted in your many postings please accept our apologize for our low IQ. No one informed us that you are the benchmark to all mankind.

Sleepwalker University.... hmmm... must be a newly formed university...

I've decided to *leave* this forum and *learn* elsewhere.

 

[JETX]

I've decided to *leave* this forum and *learn* elsewhere.

AMF!!

 

[john123456]

I'm sure I'm not the first to say that you are rude. I merely asked a simple question based on the information I had. I did not post in this forum b/c I was running low on insults for the day. I posted in this forum like many others looking for some clarification. On behalf of the others you have insulted in your many postings please accept our apologize for our low IQ. No one informed us that you are the benchmark to all mankind.

Sleepwalker University.... hmmm... must be a newly formed university...

I've decided to *leave* this forum and *learn* elsewhere.

Unbelievable.

 

[JETX]

Unbelievable.

Yep. Guess he has gone out to purchase a box of those new 'legal' Cracker Jacks, hoping he will get a different answer.