Disputed value of total loss claim

[juridit]

Texas. Rear end collision. Other driver at fault - according to police report. Insurance co. 'totals' my vehicle.

Insurance co. (AllState) offers ~$1500 less than apparent market value (~$5600) of the vehicle (1995 Infiniti Q45). My perception of market value is based on a used vehicle search at cars.com . Insurance co. says CCC Valuescope determines value. Insurance co. did not provide CCC Valuescope report until I filed a complaint with TX Department of Insurance.

Investigation of CCC Valuescope report (called listed numbers for the 8 "Local Market Comparable Vehicles") shows only
one vehicle that actually existed in a delear's inventory and was of similar condition (not damaged). That one vehicle is within range of prices seen on cars.com .

Furthermore, CCC Valuescope report 'adjusts' "Local Market Comparable Vehicles" values by varying unexplained amounts. The CCC Valuescope report is at least poorly done or inadequately documented.

Claims adjustor has not been very forthcoming with information and now demands a decision on my part or they will close the case with no compensation.

What is the time frame that this claim must be settled in ? I thought I read 2 years, somewhere. Claim has been open for ~4months.

What are my options for pursuing a better settlement from Insurance co. ?

 

[lwpat]

This is a typical tactic used by adjusters. They know it will cost you 1500 to 2000 to dispute so they use a lowball offer. Unfortunately if the TX Dept of Insurance will not help then you are stuck unless you have collision insurance of your own.

I don"t know the small claims limit in Texas. Check with the local magistrate and you can file up to the limit in small claims. If you do go to court you will have to prove the value of your car so you will need a reliable witness to testify. Texas allows jury trials so ask for that and you should win.

 

[Raisinette]

options

What are my options for pursuing a better settlement from Insurance co. ?

Document, document, document. Gather all the information you have as evidence of what you believe the vehicle was worth. Compile it. Submit it in writing. Request supervisorial assistance. Request a meeting at which you will ask for explanation of things such as deductions taken on Valuescope's "comparables" that are unclear.

Do you have an injury claim as well?

Can you submit it to your own company, take the hit on your deductible (for now) and let them subrogate back against Allstate for their settlement with you?

Or take it to small claims court.

You have a number of options left. Persistence, persistence, persistence. Organization & professionalism .... may pay off.

If it doesn't, and you're right or quite sure that you are, full speed ahead on whatever avenues you have patience for.

Good sailing!

 

[naplesguy]

CCC Valuescope

Juridit,

You are not the only one person with a total loss vehicle when not at fault.

I got my Valuescope report this morning and reviewed it. During the day I did research using autotrade dot com as did CCC for the one comparable vehicle to determine my car's value.

First, the comp was 3 months old, with more recent comp's on autotrader. I do have to question why an older comp was used rather than recent ones. Some of the recent comp's were in fact much closer in similarity to my vehicle.

Second, CCC does not evaluate, the level of the seller's motivation which does affect the price. I actually called the seller and learned that they were pricing the vehicle at a lower price to sell it quickly. In some cases where comparable are used there should be an adjust for this type of difference.

One does have to look at the motivation of CCC to provide insurance companies with low market values - CCC continues to sell their services, while the insurance companies pay out less for claims.

I know have the same issue as yourself working through the maze of the insurance company bureaucracy as I do need the money for the totalled car to purchase a car to replace the car.

Could you update this thread with what you are doing and maybe we both will succeed in this matter?

BTW - I think CCC had a class action filed which they agreed to settle along with some insurance carriers in 2005 maybe in Illinois - wonder if they are using siimilar practices in other states where there was no class action suit?????

 

[ecmst12]

DEAD THREAD. Do no hijack other people's threads. Start your own thread if you have a question.