Hit from behind

[i_needit]

What is the name of your state? MD but hit in Va

So, here I am driving down the road and from out of the blue, BANG. I get hit from behind; it's going to be towed to the body shop to get estimate on Monday. So they have insurance coverage (me too) and everyone walked away, I think I’m ok, but I’m not a doctor. Oh and they actually admitted they were not paying attention (for the most part, long story), but they were cited for it. Most have told me it's totaled? If it is infact-totaled im just wondering how they determine what’s fare, here is the KBB:
Trade in is: $10,175
Private Party: $12,095
Suggested Retail Value: $14,585
I also have over $5,000.00 in modifications. I bought the truck 4years ago new.
First accident for me any advice would be helpful.
Thank you

 

[moburkes]

The actual cash value. Somewhere between $10k to $12k. You will need receipts, etc, to prove the value of the modifications. They will be paid based on their depreciated value.

 

[alnorth]

First for your (possibly unknown) injuries. If you feel fine now there may be nothing there, but sometimes an injury from an accident wont show itself for a few days. If you begin to feel significant pain in the next few days, then you cant delay, you would need to hire a Personal Injury attorney and see a doctor ASAP. Trying to tough it out for a while until it becomes unbearable and then sueing later could seriously hurt your chances of getting any compensation.

If you arent hurt after a week or two, then you may be able to handle the rest on your own. You have two options: either try to collect from his insurance company, or try to collect on your own policy and let your insurance company try to get their money back from his insurance company. You may want to try to collect on the other driver's insurance first, then move to your own policy if they are being unreasonable.

There is no magic formula or elaborate table of benefit schedules for your car, it may end up being a negotiation between yourself and his (or your own) insurance company. First of all, unless you specifically made arrangements in writing to have your $5k in modifications covered, you may have a lot of difficulty collecting that, but there's no harm in trying when you make your demands. You wont get retail price, but the trade-in value is probably low. The private party number is usually fair, they may come in low, you may come in high (throwing in your $5,000 in modifications, since it doesnt hurt to try), and at that point we'll see how good you are at negotiation. If the insurance company is being completely unreasonable (offering several thousand under the lowest value), you may have to go to court, or to arbitration if the policy requires it, but thats really your last option.

 

[i_needit]

Thank you both for your opinions. If the truck is totaled then.

1. I want at least what the same or comparable truck sells for in this area which is $17-18,000, with partial payment for the modifications, tax title & licensing. I don't think that I should be set back at all for someone else driving with a diagnosed illness and the insurance company is willing to insure them.

2. Fair would them paying for a new truck and adding on all the modifications that I made. The truck was new when I bought it so that I wouldn't buy someone else’s problems, the truck has been babied and well cared for, and as my wife said "they killed your baby".

If they don’t at least go with #1 then I will go with #2 and get advice from an attorney. I just want what is fair, nothing more.

 

[moburkes]

What you may think is fair, is not how insurance companies are required to pay. You never mention a diagnosed illness in your first post, but some things insurance companies are not allowed to discriminate against.

You're going up against the LAW. The LAW only requires certain things. You are more than welcome to contact an attorney, but, for property damage, the fee will be paid out of your settlement from the insurance company.

No insurance company is required to, by any law in any state, give you replacement cost, which is what you are looking for. Not in any state.

 

[i_needit]

Thank you, this is such an eye opener. I need to open an insurance company or some type of buisness where the I would have good lobbiest on my side. I don't mean to rant but they were cited, they passed out at the wheel and hit me, and this is going to cost me, what a system. WOW, now I know why people dont like to pay for insurance. Thanks agian for the help and the eye opener.

 

[ecmst12]

What you are legally entitled to is the ACTUAL CASH VALUE of the vehicle as it was immediately before the accident, not a penny more. The cost to replace the car is irrelevant. If you can prove the value of the modifications (with receipts) and they are recent, you may be able to get some additional money from those, but you can forget about them paying for you to get a new truck, that's never going to happen and they are not legally required to do so.

 

[xylene]

I also have over $5,000.00 in modifications. I bought the truck 4years ago new.

4 years old is quite old for a truck. It was your baby yes, but to anyone else it was a 4 year old used truck from ~2 design series ago.

Your cars value was insured, not its cost.

I feel your pain about the aftermarket parts. They are very expensive, but add little to its insured value.

I have gone with special riders to make sure aftermarket components get the coverage.

Good luck and get all your receipts.

 

[i_needit]

Thanks again for all insight to how the whole process works, no sarcasm intended. Guess I will just have to plain on paying out of my pocket for someone else mistake . Oh well life goes on…