Not at all happy with the insurance "offer" and whoever I spoke with in June lied to me
Locust Fork
Member Posts: 31,994 ✭✭✭✭
I had some custom stereo work done to my car back in the summer. I called USAA to make sure this was covered and even asked if I needed to add anything to my policy. The guy I spoke with said I was covered for the stereo addition up to $10K. I asked if I should do anything to make sure they knew it was being done and he said it wouldn't hurt to send in a list of the additional work that was done. So, I did that. Now they are saying that they do not cover "installed" stereo equipment. I spoke with the guy over the phone, so I have no record of what he said.
Then...they have decided my car is worth $23K. That is INSANE.
If you look up my car, used ones with about half the mileage of mine are selling for nearly double that.
I've been working on getting that car paid for sooooo hard for the past couple years.....I only owe $12K and it would be paid for. So, with this "full coverage" claim I'll walk away with around $10K....for someone who has full coverage I'm completely baffled by the fact that I'm losing around $40K in this ordeal.
I was expecting things to be better than this.
I haven't accepted their offer....I'm pondering getting an outside Appraisal done and going through the whole third party dispute process.
Comments
Insurance is not an honest business. Unless you have replacement insurance you are left owing.
Insurance is a racket........
Dang, Kasey! Sounds like it's time to go shopping for new insurance.
I like having a local agent that I can go in, look 'em in the eye, and talk to them. It's a lot tougher for folks to lie to you when they have to look you in the eye and if they know you can walk in the door at any time.
Yes, dispute it! Insurance companies are there to make money, not be fair. Also, go remove the stereo, speakers, amp, and everything else that you can remove. Take some old crappy wheels and get any good wheels off the vehicle.
We took the stereo unit out of the dash when they towed it away. Then I got a call from the appraiser....letting me know the value of my car was $21K. I went bonkers because that was STUPID compared to what I was seeing them selling for. She told me they took $3K off the estimate because the stereo was missing and the list of extras was missing all kinds of items. So I ran the stereo down there and gave it to the place that had the car. When they updated the info to show the metallic paint, 20" tires, the heads up display and the stereo (that they told me took $3K off the estimate) it only added $1K to the value for all of the extras PLUS the stereo they said was worth $3K when it was missing.
I can't win here. I can fight it and get a bit more money, but I don't see it swinging forward in a way that will ever be fair. I'm going to try though. I am soooo tired of this mess though.
Kasey, DO NOT TAKE THEIR OFFER. Been there done that. Patience is the name of the game. Get your proof in hand. They want to wear you down. You need to wear them down. It can be done! Been a while but as i recall a couple key words Arbitration and Adjudicate. Don't give up. -------------------------Ray
I willguess they are basing on wholesale prices
Some insurance company's are truly penny pinching to heck with our customers
Some years ago my son had a s10 that was hit and totaled out
Local impound lot had it a larger company tow it before the insurance company and I even worked out a price my son had also put in a lot better stero
I went to get it the holding lot said no way you can't take any thing
I said it's still my truck the insurance company has not paid one dime it's still in my name
The way I see it you stole my truck so either let me get the stereo of deal with the police on a stolen vehicle
They Gave me some song and dance about they were in the area and to save a trip they took it and bla bla ..,.
But the boss came out and said OK get the stero. I had also called the insurance company while in the waiting room of the wrecking yard
And told them the same I had not worked out any deal and they stole my truck
the whole ordeal was a mess but end of the day they paid me the value of the truck and I got the radio back
Some years before my wife had got rear-ended while setting in traffic the other guys insurance company did ther best to cheat me
Claimed the car was two years old and wanted to deprecate the cost of the exhaust and tires destroyed in the wreck
I ask are you crazy I had a basic new car your client hit and now you want t me to pay 400.00 out of my pocket because the car is Two years old and we did nothing but got hit
Took several days and many phone calls
Last call I made , I said look I just want my car fixed like it was before being hit nothing else, but my wife did say this morning her back and neck were starting to hurt .
Amazing they said get you car fixed we will cover the whole cost
Just keep plugging away it may come down to getting a lawyer
The only time vehicle and other forms of personal property values escalate is when they are being TAXED.
We've always had State Farm and never had a problem. When Mom totaled out her car in 2013, they added in the extras including that the trans was recently serviced. It was enough that we had the car repaired for what they paid her.
Toolman286, my daughters car after she hit deer. SIL kept his State Farm agent even though they moved 2.5 hours upstate. The car was totaled and State Farm was more than fair on settlement and had them in new car in no time at all. ------------------------Ray
I went round and round on a homeowners claim one time, did not cash the checks and kept sending them back.
Finally, somebody from corporate called me and asked me what I wanted and I told them fair replacment value, and I had documentation to back it up.
Got the check in the mail within a week.
I'm happy with Sate Farm We've had great service with them.
Did you Know Sate Farm covers Pot Hole damage? Happened to Son's car
First estimate was $900, then $2100, then $3600. final was $ 4950. only cost us $ 200 deductible
Motor mounts broke and everything collapsed on to the the drive train.
then one month late the head gasket went out, yes the covered that too, as it was part of engine repair
So he is driving around a al most new 2019 Encore.
My son, several years ago, was on our State Farm insurance. He was enroute home and came upon black ice. Car was totaled, he wasn't hurt. Car was towed away. While in the tow yard the stereo was stolen. When State Farm inspected the vehicle at the tow yard and detailed the missing stereo in the settlement sent to me.
I called my agent and told him that if the settlement on the car wasn't corrected I would cancel my entire insurance with state farm (which was considerable at the time 4 houses and 6 vehicles) and move it to a company more in touch with a valuable and long time customer.
Within 2 hours I got a phone call from the president of State Farm promising to make my claim right. He said he demoted my adjuster and I would be receiving an updated settlement letter and check soon.
A couple of days later his promise came through. Fair settlement minus the missing radio, different adjuster assigned. Called the old adjuster and was informed "he no longer works here".
You can win, just hit them where it hurts.
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
I'm having a mental pitty party right now....but I do plan to fight to get them to come to a more reasonable offer. I cannot possibly work with what they are offering and I'd sure like them to tell me how I can not be covered at all for something I know I checked on and was told I was covered for up to $10K.
I just want to be able to get a similar car in the end and not be completely starting from square one trying to pay for it.
What year/ make was your vehicle Kasey? And miles, ? Also they actually take off money for what wear is on the tires. USAA spends to much on commercials with Gronk than to take care of their customers.
2020 Toyota Platinum Highlander....it had 120K miles on it with no prior wrecks or damage. The only people that had laid hands on this car was the dealership. I had a tow package added to it that cost me $600.
There aren't a lot of them around me up for sale, but they are asking $36K to $43K for the same car with half the mileage.
I contacted an outside appraisal company and they said, for $220, they can prove that my car is worth $2500 more than what they are offering me....which isn't what I wanted to hear.
They are offering $23K.....I figured my mileage would affect things, so I think $33K is not too much to expect for my car.
I put soooo many miles on my vehicle.....the plan is to get something that has the lowest mileage possible. I was planning on getting a new Grand Highlander Limited, which is a bit bigger.....that was when I expected to be able to put 1/2 of the cost down with the insurance payment. I cannot imagine financing that with the little bit I'll have to work with.
When I was shopping for a new car and made the decision to buy a brand new car I was excited and I had plans to have it paid off around the end of this summer. Starting all over from square one has taken the wind out of my sails. I don't want to jump into anything at all right now. I'm not excited at all about whatever we are buying. So, I'm trying to wait as long as possible before I make any decisions.
Larry has said that he can swing the payment and we can just go buy something.....but we've always had "seperate" bills with both of us paying some of the expenses around here and I want to keep it where I'm paying for my car.
I looked up a few and Austin is dead on. The over 100k mileage kills it. You might get 25k but, IMO ONLY Look it up on Edmunds and they seem pretty close to real value. IMO ONLY.
Kasey, sounds like a plan. Time is in your favor.-----------------Ray
Why come here if you believe the ins. company is unfair.
Every state has a insurance regulatory division. Tell your adjuster you will file a complaint with them. Ins. co. hate the investigation procedure.
Preserve all pertinent info as the regulatory agency will ask you and the adjuster for it.
They charge premiums based on value when purchased, if wrecked they want to settle for 2/3rds of the current value yet they've never lowered your premiums at all, I'd be willing to bet they're still charging you full premiums on a depreciated/aged vehicle value. Insurance companies have a bark but they will tuck tail fast when pushed, I say sic'em girl.........😀
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
@Locust Fork if you send me the VIN my son-in-law can check the value for you. He's a GM of a dealership.
Shoot me a PM.
I think folks come to the Forum because there are some pretty smart cookies on here. Sometimes dealing with regulatory insurance watchdogs, utilities etc (Gas/electric) can be very, very, frustrating and hit or miss. -------------------------------Ray
They have agreed to come up $3500 on the offer.....so its done. Since I'm finding things in the ballpark for what they are paying I think I'm doing as well as I can do.
Going the arbitration route was going to cost me $220 and they only said they found they could say my car was worth $25000 more. In the end it was going to cost more than that to go that route because we "split the cost" on the middle man that judges the outcome of the two estimates.
So, I believe I'm doing better than that with the new offer. I'm looking into REPLACEMENT insurance from now on, not just full coverage....which I thought meant a lot more than it does.
Think you did well, yea, I know insurance is great until you need it.
120,000 miles is nothing on a well maintained vehicle,especially a Toyota
If your selling or buying it does lol
The old cars at 100k were just worn out I think that number has just stuck over the years As being the breaking point on value
I know most of you remember way back most cars at 70 k were using oil lot blue smoke and just plain worn out
New metals, closer tolerances have greatly increased the life of cars
Most cars now 200k is not uncommon
What happened with the stereo equipment?
Glad this got taken care of and is done.
My wifes dad always bought new cars.He would never drive one to 100,000 miles.In his mind,if a vehicle rolled over to 100,000 miles it would crumble up in the road.He could not believe when my Nissan truck rolled over 300,000 miles with zero problems.I wish he were still around to see the Nissan with 525,000 and still going strong.
I'm so thankful the guy that installed it insisted on going down and pulling some of it out.
I had called USAA when I had it done...I told them I was doing something major with the audio and wanted to be assured it was covered. Some guy I spoke with said I was covered up to $10k. I asked if I needed to do anything in particular. He said I should send in a list of everything that was added. I did that, but after the wreck they said INSTALLED equipment is not covered.
When the wreck happend the installer said he would meet me down at my car and we'd pull the box, amps and computer from it because he KNEW they'd just tow it off and nobody would ever see it or acknowledge it had all this extra stuff. I ended up losing the front, mid and rear door speakers along with the wiring, dynamat work, and the new head unit.....we saved two amps, two JL 10" subs and the computer along with the secondary battery. I'm out about $5k in the end. All of that which we saved MAY be put in the new one....I'm not ready to deal with that yet.
That is amazing!