I had a car accident and my insurance company has offered me 3,000 less than blue book value for my car.?

Question

Do I have to accept this offer? The blue book value of my 2000 pontiac grand prix is 8,400 (only 66,000 miles) and my insurance company has offered me 5,400 for the car. The car was totaled. I need to sign the title over to the insurance company, but haven't done that as I feel that is the only leverage I have in this matter. They claim that the car was totaled once before and that is why they reduce the amount to 5,400. I have a clean title and nobody ever indicated that it was totaled out. The car was a great car and I never had a problem with the car. The car looked great and ran great. How do i get my insuranccompany to pay me the fair amount?

Answer 1

To recap what some of the others mentioned---
You can negotiate with the insurance company. At this stage, you will not need a lawyer. I forget what the report is called, but by law they have to send you a copy, that states all the cars similar to yours that have recently been sold in your area, and at what price. Look that over, make sure that the comparisons are fair. If not, then you have strong grounds to debate the value.

For example, I had a Nissan Altima, that was totaled after someone ran a red light and t-boned me. The comparison report that my insurance company did, included cars with double the miles to my car, older models and not the same model. (my car was fully loaded--with after factory sound system). I was able to negotiate the value of my car by providing a copy of the purchase of the sound system and pointed out that the did not do a true and fair comparison.

The salvage title should not come into play b/c that is what is going to happen to your car. Once they pay you, and you sign the title, your car will then be sold as in auction...which will then be a salvaged title to the next buyer.

You however have a third option, they will offer you an amount of money and say if you desire to keep the car and have the mechanic fix it. Depending on what part is damaged it may not be worthwhile.

Answer 2

I think you have several options. One, refuse the offer and consult with an attorney. Unfortunately, many attorneys will not want to accept a property damage case because it is difficult for them to make money off of the case unless you suffered bodily injuries that make a recovery against an at-fault party a possibility. Or, if the at-fault party is uninsured and you carry that coverage on the vehicle you may have what is called a um/uim claim with your insurance. Two, you may be able to accept a lower offer from the company and keep the vehicle. If you decide to do this the company would probably send you an affidavit of salvage retention so that the State would be aware that the vehicle was a total loss and any further title documentation would state this. Typically, an insurance company will knock off a few hundred dollars from the offer if you want to keep the car. Three, you can accept the offer and move on with replacing the vehicle.

Now, many insurance company will arrive at the value of your vehicle by doing a valuation of the car with a national service that searches for cars like yours in the geographical area. The service will look for similar cars in newspapers and on the internet to get the selling price, and then figure an average selling price to formulate an offer. That is probably what has happened in your case. Typically, insurance companies are pretty firm with the offer that they make. If you retain an attorney, you may be able to squeeze a little more money out of the company. But, that may require filing a lawsuit, which is going to cost you a filing fee and a fee for serving the proper parties in the lawsuit, plus any fee that an attorney may want to charge.

As far as the insurance company saying the car had been totaled before. There are situations where cars are totaled, then titled in a different state, which can wash the title clean. I believe that Louisiana used to be a state like that before hurricane Katrina. This is a situation where you can consult an attorney in your state for this kind of information. Or, maybe the DMV can help, if you can get through the b.s. I am not real sure to tell you about that one. It is kind of a curveball for me.

I know that you think the company is trying to rip you off, but they are just operating their business. I do think that is kind of weird about the part of being previously totaled. I just don't know what to say about that. Ultimately, it is your decision, the insurance company cannot force you to accept the offer. Good luck.

Answer 3

Most insurance companies only offer about 75% of the real worth of a car, assuming that people will take the offer rather than risk the time, effort, and cost of a lawsuit. Most people take the offer.

Insurance companies don't make money by paying out claims. If someone else totalled your car and you can push it onto THEIR insurance, your insurance company will be more willing to help you than if it comes from their own pockets.

If you want to push the issue, be prepared and try to settle out of court. There should be a number on the insurance card for claims that you can call and speak to someone directly. Ask for proof that the car was totalled before; and be prepared to offer proof that it wasn't. Let them know the amount you will be willing to accept for your car given it's proven condition. If you have photos, all the better.

Try to avoid court if at all possible. It's expensive and time consuming. Also, know that even if a judgement is awarded in your favor, there's no guarantee that you will ever actually see a penny from it. I've spent about $50 trying to get $300 back from someone. A year later, even though I won, I am still out $350.

Also, be aware that even if you succeed in getting the extra $3000 for your car, your insurance company will probably get every penny back by upping your premiums, as you are now a 'risk'.

Answer 4

You see, this is the reason I HATE insurance. The only reason it was "mandatory" for us to have it is because there are too many illegal mexicans driving around w/out a license.
you need to get a lawyer and take them bastardds to the hole.
Don't stop until you get what you think you deserve.
As far as I'm concerned, I would rather pay money into a savings account that I couldn't touch (in case of an accident) and show PROOF OF MY SAVINGS when and if I get pulled over by the police.
Insurance is JUST a scam.

Answer 5

When you purchased the car did it come with a salvage title? If so then accept the offer from the insurance company. If not I'd threaten to get legal counsel and see if that doesn't help things. If you're not sure about the status of the car before your accident check www. carfax.com.

Answer 6

Blue book is not the said all of all car prices. Iinsurance compaies will also take into consideration the price of the going rate for you car in your area. You can also try www.nada.com and get a price comparision from them. You can try and not accept the price but then your insurance company may not pay you anymore and take the offer off the table. If you lawyer up it may cost you more in the long run.

Answer 7

Do yourself a favor and consult an attorney ! Do not attempt to negotiate with your insurance co. any further, find out where you stand legally and let your attorney handle negotiations for you.
Your insurance co. is looking out for their best interest(themselves) and it is up to you to look out for your's!
Your insurance adjuster has one primary goal - to minimize
loses for the co. , if this includes giving you less than market value for your car.....so be it !!
Unfortunately.... principals, ethics,fairness or being a valued customer will be of little consequence in this matter.
Do yourself a favor : (1)don't sign anything (2)consult an attorney asap (3)let professionals deal with professionals.

I sincerely hope this turns out well for you, good luck!

Answer 8

Actually, you have NO case against the railroad.. The train has the right of way.. Simple as that - she should not have attempted to cross seeing there were no fillers in the center... Crossings are the LOCAL MUNICIPALITES problem because the tracks are a FEDERAL right of way, and the local roads were put in over the tracks, AFTER, by the towns.. Of course they make the railroads maintain them which is backwards; the towns should if they want all the "bells and whistles". Its called bad timing... She knew the tracks were there, the railroad crew couldn't do anything short of applying the brake and waiting for the train to stop...

Answer 9

If your insurance policy says the replacement cost of the vehicle that is what you should ask for. I would read all of the fine print in the policy and make sure of the amount of coverage. Then see an attorney.

Answer 10

If it really was totalled (we're not talking clean title, we're talking a history they know about) then it is not worh full value, and they also don't go by blue book when determining value. Just know that you can hold that title as long as you want, but it's not bargaining. And if you're in a rental don't expect then to pay while you're sitting there holding the title. If it's in storage, don't expect them to pay while you're sitting there holding the title. If it really was totaled before you are not entitled to full value.