where can I obtain the value of a salvage vehicle.?

Question

I have a '99 lincoln navigator which was stolen and recovered. The insurance company is making it a salvage vehicle due to the repairable damage being 70% greater than the worth of the vehicle. They say sellable salvage price is $2130. I'd like confirmation on that price and find out if I can claim it for less. The insurance company is only paying the vehicle off and leaving me with nothing extra even to purchace another vehicle. So basically I am ending up with nothing. They also say blue book is not used by insurance companies to place a value on a vehicle so actually I owe more to the bank than the vehicle is worth.

Answer 1

it's a 99. it cant be worth much. why did you buy it if you couldn't afford an 8 year old car?
did they leave the salvage with you? if they did, why?
you can get your own salvage bids. call 3 salvage yards and ask how much they would pay for the vehicle and you can average it out to argue with the insurance co.
look at their method of evaluation and make sure they paid for every option.

Answer 2

I'll go through your list here piece by piece; I am a licensed insurance adjuster (in Texas) and can give you more clarification here.

If you simply want a salvage value for a vehicle, here's who you will need to contact:

IAAI (Insurance Auto Auctions) : http://www.iaai.com
or
COPART : http://www.copart.com

These are the major players in the insurance company salvage world.

Now, you will get an average. I'm getting all (and I mean all - theft, hail, collision, flood, stripped, burned, etc) salvage prices running about $3K. This number does not take into account the amount your insurance company would have to pay for tow, storage, etc.

so, we have your base salvage return of 3K, less (let's say) 1K for towing and storage, and that'll give us your 2130.

The rule of thumb for salvage is 20%. So, for your case, the average appears to be spot on.

Now, my question to you would be, WHY do you want to have a lesser salvage price? I'd assume it's because you're thinking that if you can "verify" a lower price, then your insurance company wouldn't total the vehicle.

Lots of luck on that one.

The only way I found to get a lower salvage price for your vehicle was to consider it to be a bio-hazard. (This usually means that a driver/passenger were found deceased in the vehicle and the bodies sat there for several days, or gunshots where blood and other body matter was all over the interior of the vehicle, or complete and total floods were the vehicle was in brackish water or sewage or something along those lines.) A whopping $75!!!

The reason you're not getting anything extra is simply because you either had a large deductible, or didn't build up enough equity in your vehicle before it was deemed a total loss. If it makes you feel any better you're not the only one I deal with on a weekly basis.

Most insurance companies don't use Kelly Blue Book because it's not "specific" enough for the area you live in. Most use NADA (which is updated on a monthly basis).

Now, I think your question is really HOW can I keep my insurance company from totaling my vehicle. The answer is - very little. Once your insurance company deems the vehicle a total, only in extreme circumstances will they -not- consider it to be a total.

The only choice you have at this point would be to activate the appraisal clause on your policy.

Answer 3

That doesnt make alot of sense to me.
Recently my truck was involved in an accident. The truck was considered total loss/salvage yet the insurance (liable party's) had to pay what the blue book value of the truck was prior to the accident not afterwards.
I dont know but this sounds awefully fishy.
I think the key word here is what the vehicles condition was Prior to being stolen and I would contact your states insurance authority to check up on this.
Go to google and type your state and department of insurance example:
"texas department of insurance"
find the number of whoever you need to call (consumer affairs or services) and call them up ASAP and get the up an up on what the insurance company really must do.

Answer 4

Print out a copy of Kelly Blue book appraisal then take them to small claims court. In WA state it cost about $25 bucks but you just might give the insurance company a wake up call and you might get some bucks. Good Luck

Answer 5

i own a repair shop,and most of what they said is true anyway,but they probably will just pay it off,and leave it at that,,especially and it this old,,but as far as you actually getting anything clear from it,,it probably wont happen,,if it was an 02 ,,or newer,,id say you stood a good chance,,but not with it this old,,it kind of makes you wonder why we have to pay insurance doesn't it,,good luck,i hope this help,s.