[sundarpn]

I read this regarding full insurance at insurance.com


Some companies total vehicles at 51 percent of its actual worth; some total at 80 percent. The insurance company will pay you the car's actual cash value, minus any deductible on your coverage. Then the car goes to a salvage yard, where it's auctioned off to the highest bidder and usually chopped up for parts. The insurance company keeps whatever money it got for the car in salvage.

Now Can I ask my insurance guys what the % is?? mine is full coverage with gieco
And realistically speaking, what kinda of money will I get back for a 96 GL with 130 K miles if...?

 

[green]

$3000 to $4000 just a guess.

 

[sundarpn]

really.?

 

[diesel600]

Originally posted by green@Jan 15 2004, 08:48 PM
$3000 to $4000 just a guess.

I would probably say less than that actually.

QUOTE

Now Can I ask my insurance guys what the % is??[/b]

Why don't you just call and ask?

 

[jason8225]

If you happen to owe more than that (if your concern is not getting what you owe on it) check to see if the ins. co. offers "gap coverage" which covers the gap between the car's value and what you owe on it, so the loan is paid off, that way you're not stuck with the remainder of the loan in the event something should happen. I made sure I have that coverage b/c I had to finance negative equity

 

[sundarpn]

no I dont owe anything (no lien).

I dont want to call and ask... cause they give wierd answers.. and whatever htey say.. I will ask for it in writing... which they will crib abt...

 

[mykej27]

They will price it based on average blue book value and average that figure with current sales on that same model and year. $3,000 may be stretch, but it really depends on the claims adjuster. I know this may sound bad, but If you build a good report with that claims adjuster, they may lein more towards your favor. That's just the way the business is.

 

[sundarpn]

QUOTE

but it really depends on the claims adjuster. I know this may sound bad, but If you build a good report with that claims adjuster, they may lein more towards your favor[/b]

you mean a "good rapport" with the claims adjuster.. or report?

 

[sundarpn]

so what do you guys do.. it si worth having full coverage on my bull (96 GL with 130K) with 500 deductible on comp & 500 on collision with gieco. I pay $328 for 6mo.
I have been with them for a yr now, I am thinking I should get the deductible down to 250 on the collision without paying more..

 

[mykej27]

Leave it as is. A $500 deductable is better than paying a higher premium.

 

[jason8225]

Your premium might not change as much as you would expect to get it down to a $250 deductible - that's why mine is $250, it was less than $100 diff. per half - only something like $65 or 70 more per 6 months believe it or not. Also it depends on whether $500 is something you have readily available or not. If it's a big deal for you to have to cough up $500 on short notice, then that's something to consider, too.

 

[mykej27]

Yeah, there's a lot of factors that drive your premium. It depends on your age, location, driving history, and mileage per year. If it's only a $65 to $75 difference every 6 months, then take it. But, if it's a monthly increase then take the higher deductable.

 

[jason8225]

Should have added,

Not to start the whole ranting about expensive insurance payments thread again

... but
I pay about $800ish/six months for my insurance b/c I'm a male and under 25 and not married - never had any accidents and no claims til now and that price is with a good student discount, safe car discount and a bunch of other crap.

 

[kermitec]

Originally posted by mykej27@Jan 16 2004, 10:04 AM
They will price it based on average blue book value and average that figure with current sales on that same model and year. $3,000 may be stretch, but it really depends on the claims adjuster. I know this may sound bad, but If you build a good report with that claims adjuster, they may lein more towards your favor. That's just the way the business is.

Insurance companies don't use Kelly's Blue book for claims. They have their own
actuarial tables for what your car is worth. It is usually lower than "blue book".

 

[mykej27]

Originally posted by Kermitec@Jan 16 2004, 01:01 PM
Insurance companies don't use Kelly's Blue book for claims. They have their own
actuarial tables for what your car is worth. It is usually lower than "blue book".

AAA & State Farm do. I was an Insurance Underwriter for AAA in California. We used the BlueBook as a guide. We also had our own price guide sheets as well. When I filed my accident claim, State Farm did the same thing.

 

[kermitec]

Originally posted by mykej27+Jan 16 2004, 04:28 PM-->QUOTE (mykej27 @ Jan 16 2004, 04:28 PM)

<!--QuoteBegin-Kermitec

@Jan 16 2004, 01:01 PM

Insurance companies don't use Kelly's Blue book for claims. They have their own
actuarial tables for what your car is worth. It is usually lower than "blue book".

AAA & State Farm do. I was an Insurance Underwriter for AAA in California. We used the BlueBook as a guide. We also had our own price guide sheets as well. When I filed my accident claim, State Farm did the same thing.[/b]

I guess it depends on what state you are in and what insurance company you use. In Colorado the claims adjusters all use their own companies proprietary database of actual cash values of the totaled car. The laws vary from state to state for example if you live in Washington there are very strict laws about the way the data used to determine your cars actual cash value Washington Total Loss Laws In California they might use blue book I don't know but since you were in the business there I wouldn't dare disagree. Heres a good link to an article for many questions about what to do if your car is totaled from Insure.com. They also mention that most auto insurace companies use there own actuarial databases to determine a cars actual cash value. It was probably written by an author in a state other than your own. Know Your Rights

 

[sundarpn]

"The insurance company will pay you the car's actual cash value, minus any deductible on your coverage"

DOES this mean that if I have a higher deductible, they will pay me less...
I thgt deductible is what I pay only for repairs.

 

[kermitec]

Originally posted by sundarpn@Jan 17 2004, 10:34 PM
"The insurance company will pay you the car's actual cash value, minus any deductible on your coverage"

DOES this mean that if I have a higher deductible, they will pay me less...
I thgt deductible is what I pay only for repairs.

Usually yes. There are different laws in some states and insurance policies differ. The best way to be sure is to ask your agent and read your policy. Most states have websites that explain in detail what insurance companies must do to comply with the law.

 

[kgdoran]

Unless you have a deductible waiver, you will almost always lose your deductible if your car is totaled. However, for repairs, if the accident was not your fault (you were rearended, or hit while parked) and the insurance co. can go after the other persons insurance, you might not have to pay the deductible.

The insurance co i worked for used whatever was used by the Registry of Motor Vehicles (or Department of motor vehicles if you prefer ;-)) to decide registration fees to determine vehicle worth. Of course, i also worked for a company in MA, so you were screwed anyway.

And give geico a chance to quote for you, i have them and havent ever really had a problem with their customer service department!