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Somebody crashed into me today on the freeway and my car is totaled now. At least that's what the cop and the tow guy said. It was a 2008 Toyota Yaris. I don't have the money to buy me a new car. They probably are going to pay me whatever they thought it was worth. KBB says it's worth about 7,500 Dollars. That's gonna get me an old used car. That's a huge problem. I need a replacement. Of course I don't really want to be worse off after the accident just because somebody else totaled my car. How do you deal with the insurance company in this case? I hope somebody can help me here.
Were you in the car? Did you go to the hospital? Who's fault? who said it was totalled?
Yes, I was. I was driving on the freeway. No, no hospital. And, like I said, the cop did and the tow guy did. I mentioned that already. It's a lot of damage and I wouldn't be surprised. Of course I will have to wait and see what they say, but I gotta be prepared. I don't want to take a loss.
You have two options. If their offer is low, decline it and prove the value of the vehicle is more than what they offered you, dragging your claim out longer. Or accept it.
Start researching what a 2008 Yaris with similar miles and options is going for in your area. Once you have a good idea, you'll know if the insurance company's offer is good or should be rejected.
Good news is it's a ugly car and was put of its missery. Now get a real car
If the vehicle is totaled, they owe you what the vehicle was worth. That's all as long as there were no injuries or medical costs. This is based on an ACV (actual cash value) determined by researching a database of similar sold vehicles.
They do not owe you a replacement vehicle, but their payout should be pretty close to the vehicle's actual value. If you owe money on yours, you can pay it off and take any excess cash to put down on another vehicle. It's inconvenient... but it's better than not getting anything.
I'm not gonna get anything from my insurance, no. Nor would I have expected to use mine since it wasn't my fault. I actually do not think it's an ugly car at all. It was 35 mpg.
What are the chances they will offer something reasonable? Kind of thinking they usually start low. I bought it and paid for it myself. I don't owe anything on it.
Man, I hate this.
The insurance company will pay the assessed value of the vehicle, but you can have that reviewed, and appeal, as others have mentioned, based upon the current market for 2008 Yaris in your area. You cannot compare a 2008 Yaris to a 2012, however, since it's not likely that you will profit from this accident, even if you were to sue, since all the court would do is make you whole, the condition you were in before the accident. Since you were thankfully uninjured, your recovery for medical damages and/or any other damage awards is not likely, so you would be dealing with the value of the vehicle and the rental car.
Ask your insurance company to give an independent appraisal of the vehicle if the offer from the other company comes back lower than expected, but be sure to ask what source the insurance company used to value the vehicle. Any condition deductions that are not related to this accident should be itemized in the calculation of the price. What you can do, is your own homework: shop for the same car in your local market at several used car dealers/used car departments of Toyota dealers, so that you can know if the value of the settlement offer is fair or not. If they offer $7500, but the vehicle in question retails for $9500 right now in your local market, you can then begin negotiation to get closer to the $9500 amount. In some cases, insurance companies will arrange for helping you locate a replacement vehicle, which may come at a pre-negotiated price. Ask your insurance company if they offer this facility, and ask the other insurance company that as well.
It's a hassle, but a negotiation, so don't feel the need to readily accept a first offer, but being prepared before the offer comes in, by finding out the retail value of the car can make the process easier. Just look around on the internet, call some dealers, and explain the situation, and ask for a quote. They are interested in earning your business for a replacement vehicle, so do shop around to get a good average figure.
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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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are you in a "NO-FAULT-STATE"? Rules are WAY different. (Your car may NOT be totaled (which brings even MORE problems))
insurance company payouts for liability claims.... Be Firm, say little, agree to NOTHING. (yet)
BTDT many times... (I drive 50 mpg diesels that are actually quite old (but nearly impossible to replace) and insurance companies give me the run around, BUT I have always come out in my favor (usually by a lot)).
#1, don't tell the 'other' insurance company NOTHING (about the accident OR your car, just insist they get you into a rental NOW!!!!) Nothing, got it??? NOTHING !!!! (just deal very minimally if at all, and ONLY insist on a rental car NOW. Definitely, DO NOT MENTION you were not hurt,DO NOT SIGN SOMETHING SAYING THAT YOU WERE NOT HURT !!! (injuries can show up later, often 2-5 days or more)
#2, Get a copy of police report to determine fault.
#3 Hope and pray the other guy HAS insurance... (40% of drivers in my state do NOT, even tho it is required)
#4 Get value estimate of your car, (be sure to consider mileage and any recent repairs.) Be prepared to substantiate value.
#5. If / When the other insurance offers a claim... do NOT accept it over the phone. Tell them you need a HARD COPY to present to your attorney. (They will first see if you carry 'un-insured' motorist coverage and have YOUR insurance pay (which may be REQUIRED if you are in a "NO-FAULT-STATE"
#6, see your attorney ($200) or your insurance agent BEFORE accepting any amount for your car (unless you are SURE amount is generous and WILL BUY an equivalent replacement)
#7, be looking for replacement... You will not have much time to look (rental car will be taken as soon as you accept their offer of payout)
#8, stay in contact and be GOOD Friends with your insurance agent, they can help you a lot (advice / replacements, loaner / rental cars, assistance)
#9 BE SURE to validate your health (This is greatest fear of insurance company)
#10, BE FIRM and professional (and reasonable) with insurance company.
Glad you are ok, I LIKE Yaris, I get them for $10 / day on Priceline rentals. They get good mileage (usually 39-42). They have LOTS of cup holders for Sonic Happy Hour while on LONG road trips. They go fast and handle well in Mountains.
Good luck... Btw... I have been hit 4 time in 4 yrs, tho have 35+ yrs of accident free Commercial Driving.
I have got VERY generous payouts from insurance companies, but only AFTER rejecting their first offer (usually done by a back office minion) and offering documented / professional / persistent / confident rebuttal. Some times as many as 4 rebuttals, but be reasonable... They try to make a FAST resolution (and they are measured on this... outstanding claim period). They have incentive to CLOSE the case. Leave it open on the medical side, get a good price on the property side and move on.
DOCUMENT EVERY PHONE CALL / CORRESPONDENCE w / insurance company. Tonight write down details of accident. sleep well. Long week ahead, just don't get frazzled (they will jump on that).
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