How to value Bronco for total loss claim?

[Inakomislu]

After a minor accident last year, my insurance also lowballed me on my truck's value. I had to push back and gather all the info I could. I found similar listings online, and even asked my local dealer for a written appraisal, which helped a lot.You might want to check out sites like Autotrader for more solid comps—definitely worth showing them. If the insurance software isn’t getting it, maybe having someone who knows DUI law could help strengthen your case.

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[Gene Dios]

You need to hire someone to help you set the value and help negotiate with insurance. I had this issue with someone else's insurance after they hit me. It worked well.

Can you expand on this? You mean a lawyer? Who do hire to help negotiate with the insurance?

 

[TPBuff]

In most states your policy should have a clause that allows you to hire a professional adjuster to and both you and the insurance company will be bound by the outcome of their debate on your behalf. I did this 1-1/2 years ago with a vehicle that was totaled that I thought I was lowballed on. The adjuster charged $300, but guaranteed that if I did not get at least that much more there would be no charge. Ended up with about $2600 more than the their highest offer which I already got them to bump up twice.

 

[NC_Pinz]

Can you expand on this? You mean a lawyer? Who do hire to help negotiate with the insurance?

I hired a company that specialized in diminished value claims. They helped provide the wording I used when dealing with the insurance company. Also my state allows for a third party evaluation hired by the insurance company, I ended up requesting that and my company worked with their 3rd party to arrive at an agreed upon value. It was money well spent and ended up netting me $3k higher than what I was going to settle for.

The other up side is my Bronco got fixed well and I am still driving it today. With 21k on the odo, I have zero issues other than my state raising the value of it this year for personal property tax reasons.

 

[Tonka Bronka]

Just a thought, you may be better off buying it back and reselling it for salvage yourself.
I’ve found dealing with insurance companies is one of life’s frustrations.
Working in the auto body business for 20 years.

That is an interesting answer. Help me here, isn't it only feasible to do a buy back if you are interested in repairing the vehicle yourself or plan to self pay at a body shop to repair? I was in a position recently where mine was rear ended and the estimator said that the rear tow crossmember was not available. I did my own research, and with the help of Flip, the Bronco was repaired. I could have, and would have, done a buy back and probably would have come out 20K up. But if the OP's truck is really beyond repair, how is a buy back feasible just to scrap it? Thanks.

 

[Tonka Bronka]

I can’t buy the same thing for $48k, that’s the problem

That is always the problem with total loss vehicles. They cannot be replaced for what they want to give you. I have heard of replacement cost policies, but I've never had one myself.

 

[Tonka Bronka]

My insurance (LM/Safeco) has already agreed to a payout of $48,300 + sales tax/registration fees. I believe that the value of the Bronco is somewhere in the mid 50s. I think they are shorting me $7,500. I have 2 options- 1) Hire a Washington State Public Adjuster - I am looking for one, or 2) get a lawyer involved. Option 2 is probably more trouble/expense than it is worth. I have been trying to find a public adjuster.

The medical/personal injury is completely separate- I had a consistent headache for 2.5 weeks and now it is intermittent. I also have hip, thigh, pelvic pain and that has been ongoing. I have retained a PI attorney who will deal with that portion of the probelm.

I just want to be made whole out of situation that I didn't cause and was the result of someone else's poor decisions.

On that note, after just going through this, if you are hurt from an accident, seek treatment for your injuries as soon as possible. Treatments and the amount of treatments are what settlements are based on. Disclaimer: I am not an attorney, this is based on my personal experiences, good luck.

 

[Tonka Bronka]

Sue the DUI/drugged individual as well. Maybe a settlement would close the gap between what the insurance company offered you and fair market value.

If they had state minimums, there's probably nothing to sue for.

 

[chtucker]

Coming back in since this has gotten a few responses-

I hired an independent adjuster which got me about $5k more than my insurance company offered. Cost me $500.

I have not settled my medical claims damages, Luckily I had $250k of under insured coverage and $10k of PIP. She basically had no insurance.

 

[JerryG]

Just a thought, you may be better off buying it back and reselling it for salvage yourself.
I’ve found dealing with insurance companies is one of life’s frustrations.
Working in the auto body business for 20 years.

Good idea. Would trading it in towards a new Bronco provide a greater return as the sales tax will be less than paying sales tax on the entire vehicle?

 

[JerryG]

I was surprised that in NY State the insurance company never asked if the Bronco would be used off road to take into consideration for the policy cost. Removing my fiancee who never drives the Bronco from the policy did reduce the rate. I broke up with her, now charge her rent, and she is no longer counted as a member of my family. Thank you Allstate .

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