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Old 12-28-2002, 03:56 AM   #1
DesertPuma
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Dizzy Wrecked SL2

Recently a friend of mine got into a fairly serious wreck with her '95 SL2. She is fine, a little sore, taking muscle relaxors and pain relievers, but the car is most likely totalled (the trunk ended up in the back seat), to add insult to injury it was a hit and run!! And it was Xmas Eve!

Anyway does anyone have any idea what she can expect the Ins Co to look for. Looking through the Kelly Blue book I found her car (with the mileage and bells and whistles she had) has a Trade-in Value of ~2200 and Resale ~3500. Doing search for a similar car for sale I found one ~4500.

Do these numbers sound reasonable?

BTW she plans on getting a nice used SC2. (We found a real nice pearl white one loaded for about 7500.)

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Old 12-29-2002, 12:06 AM   #2
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I would hope that they'd pay what it would take to replace the car with one in similar condition, mileage and equipment. That's an ideal world.

However, insurance companies will often try to get the client to settle for less. In general, the bigger the claim, the more likely they will try to get the claimant to bite for less. Unless it is a reasonably good offer, don't settle for their first offer.

Do you homework now - look for exact (as close as possible) matches for what she had and get the prices. Realize that a real buyer of these cars may have negotiated a price less than retail, so the retail will be a bit high.

You also may want to check with your state's insurance commissioner's office and find out what the insurance company's past record is regarding settlements.

In short, know what a fair settlement would be. Know what your insurance company has done in the past.

Then only if their offer is reasonably fair, take it. If not, don't. And keep your agent aware of the status - agents will sometimes intercede on their clients behalf to encourage a fair settlement, particularly if your family has done a lot of business through the agent.

In most, perhaps all states, you don't have to take what they offer - this is a negotiation process. If you reach an impasse, work through the appropriate state agency to settle.

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Old 12-29-2002, 12:39 AM   #3
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I have always found Kelley Blue Book to be realistic as long as I was honest about the condition of my vehicle. I suspect the best way to determine the value of the totaled car however is to find out what an equivalent car is selling for on the wholesale market (auction price) and add the retail mark up for your area. Another source of help may be someone in a Credit Union or other financing agency who can give you some bench marks on the value they would feel comfortable with for financing. No one way of detremining value will be 100% accurate but if all the numbers you receive are close, the insurance offer shoud correspond.

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Old 12-29-2002, 08:20 AM   #4
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Rest assured. her insurance company will give her "Actual Cash Value" I can almost guarantee that's written right into her policy. If you are "LUCKY" you will get LOCAL NADA TRADE. If you are not so lucky..the insurance company keeps a recent log of what these cars with identical equipment and similiar miles have sold for at AUCTION, and will use an "average" of those figures to arrive at "Actual Cash Value" Auto insurance companies are the spawn of HELL IMHO.

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Old 12-29-2002, 11:59 AM   #5
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Default Re: Wrecked SL2

Quote:
Originally posted by DesertPuma
Recently a friend of mine got into a fairly serious wreck with her '95 SL2. She is fine, a little sore, taking muscle relaxors and pain relievers, but the car is most likely totalled (the trunk ended up in the back seat), to add insult to injury it was a hit and run!! And it was Xmas Eve
There is a car with a busted hood somewhere... :o:

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