Insurance appraisal

[Poncherelli]

Wondering if anyone has been successful getting an insurance appraisal to raise their offer?

My 98 LC was totaled in a rear end accident. The insurance adjuster is rating it at the absolute lowest value (NADA low retail) which is $7k

Average is $14k
High is $21k

In my state, apparently they don’t consider mileage in cars over 20 years old. My LC had 175k miles. I had recently done about $8k of maintenance and it drove beautifully.

reason for the low valuation was the slight rusting in the rear passenger j-panel near the wheel well — they called it “structural rust” and the driver seat had a new LSeat cover, but had a small rip from something sharp in my pocket that slit the seat. clear coat on front and rear bumper was peeling. Carpets needed vacuuming because I had pulled out the weather techs and dropped all the winter sand on the rugs.

truck had brand new water pump/timing belt
Tires
Paint correction in december
Brand new brake lines all throughout
New front and rear brakes (pads and rotors)
Passed inspections for safety
New starter
Just describing the general maintenance condition so you get a feel for it

just wondering if there is any advice from the forum

 

[Pucker5]

Show all those receipts and show them regional ads for replacement that meets your spec expectations

 

[3_puppies]

get comps to what you have, sale ads, sold ads, etc.
condition at the time of loss.

the insurance company wants to pay out as little as possible.

years ago we had a loss with brand new tires, no extra dollars for the tires, I took them off and had mismatched baldies put on, as long as there was tires on it that was all that mattered

make sure everything is accounted for, all options are checked off and accurate.

good luck
did you have full coverage? what does your insurance say about it?

 

[cwmoser]

Go on BringATrailer.com and search past auctions for "Land Cruiser".
Think big, average them out and start there.
Land Cruisers are worth way more than "Book Value" or "Tax Value".
My 2002 LX470 with only 57K miles has a tax value of $6,270, while BringATrailer shows similar auctions over $20K.

Example - almost $30K:

2002 Lexus LX470

Bid for the chance to own a 2002 Lexus LX470 at auction with Bring a Trailer, the home of the best vintage and classic cars online. Lot #39,450.

bringatrailer.com

Kelly Book shows under $10K.

If anything bad happens to my LX470 I'll have to spend some time with the Insurance appraiser.
Post back your experience so the rest of us can be prepared.

 

[JMCCAL]

Wondering if anyone has been successful getting an insurance appraisal to raise their offer?

My 98 LC was totaled in a rear end accident. The insurance adjuster is rating it at the absolute lowest value (NADA low retail) which is $7k

Average is $14k
High is $21k

In my state, apparently they don’t consider mileage in cars over 20 years old. My LC had 175k miles. I had recently done about $8k of maintenance and it drove beautifully.

reason for the low valuation was the slight rusting in the rear passenger j-panel near the wheel well — they called it “structural rust” and the driver seat had a new LSeat cover, but had a small rip from something sharp in my pocket that slit the seat. clear coat on front and rear bumper was peeling. Carpets needed vacuuming because I had pulled out the weather techs and dropped all the winter sand on the rugs.

truck had brand new water pump/timing belt
Tires
Paint correction in december
Brand new brake lines all throughout
New front and rear brakes (pads and rotors)
Passed inspections for safety
New starter
Just describing the general maintenance condition so you get a feel for it

just wondering if there is any advice from the forum

Is this your insurance company? Or the other driver’s? Most insurance companies do not take niche market values into account, unfortunately. They also don’t consider maintenance items, those items are the responsibility of the owner to maintain a safe operating vehicle. Gather as many comps as you can. Also have them obtain a salvage value for yours. Sometimes the salvage value will be equal to, or higher than the settlement offer. Bottom line, send them as much as you can. Also, if this is the other drivers insurance co, try reporting the claim to yours. That way you’ll have multiple options.

 

[Poncherelli]

Is this your insurance company? Or the other driver’s? Most insurance companies do not take niche market values into account, unfortunately. They also don’t consider maintenance items, those items are the responsibility of the owner to maintain a safe operating vehicle. Gather as many comps as you can. Also have them obtain a salvage value for yours. Sometimes the salvage value will be equal to, or higher than the settlement offer. Bottom line, send them as much as you can. Also, if this is the other drivers insurance co, try reporting the claim to yours. That way you’ll have multiple options.

You’re right about maintenance items...but I’m curious how adding all those maintenance items doesn’t result in an at least “average condition” valuation.

they are purely looking at the dirty the rugs from the weather tech’s being taken out, the road grime that I hadn’t washed off yet, and a small rip in the driver seat. It just seems like they are ticking off boxes to sell the idea of it being low retail.

 

[Poncherelli]

Is this your insurance company? Or the other driver’s? Most insurance companies do not take niche market values into account, unfortunately. They also don’t consider maintenance items, those items are the responsibility of the owner to maintain a safe operating vehicle. Gather as many comps as you can. Also have them obtain a salvage value for yours. Sometimes the salvage value will be equal to, or higher than the settlement offer. Bottom line, send them as much as you can. Also, if this is the other drivers insurance co, try reporting the claim to yours. That way you’ll have multiple options.

Other persons insurance. I was debating using mine but was wondering if it would result in a rate increase to have the claim.

what’s the relevance of salvage value?

 

[jLB]

Other persons insurance. I was debating using mine but was wondering if it would result in a rate increase to have the claim.

what’s the relevance of salvage value?

In my experience, you may want to go through your insurance, which should in turn subrogate the claim to the other persons insurance.

 

[suprarx7nut]

You’re right about maintenance items...but I’m curious how adding all those maintenance items doesn’t result in an at least “average condition” valuation.

they are purely looking at the dirty the rugs from the weather tech’s being taken out, the road grime that I hadn’t washed off yet, and a small rip in the driver seat. It just seems like they are ticking off boxes to sell the idea of it being low retail.

It's the insurance representative's job to get you to accept the lowest value possible. They are like a low-ball offer buyer trying to score a good deal on your car. Fight back.

Insurance settlements are not time bound, and time is on your side. It's not good for them to keep claims open. Use that to your advantage. Reject their offer and continue to show them examples of replacement vehicles of similar shape.

Rust is tough. Bad rust can detract HUGE value from a car. Find similar examples selling for more and reject their offer until you feel it makes you whole.

 

[thebeedeegee]

My 1999 was evaluated around $7k too and I had zero rust and an almost perfect interior with 180k miles. I tried negotiating and showing similar trucks but nothing worked. Said they couldnt take Craigslist ads or some bull****. In a few years the way these trucks are going people are going to have to get an agreed value policy or whatever it's called if they really want to cover the truck because the big insurance companies will screw you. To them it's just any old SUV

 

[suprarx7nut]

In my experience, you may want to go through your insurance, which should in turn subrogate the claim to the other persons insurance.

Very good advice here. My wife and I did this with her Civic when she had someone jump a curb and graze her head on. Final Destination-type accident. The perpetrator's insurance was downright awful. Accused my wife of being 100% at fault for all 4 cars that were hit, refused to pay anything, etc... We talked with our insurance (Geico at the time) and they took over. We paid our deductible and stepped aside. Within days we had full payment for a better-than-the-old Civic. We also got our deductible refunded a week after when Geico was able to successfully fight the other insurance (USAA).

Sometimes your own insurance company is your best advocate if you're fighting someone else's insurance. This may vary state to state as at-fault laws differ.

 

[suprarx7nut]

My 1999 was evaluated around $7k too and I had zero rust and an almost perfect interior with 180k miles. I tried negotiating and showing similar trucks but nothing worked. Said they couldnt take Craigslist ads or some bulls***. In a few years the way these trucks are going people are going to have to get an agreed value policy or whatever it's called if they really want to cover the truck because the big insurance companies will screw you. To them it's just any old SUV

How long did you fight them on it? In my experience, you have to reject offers for a few weeks and hear them say "Absolutely not, we cannot move our offer at all. This is all you're going to get" at least 3 times before they start to change their tune.

 

[cwmoser]

...
Sometimes your own insurance company is your best advocate if you're fighting someone else's insurance. This may vary state to state as at-fault laws differ.

I agree. My son's 2004 LC was hit and the other party claimed it was his fault.
Insurance company wanted to quickly settle for "both at fault" and each take a deductible on our collision.
I protested that it was not my sons fault and the other party and I did not want my Insurance Company to pay
and I wanted the deductible. Finally our Insurance company reviewed our photos and sided with us.
At first the other parties insurance company (Geico) disagreed.
Went to arbitrator with us supplying photos and it was judged the other parties fault.
We got full settlement plus our deductible back AND saved our Insurance company from paying for damages.

 

[fblainen11]

Wondering if anyone has been successful getting an insurance appraisal to raise their offer?

My 98 LC was totaled in a rear end accident. The insurance adjuster is rating it at the absolute lowest value (NADA low retail) which is $7k

Average is $14k
High is $21k

In my state, apparently they don’t consider mileage in cars over 20 years old. My LC had 175k miles. I had recently done about $8k of maintenance and it drove beautifully.

reason for the low valuation was the slight rusting in the rear passenger j-panel near the wheel well — they called it “structural rust” and the driver seat had a new LSeat cover, but had a small rip from something sharp in my pocket that slit the seat. clear coat on front and rear bumper was peeling. Carpets needed vacuuming because I had pulled out the weather techs and dropped all the winter sand on the rugs.

truck had brand new water pump/timing belt
Tires
Paint correction in december
Brand new brake lines all throughout
New front and rear brakes (pads and rotors)
Passed inspections for safety
New starter
Just describing the general maintenance condition so you get a feel for it

just wondering if there is any advice from the forum

FYI, regular maintenance like those you just mentioned add basically $0 to an appraisal.
That's just expected maintenance.

A new transmission may, but not new brake pads or lines.

Your best bet is to search for comparables online and send those links to your adjuster....you are now in a negotiation.

 

[CORunner]

I went through this last year. Agree with what everyone is saying. Mine took about 3 weeks to get to an agreed payout. My adjuster was really easy to work with. They threw out a low offer $7,900 to start using KBB and some bad comps. I did not agree to that price and provided a long list of comps. Mine also had some aftermarket parts that I provided receipts, etc. I countered with $15,600. We settled on $12,600. The other guy was at fault and didn't have insurance. Last I heard my insurance was suing him for the accident.

Here is a link to the thread with all the drama. It is from Aug/Sept last year and I put a lot of comps in the thread you might be able to use.
RIP Gudmundur 2.0 - TOTALED - https://forum.ih8mud.com/threads/rip-gudmundur-2-0-totaled.1222036/

 

[JMCCAL]

Other persons insurance. I was debating using mine but was wondering if it would result in a rate increase to have the claim.

what’s the relevance of salvage value?

If the salvage value is close to or higher than the settlement amount (meaning it’s popular among rebuilders/salvage yards), the whole scenario will require further research. Possibly resulting in a higher value. You may want to look into your own insurance co though, they could waive your deductible, and then surrogate the other for the damages. Could always affect your premium, but would be documented as a not-at-fault loss.

 

[gregnash]

There are a few threads on here that have some good input on dealing with this.

1. DO NOT AGREE TO ANYTHING.... ANYTHING UNTIL YOU ARE SATISFIED (this includes moving the vehicle from storage yard, removal of parts, etc.)
2. Insurance companies are not in the business of paying out. No matter how "nice" or "good" your agent is, they are not in the business of paying you full worth of ANYTHING covered. This is coming from my ex-SIL who is an agent. They will attempt to low-ball you as much as they can by bullying and pressuring you to agree to things. The longer that the vehicle sits in an evaluators lot, tow yard, etc. the more they have to pay out so they will try to pressure you to agree to something as soon as possible.
3. Depending on your policy, you may only have certain coverage and not stated value. So negotiating the highest amount possible may be a hard pill to swallow. Do as the others have said and gather REGIONAL sales/sold ads to show them worth of vehicle. The more ammo you present to them for your case, along with your willingness to negotiate only in your favor will put the pressure on them.

This is the biggest thing you can do in your own favor, the more you dig your heels in when they start throwing stuff at you, the more likely you will be to get what you want. Add to that the fact that the evaluators know NOTHING about vehicles and thus will give you the lowest amount possible based on their perceived checks through stuff like KBB. You could have a diamond but they are going to try to prove to you that it is just a piece of ordinary glass.

 

[ramangain]

As I was cross-shopping insurance policies due to a recent out-of-state relocation, some of the online quote systems wanted you to chose "aftermarket (parts) comprehensive coverage" as an option, or something along those lines.

Just a new game they want to play and something of which we should all be aware.

 

[fblainen11]

As I was cross-shopping insurance policies due to a recent out-of-state relocation, some of the online quote systems wanted you to chose "aftermarket (parts) comprehensive coverage" as an option, or something along those lines.

Just a new game they want to play and something of which we should all be aware.

Its probably not a game. Its probably just extended coverage for something not previously covered.
Insurance companies and policy languages are HEAVILY regulated by the state. There's likely nothing sus about selecting that coverage.

It may provide RC coverage vs ACV like normal. And it's something available at an additional cost as it likely provides additional coverage.

Edit: Insurance premiums are calculated based upon the stock value of the vehicle. So when there's a claim, typically payout will be based upon stock values of parts. If you put aftermarket exhaust it doesn't increase the value of the vehicle necessarily on the market. So if someone steals your aftermarket exhaust, be prepared to get normal reimbursement to put regular stock exhaust.

An option to add coverage for aftermarket parts would be a good idea for someone that mods there vehicle. Its an extra charge, but in the event of a loss the payment would be greater due to the terms of the valuation of the vehicle.

 

[Poncherelli]

Its probably not a game. Its probably just extended coverage for something not previously covered.
Insurance companies and policy languages are HEAVILY regulated by the state. There's likely nothing sus about selecting that coverage.

It may provide RC coverage vs ACV like normal. And it's something available at an additional cost as it likely provides additional coverage.

Edit: Insurance premiums are calculated based upon the stock value of the vehicle. So when there's a claim, typically payout will be based upon stock values of parts. If you put aftermarket exhaust it doesn't increase the value of the vehicle necessarily on the market. So if someone steals your aftermarket exhaust, be prepared to get normal reimbursement to put regular stock exhaust.

An option to add coverage for aftermarket parts would be a good idea for someone that mods there vehicle. Its an extra charge, but in the event of a loss the payment would be greater due to the terms of the valuation of the vehicle.

I'm not at fault, I'm processing through other parties insurance. Why should their policy selection of RC vs ACV affect my valuation?