Insurance Totalling My 1995 TLC!

[chford]

Some burglars busted the driver-side back-seat window and ruined the dash taking out an aftermarket Audio/Navigation system. Also stolen were a pair of sunglasses, a Nexus10 tablet, and my Fiio X5 with two 128GB microSD cards. Value for the Audio/Nav and everything else is probably about $1800.

The truck also has Center Differential Lock, cold-air intake mod, modified Mass air flow sensor and mod to increase driver leg room. On the downside it has the classic slow auto windows, rust at front right quarter panel, rust around the roof rack, and cracked leather seats. Mileage is around 180k...but the odometer hasn't worked for a year or so.

Now the insurance company wants to total it out. Total Loss as they describe it. They're offering only $4300!

My question...What do you guys think about their offer? Should I take it and run? From my perspective they're really only offering me $3500 for my beloved TLC and replacement cost for the accessories.

One more thing...anyone have any idea what high salvage value is on this 1995 TLC?

 

[Hornd]

Paid $5k for mine in OH with 185K and little to no rust with good title. Shady dealership with light bulbs hanging around lot. Couldn't be happier, but about $2k poorer due to Mud!

 

[Frankencruiser]

Get local comps, their first offer is always a lowball. Find 3 1995 or newer landcruisers with the same mileage or less and same condition or better. Send the three to your adjuster and say you'll take an amount in the middle, plus the cost of replacement of anything you had in the vehicle.

 

[Stylo07]

Sorry to hear about your experience. It's awful. However, based on what you described, I'd say the insurance company's offer isn't too far off. Do you have pics?

You might search for ads of comparable 80s to see what's out there. If they differ from the offer you received, present them to your insurance company. Some companies will adjust their offer if the evidence is compelling.

Best of luck!

 

[Funner]

Do they even cover contents or is that under your home owners policy? Also, you said the stuff was $1800 and they offered you $4300, if that is correct then you are getting $2500 for the truck. Otherwise you are getting depreciated value for the "stuff " and are not getting replacement value. I think you may need to get a clearer picture of what your insurance is paying you for each item so you can see if it matches the terms of your policy less any deductibles you may have.

 

[half k cruiser]

There offer is about ballpark for what it would take to replace, but, like mentioned above don't take the first offer.

 

[dferrell]

Was the 4300$ value after deductible? I had a 97 totaled last November and the salvage value was right at 2k. If you want the truck tell them so and they will send you a check for the negotiated acv less deductible and salvage value. You keep the truck and have $$$ to repair it with. Only caveat is that your title will be marked as salvage.

When I dealt with my insurance company their first offer was lowball. After compiling comparable listings (some from the classifieds here in mud) and sending to them their offer went up significantly. Their goal is to pay as little as possible. They will give you more if you do a little work.

Duane

 

[flagstaff]

Any receipts are also important. My offer from an insurance company went up $2500 when I showed the bill for an engine rebuild. (Not a Land Cruiser).

$4300 for a 95 LC? Seems a bit low, but it depends on the condition. Pictures of the condition and receipts showing the vehicle is well cared for should make a difference.

Good luck.
Flagstaff

 

[MikeB]

How much of the dash is damaged? If it's just the black plastic center panel around stereo, that's about $75 new and takes 5 minutes to replace.

I've posted the story about my '95 being totaled by Geico and how I bought it back for $200 and fixed it. Maybe you can buy yours back cheap and pick up a dash and window (and instrument cluster) in the "parting out" forum.

 

[bmw635]

The buy back salvage value is 20% of the acv

 

[BrotherRob]

I'm assuming by you avi you're in AZ. If so , the local market is one of the most expensive in the country for 80s. Hit them with comparable local prices ( there won't be many). They're likely using national values, it's a dirty trick insurance companies play, it's also illegal, call their bluff.

 

[dferrell]

The buy back salvage value is 20% of the acv

When mine was totaled the salvage value they gave me did not change between the original offer and the final settlement amount. The final acv we settled on was more than 200% higher than the original offer. I think it has more to do with the cost of scrap metal and the weight of the vehicle. May vary from state to state though.

Duane

 

[120mm]

I'm assuming by you avi you're in AZ. If so , the local market is one of the most expensive in the country for 80s. Hit them with comparable local prices ( there won't be many). They're likely using national values, it's a dirty trick insurance companies play, it's also illegal, call their bluff.

That's weird, because I just did a nation-wide search for 80s (and bought one!), and the cheapest ones I could find were in AZ. TX and CA advertised 80s were nearly 2X AZ.

To the OP: I drive older cars, and to me "totalled" means I get a cheap car that needs work out of the deal. Fight them to get as much money as you can and then buy back the car.

 

[ChiTown]

In most states you have two options, take the check or tell them you want a replacement vehicle. Check your policy and local insurance regulations to confirm this.

 

[Brentbba]

Some insurance policies require an add'l rider to cover after market things like your audio/nav system, etc. If you don't have that add'l rider at $$$, they could care less how much you had into the truck or what receipts you show them for the value. Other policies cover that stuff w/o a rider. Good luck!

 

[MikeB]

When Geico appraised my cruiser for the settlement offer, they came up with a long list of condition deductions for things like slight wear on the edge of the driver's seat and a tiny chip in the windshield. I hate to think what they would try to deduct for a vehicle with rust, or door dings, or cracked seats. I bet it would be brutal.

 

[thegoodword]

I am working through a similar issue. Check this thread as it is full of good info:
https://forum.ih8mud.com/threads/insurance-value-for-highly-customized-94-fzj80.524603/

 

[chford]

Thanks for all the suggestions. I'll take it to heart when I get deep into the battle with the insurance company. It's only now starting!

 

[mussy]

Can you take the money and the car and fix it yourself?

 

[Howard705]

Keep It. Negotiate as suggested.