Well list don't blast me but there is finally a subject I've had extensive
experience with (almost 25 years - from the insurance company side).
Definately get all the proof you can to establish the value of your car.
Adds, sold vehicles, etc. With a car like an MG the insurance companys do
not have a good data base because of the cars age, etc. If you have better
proof of value, most of the better companies will go along with it - or at
least consider it to have some value in negotiations.
As for the question of - if the value of the car is $2k and it takes $4k to
fix can you collect the remaining $2k from the "guilty" party. NO, if the
car is worth $2k that is what you are entitled to but again make sure you
establish a "true" value before settling.
As for the comments about retaining the salvage for 20 or 25%. What the
companies are doing when they pay you the value of the car is buying it from
you and the salvage becomes theirs. Most are happy to leave this salvage
with you if it is easier for them. I would say in todays economy none of the
insurance companies are getting an average of 25% (of the pre accident
vehicle value) for their salvage. If they are I know our company would like
to send a lot of salvage there. I would guess 20% would still be on the
high end for an average for all vehicles. I would stick to your particular
vehicle. Ask them how many buyers do they think they would have for an
"old" MG. With this strategy I would try to work them down closer to 10%
but talk in terms of $ as you might get farther - most claims people like %
when it comes to salvage. If your car is worth $4k tell the adjuster you
feel he would be lucky to get $400 for your car (10%) and negotiate from
there.
Well enough babble hope this gives some more insite to the settlement
process.
Denny
-----Original Message-----
From: David Councill <dcouncil@imt.net>
To: mgs@autox.team.net <mgs@autox.team.net>
Date: Monday, June 05, 2000 9:26 PM
Subject: Re: Car accident
>I'm not a lawyer, but I've had enough dealings with insurance companies.
>Their obligation is to make you "whole" - which means that you should be
>reimbursed adequately to the cost to replace your loss. Doug took the
>correct steps.
>
>Unfortunately, most people (including myself in my younger days) end up
>taking less than they should. $800 for a total write off might be fair if
>you have a rust bucket.
>
>Battle on.
>
>David
>67 BGT
>71 BGT
>
>
>At 07:46 PM 6/5/00 -0400, Doug Wilson wrote:
>>Hi List, I had an accident with one of my cars. It was a write off. State
>>Farm Insurance first offered me $800. I prepared a package of "for sale"
ads
>>of similar cars and a copy of a recent Hemmings Motor News to prove my car
>>was worth more. They settled for $2000. So don't take the first
>>offer.....good luck.....76B Ottawa Canada
>>-----Original Message-----
>>From: Bill Saidel <saidel@crab.rutgers.edu>
>>To: Steven Miller <bonding@hotmail.com>
>>Cc: mgs@autox.team.net <mgs@autox.team.net>
>>Date: Monday, June 05, 2000 9:21 AM
>>Subject: Re: Car accident
>>
>>
>> >Sigh, so sorry to hear your story. I'm wondering ...if the insurance
>> >company will give you $2000 but you know you need $4000 to fix it as
>> >attested to by a repair shop, can you sue the person individually for
the
>> >difference for loss of property? That is a question that I've thought
>> >about on hearing a few of these stories.
>> >(I'm not the litergeous type but I really like my B.)
>> >
>> >Any lawyers on the list?
>> >
>> >Bill
>> >'76B
>> >
>> >At 05:40 AM 06/04/2000 -0700, you wrote:
>> >> At the time of 10:15 on june 3, 2000 a car travelling in the
>> >>opposite direction of me decided that they could make it into a parking
>> >>lot before I met them...well they were wrong. Yes, I was driving the
>> >>MG, one 1974 chrome bumpered MG Midget, was not able to get out of the
>> >>way of a car travelling in its path. The good news is that no one was
>> >>hurt, the bad news is that the MG is hurting, more probably than I will
>> >>be able to get fixed. I am assuming that the insurance company is
going
>> >>to consider it a total loss. Lets face it, without jacking it up, I
>> >>know that it needs:
>> >>[snip]
>> >>So, I guess it is time to start shopping, god knows if this costs more
>> >>than $4000.00 I will never be able to afford to fix it, and I am sure
>> >>that the insurance company will not give me more than $2000.00 even if
>> >>they decide that it is their drivers fault, sigh... any thoughts, or
>> >>people out there know a kind soul with a quality garage who knows MG's?
>> >>For those of you who are receiving this, I am sending it to the MG list
>> >>that is why I went into some detail, and for those on the list I live
in
>> >>upstate NY, just outside of Albany.
>> >>
>> >>Steve
>> >
>
>
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