Totaled
Thread Starter
Instructor
Joined: Apr 2023
Posts: 187
Likes: 116
Totaled
I wish I was posting under better circumstances. I was in a crash last week, where the car was t-boned and deemed to be a total loss, we were both lucky to survive the crash uninjured. I was hoping to get some questions answered, this was in NJ which is a no fault state.
1) What can I realistically expect progressive to value the car (MSRP + taxes at 90k), considering the current resale market (2023, 1400 miles)
2) Should I consult an attorney or wait until I receive the initial estimate from them?
3) Are there any data points I can provide to prove what the car is worth if I have to negotiate with the insurer?
4) Anything else that I should keep in mind before I release the car to them?
They have been good in general and told me that the value will be determined based on JDPower recent sales data but I've heard not so stellar stories so wanted to do my due diligence. I'll not be posting pics as it's irrelevant.
1) What can I realistically expect progressive to value the car (MSRP + taxes at 90k), considering the current resale market (2023, 1400 miles)
2) Should I consult an attorney or wait until I receive the initial estimate from them?
3) Are there any data points I can provide to prove what the car is worth if I have to negotiate with the insurer?
4) Anything else that I should keep in mind before I release the car to them?
They have been good in general and told me that the value will be determined based on JDPower recent sales data but I've heard not so stellar stories so wanted to do my due diligence. I'll not be posting pics as it's irrelevant.
Last edited by C823; Jun 8, 2023 at 07:10 PM.
Popular Reply
Jun 9, 2023, 07:56 AM
Melting Slicks
Joined: Oct 2016
Posts: 2,873
Likes: 2,505
All this attorney talk is just wonderful. I have spent far more than most people you will ever meet with them! I just love them and have several as personal friends. But, I have never met one who had a clue as to what cars were actually worth. Since they get paid hourly, they do know the best lunch places where they discuss my problem on my dime.
I have been involved peripherally with more than a thousand of these actual settlements and can actually say by far the majority of the insurance companies offers were more than fair. Wait till they present their numbers and compare it to what you think is fair. It ain't over till you sign and there will be plenty of time to spend your money hiring an attorney who is just guessing anyway.
I have been involved peripherally with more than a thousand of these actual settlements and can actually say by far the majority of the insurance companies offers were more than fair. Wait till they present their numbers and compare it to what you think is fair. It ain't over till you sign and there will be plenty of time to spend your money hiring an attorney who is just guessing anyway.
Melting Slicks
Joined: Jul 2005
Posts: 2,649
Likes: 863
It's NEVER a bad idea to be prepared.
The best advice I can give you are to spend a few hours on line looking for sales prices of similar cars. Completed sales are by far better than asking prices. When you find something close - print it out.
If your Insurance company offers less than you think they should be paying - present them with the data that you were able to dig up. That's about the strongest argument that you can make.
GOOD LUCK, and glad to hear that YOU are OK.
The best advice I can give you are to spend a few hours on line looking for sales prices of similar cars. Completed sales are by far better than asking prices. When you find something close - print it out.
If your Insurance company offers less than you think they should be paying - present them with the data that you were able to dig up. That's about the strongest argument that you can make.
GOOD LUCK, and glad to hear that YOU are OK.
Pro
Joined: Jan 2022
Posts: 561
Likes: 534
From: NY
You gotta remember that taxes and tags don't count as far as the insurance company cares. Then they have a mileage "tax" along with maybe a 10-20% off of list unless you have a replacement policy or you have an agreed on totaled price policy. Good luck and to bad.
Pro
Joined: Apr 2019
Posts: 675
Likes: 441
I just went through this two weeks ago. State farm. Ohio. Single vehicle accident, so not exactly the same, but gives you something.
Mine was a 2022, just flipped 6k miles literally a few minutes before the crash. Msrp was $90.2k. State farm gave me $102.4k, and just under $8k for the taxes I paid. After my deductible, I received a check for just over $110k. That was actually a few dollars more than I had come up with on my own by trying to find comps. I was pleasantly surprised by how easy it was. Hope you have the same experience.
Mine was a 2022, just flipped 6k miles literally a few minutes before the crash. Msrp was $90.2k. State farm gave me $102.4k, and just under $8k for the taxes I paid. After my deductible, I received a check for just over $110k. That was actually a few dollars more than I had come up with on my own by trying to find comps. I was pleasantly surprised by how easy it was. Hope you have the same experience.
Thread Starter
Instructor
Joined: Apr 2023
Posts: 187
Likes: 116
I just went through this two weeks ago. State farm. Ohio. Single vehicle accident, so not exactly the same, but gives you something.
Mine was a 2022, just flipped 6k miles literally a few minutes before the crash. Msrp was $90.2k. State farm gave me $102.4k, and just under $8k for the taxes I paid. After my deductible, I received a check for just over $110k. That was actually a few dollars more than I had come up with on my own by trying to find comps. I was pleasantly surprised by how easy it was. Hope you have the same experience.
Mine was a 2022, just flipped 6k miles literally a few minutes before the crash. Msrp was $90.2k. State farm gave me $102.4k, and just under $8k for the taxes I paid. After my deductible, I received a check for just over $110k. That was actually a few dollars more than I had come up with on my own by trying to find comps. I was pleasantly surprised by how easy it was. Hope you have the same experience.
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Pro
Joined: Jan 2022
Posts: 701
Likes: 584
From: East Tennessee
You can do what you want but I will base this on a wreck my wife had a few years ago. I thought I could be civil, handle it myself and we would be treated fairly. Trust me. You won't. Get an attorney and let them deal with it.
Safety Car
Joined: Jul 2013
Posts: 4,408
Likes: 3,485
From: Granada Hills CA
My C6 was totalled in Sept '21. Car was over 8 years old with 87,000 miles. The MSRP of the car was $74,705 and I paid $69,999 "out-the-door" [including taxes and fees]. The insurance company does a comparative analysis of recent used car sales, similar to what a real estate appraiser does when valuing a home. In my case, State Farm paid $42,841 plus sales tax of $4,070 and return of my $1,000 deductible for a total of $47,911. That seemed more than fair and quite generous. From my point of view, I drove a C6 3LT grand sport convertible for over 8 years and 87,000 miles and got two thirds of my money back! The only bummer was that I was planning on keeping the C6, even though I had a C8 on order. Ended up being without a Corvette for a month, since my C8 was delivered in early Oct '21.
Last edited by Bob Paris; Jun 9, 2023 at 12:40 PM.
Drifting
Joined: Jun 2014
Posts: 1,366
Likes: 913
It is not a bad idea to be prepared and 'consult' an attorney but it might be best to wait for the insurance company's decision. There would be no reason to complicate the process if car's value is determined to be satisfactory without involving the services of a third party.
Keep in mind that if the Vette was t-boned at no fault of the driver, his insurance company will reimburse him and in turn his insurance company will be reimbursed by the insurance company of the driver who caused the collision. So his insurance company will not lose a dime in paying the damages in a fair or better manner. The exception would be if the Vette's driver committed an infraction such a taking a red light, not yielding the right of way, speeding, DUI, or something else.
Keep in mind that if the Vette was t-boned at no fault of the driver, his insurance company will reimburse him and in turn his insurance company will be reimbursed by the insurance company of the driver who caused the collision. So his insurance company will not lose a dime in paying the damages in a fair or better manner. The exception would be if the Vette's driver committed an infraction such a taking a red light, not yielding the right of way, speeding, DUI, or something else.
Drifting
Joined: Sep 2004
Posts: 1,737
Likes: 349
From: Layton Utah
Without knowing the specifics of the case, I would be careful about bringing in an attorney right off the bat. As soon as that is done then their legal dept gets involved. If it's a clear cut case and you get a settlement on the car that you feel is fair, then save the legal fees. You can bring them in later if necessary. They don't work cheap.
Drifting
Joined: Jun 2014
Posts: 1,366
Likes: 913
Something else I just remembered.
If there is a collision deductible not paid at the time of the settlement, once the insurance company gets paid by the other company the full amount of the deductible should be collected as well to compensate the policy holder's loss.
If there is a collision deductible not paid at the time of the settlement, once the insurance company gets paid by the other company the full amount of the deductible should be collected as well to compensate the policy holder's loss.
Burning Brakes
Joined: May 2010
Posts: 1,052
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From: Spring Texas
My wife’s vehicle, a 2015 Honda CRV, was totaled in 2017 when Hurricane Harvey visited Houston while it was parked at Hobby Airport while we were on an Alaska cruise. Water was in the glovebox. Our insurance company - Amica - made us an offer which I thought was low, so I went to Autotrader and found that retail prices were significantly higher. Sent that information to Amica and they ponied up with the higher number.
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Without knowing the specifics of the case, I would be careful about bringing in an attorney right off the bat. As soon as that is done then their legal dept gets involved. If it's a clear cut case and you get a settlement on the car that you feel is fair, then save the legal fees. You can bring them in later if necessary. They don't work cheap.
Melting Slicks
Joined: Oct 2016
Posts: 2,873
Likes: 2,505
All this attorney talk is just wonderful. I have spent far more than most people you will ever meet with them! I just love them and have several as personal friends. But, I have never met one who had a clue as to what cars were actually worth. Since they get paid hourly, they do know the best lunch places where they discuss my problem on my dime.
I have been involved peripherally with more than a thousand of these actual settlements and can actually say by far the majority of the insurance companies offers were more than fair. Wait till they present their numbers and compare it to what you think is fair. It ain't over till you sign and there will be plenty of time to spend your money hiring an attorney who is just guessing anyway.
I have been involved peripherally with more than a thousand of these actual settlements and can actually say by far the majority of the insurance companies offers were more than fair. Wait till they present their numbers and compare it to what you think is fair. It ain't over till you sign and there will be plenty of time to spend your money hiring an attorney who is just guessing anyway.
Race Director
Joined: Apr 2005
Posts: 10,179
Likes: 2,306
From: Wesley Chapel, FL Las Vegas, NV
Be proactive. The company will pay you replacement value so get the best info you can on what it will cost to replace the C8 including taxes and title fees.
No need to involve an attorney unless you can come together on a settlement in a reasonable time.
No need to involve an attorney unless you can come together on a settlement in a reasonable time.