Insurance?

[SilentYoda3]

So for those of you who know me know that my truck was totaled. (http://www.toyota-4runner.org/classic-t4rs/131677-rolled-roxy.html for those that don't)

So i got a phone call this morning, they want to give me $2,800 for her, after lift/tires/maintenance receipts. To me this seems stupid low since I can't find one on CG for under $5000.... she's sending me an email explaining how they came up with that value. But the KBB on it STOCK is $4,300 (with 208k miles) She says the miles hurt me a lot. I don't know $2,800 just seems really low, what's your thoughts?

 

[fourwd1]

That does seem a bit low, but don't expect to get back the star money you put into it for tires, etc.
See of they'll meet you closer to the KBB figure.

 

[SilentYoda3]

That does seem a bit low, but don't expect to get back the star money you put into it for tires, etc.
See of they'll meet you closer to the KBB figure.

well they valued the lift at $700 (i paid about 850 or so) but they only add $65 for it.....

I mean i realize that i'm not going to get all my money out of it obviously, but damn really? I bought the damn truck for $3,000 did the HG, Timing belt, and kept it well maintained and cleaned, like for ****s sake really, $2,887? But it's insurance, they don't want to pay squat. They safe they don't have to pay KBB because it's not a "good enough" evaluation of fair market value....

 

[KidVermicious]

Insurance is a scam, by definition. They take your money to "insure" your things and then when you need them to do what they promised, they bend you over a barrel and they know you'll shut up and take it because they have more money and more lawyers than you do.

Insurance will almost always be a losing proposition for the little guy, and you don't need to look any farther for proof of that than the fact that insurance companies make money.

Sorry about your hassles, but this is why I never carry full coverage on a vehicle unless the bank makes me. It ain't worth it, and you'll never get back more than a fraction of what you put in.

 

[92-SR5]

You can argue with the insurance for more money.

 

[77'911]

First off, sorry to hear. I agree with some of the other comments posted. You'll have to argue quite a while to get a modest increase in their offer. Insurance industry is a fraud, just buy basic and do your best to protect yourself(ie avoid the moral hazard issue). Unless you have agreed upon an "assessed value" , your in trouble.
regards

 

[thatoneguy]

I just went through this, so I'll tune in.
For me they started off NADA as a base-line. NADA valued an '87 4runner at $2450. Important: That's the low value, for vehicles that are considered daily drivers, not classics. The mid and high NADA for it rested at about $4000. They're not going to go off that number - it's for restored classics, not well-kept trucks.

I got hit, and despite the damage not being severe, it was totaled. After comparing NADA, classifieds (******* chose ones from out-of-state), and vehicle condition, they valued it at $1850. I'm not in a position to contest insurance companies - even if I was right they wouldn't budge more than a few hundred dollars.

I ended up taking the offer, and buying it back. Luckily for me the title remained clean and I still got $1500.

Like Kid said, insurance is ****ed. They WILL give you a value lower than the true value of the vehicle before the incident. Their appraisers work FOR THEM. Technically you could hire your own appraiser to re-value it, then use that value to argue with them. Getting into this kind of battle with the insurance is just going to cost you more than you get out.

This new insurance experience has led me to this: The understanding that if I build any vehicle and either try to fully insure it, or if it gets hit, that I WILL end up extremely out-of-pocket. It's inescapable.

I'm sorry for your truck man, and also sorry that the insurance valued it under what you believe it to be worth. Contest their offer (usually not worth it), or take the check and move on.

 

[calikev]

I ended up taking the offer, and buying it back. Luckily for me the title remained clean and I still got $1500.

This touching on what my suggestion was going to be. Buy the truck back from them regardless of the condition. Strip it of all your upgrades and part it out, then buy a new one. You should end up profiting off the deal or at least getting your upgrades back and being ready to mod your new truck.

Good Luck!

 

[Iroke17]

id fight it not sure if there is any where else that could do an evaluation as well and show them what other place came up with.

 

[SilentYoda3]

Right well I guess i should probably just take the check and move on. I'm buying it back regardless, luckily the damage was on the top side, the running gear is still great, i even drove it up and down the street to check alignment and everything. I'm just really pissed that they are giving me such a low-ball. When i got the phone call it was seriously insulting that she offered that. I figured maybe $3500 on the low side. Anyone know how much the parts for these go for? motor? tranny? etc? Cuz i have a full truck of them. I bought a 1997 4Runner so i guess there are some good things that came from the accident.

 

[thatoneguy]

Right well I guess i should probably just take the check and move on. I'm buying it back regardless, luckily the damage was on the top side, the running gear is still great, i even drove it up and down the street to check alignment and everything. I'm just really pissed that they are giving me such a low-ball. When i got the phone call it was seriously insulting that she offered that. I figured maybe $3500 on the low side. Anyone know how much the parts for these go for? motor? tranny? etc? Cuz i have a full truck of them. I bought a 1997 4Runner so i guess there are some good things that came from the accident.

22re's around here go for ~$200-$600; 3.0's go for a little more, trans go for $100, t-case $100.

Part what you don't want, and put your high-end suspension on a rig to be bought? Prob what i'd do.

 

[mikebontoft]

if they gave you $65 for your lift, Ill give you $100. haha

that sucks though. Hopefully I won't have to deal with that, but I KBB'd my car the other day and excellent condition came out at $3000k private party sale. wtf??

 

[SilentYoda3]

if they gave you $65 for your lift, Ill give you $100. haha

that sucks though. Hopefully I won't have to deal with that, but I KBB'd my car the other day and excellent condition came out at $3000k private party sale. wtf??

Yeah i KBB'd it when i first got it, $5600. Then i did it awhile later at $4300 and now it came out to $3400 i was like "well shit then" not really sure what happened :/ seems these are worth much more...

 

[thatoneguy]

Yeah i KBB'd it when i first got it, $5600. Then i did it awhile later at $4300 and now it came out to $3400 i was like "well shit then" not really sure what happened :/ seems these are worth much more...

1st rule of car ownership: Cars are not a good investment.