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Value of Truck with repairs


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OP the biggest fight your going to have is getting a fair diminish value for your truck as there is ...



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  #11 (permalink)  
Old 08-18-2017, 01:07 PM
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OP the biggest fight your going to have is getting a fair diminish value for your truck as there is no technical standard way to determine diminish value. With that said, be prepared for the insurance company to low ball you at first.

As others have mention you might have to get a lawyer involved. It seems they are going to repair the truck which isnt the problem, the problem is going to be what deemed as fair compensation for the diminish value lost to the truck now that is has a major accident showing on carfax.

Your truck with low miles likely would have sold from high 20's to low 30's in the current market. It sucks this happen.

Are you able to talk about what happen when your mechanic test drove the truck?

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Old 08-18-2017, 03:26 PM
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Update

I took the truck to a quality body shop who took it apart and came up with an estimate of $19,100 to repair. So it looks like it may be a total loss. The owner of the shop was on vacation when his employee wrecked the truck. I have known the owner for at least 15 years and have taken several vehicles to him over the years (first time for the SRT though). After the accident, the owner wouldn't return my repeated calls and I had to show up early on a Monday morning to speak with him. He was not helpful. I talked to a witness of the accident who said the employee was smoking the rear tires and lost control and hit a telephone pole and cable power box. I have been in contact with a lawyer. I hate to go down that road, but I think it will be in my best interests. I appreciate all the sound advice.
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Old 10-24-2017, 03:42 PM
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Update 2
I have a lawyer now and it seems the process has ground to a halt. The lawyer has written multiple letters to the insurance company and has not received any response. The insurance company made a rather low offer just before I retained my lawyer. I can't imagine they are going to try and fight the claim after making a verbal offer. I should have gotten something in writing, I know.
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Old 10-24-2017, 03:54 PM
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Are they going after the driver also, I know I would, call the police and see if you can file charges of grand theft, I would try everything at this point. Maybe you can go after the drivers insurance.... iDK
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Old 10-24-2017, 09:23 PM
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19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.
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Old 10-25-2017, 08:05 PM
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Originally Posted by viperhauler View Post
19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.
Oh, you're an insurance expert now? I think you know the guy that wrecked the truck and are trying to help him out. Unless, maybe you are the guy that wrecked the truck. Come to think of it... you better have a damn good alibi (WADR, of course).
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Old 10-25-2017, 11:41 PM
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Oh, you're an insurance expert now? I think you know the guy that wrecked the truck and are trying to help him out. Unless, maybe you are the guy that wrecked the truck. Come to think of it... you better have a damn good alibi (WADR, of course).
i'm no expert but i've crashed literally everything i've owned at least once...
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Unfortunately for you guys I am taken and things are going well.
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Old 10-26-2017, 06:51 PM
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Quote:
Originally Posted by viperhauler View Post
19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.
My career has been auto insurance (appraiser) and the majority of all insurance companies and adjusters will deem anything a TL after it crosses 70% of the NADA value of the vehicle. If the truck NADA value is 28k then yes 19k will total it because the adjuster has to factor in outside costs such as rental, salvage and diminish value.

Insurance will always go the cheaper monetary route rather that is repairing the vehicle or totaling it out. If it was me I'd want my truck totaled as 19k is a lot of money for repairs. Sadly the OP has a truck with low miles which complicates things. An adjuster will add a few bucks for the lower mileage but it rarely balances out what the owner feels it is worth due to sentimental value which we can really price.
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Last edited by earl lee; 10-26-2017 at 06:55 PM.
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