Registration and Posting Agreement
Don't let them screw you! Know your state insurance laws. In WA State where I am from, the Total Loss Threshold is using the Total Loss Formula (TLF), which means Estimated Cost of Repairs + Scrap Value of the Vehicle. If that number is more than the Actual Cash Value (ACV), then they deem it a total loss. Some states have a percentage of ACV. Iowa for example is 50%! Most states that have a %-tage are in the 70 to 75% range.Next is that the insurance company has to prove it! Don't take their word for it! They have to present you with their written determination. Don't accept ANYTHING until they provide you with their Vehicle Valuation Report!!! Don't ACCEPT Their offer...NOTHING, until they give you that information and you digest it!Additionally...know your state's laws regarding determining Total Loss Vehicle Claims! Again...in Washington State, the insurance company can use computerized models to establish Actual Cash Value, but for our vehicles, those things don't exist. So...they have to use comparables, but those can be tough to find because it has to be same model and vehicle year or one year newer, within 150 miles of your location, and be currently available for sale, or for sale within the last 90 days! Basically, they have to pay you so that you can reasonably replace your vehicle...find one for sale relatively close to you, and go buy it! If none of that is possible and you can't agree, then you go to an appraiser.I did this with my '77 K20 when a guy with cut, cut-rate insurance pulled out on me from a stop sign when I was travelling on the cross street with no stops. He pulled half-way out and then just stopped! Repairs were like $4,300 and their insurance company wanted to total my truck and give me a check for $1,800! They didn't offer me the Valuation Report. I had to ask for it! When I read it, they used two Craigslist ads that were long since deleted. One from Seattle and one from Minnesota!!! Remember, I am from Washington State. Minnesota is no where near WA State, and old trucks there are rust buckets! They also used 1/2 tons and lesser trim. In the report it gave the guys phone numbers, so I actually called them up and asked them about the vehicles they sold. My '77 is a K20 Silverado with a 350/350 combo. I then did my own research on valuations of 1977 and 1978 K20's and came up with a value I thought was fair. I sent them an e-mail detailing out my greivences and citing WA State Law. I then said if this stuff wasn't resolved quickly, I would be talking to the WA State Insurance Commissioner.In the end, the insurance company wouldn't agree to a valuation in writing, but what they did do was send me a check that day for the full repair estimate!
What kind of insurance? Normal car insurance or collector?That being said, Receipts! They can't argue much with those. Go through everything you have ever had on that truck and see where you are. and show them where you are.If you have normal car insurance, the quote they gave you is very generous. look at my truck. with normal insurance they can legally total it for $700. if you have collector or stated value, receipts are your friend. did you get an appraisal beforehand? if so you're gold. The appraisal is key.