73-87chevytrucks.com
General Site Info => General Discussion => Topic started by: Rtlane on August 18, 2019, 11:02:20 PM
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Hi,
So long story short my truck coasted down my driveway, which is on a hill, and the opened passenger door caught a tree which damaged the door and fender. The rear roll pan was also damage. The geico insurance adjuster came out and filed the report. She said more than likely it will be totaled. She said the damages would cost $4600 to repair. I will know this week how much I will get for the truck. How much has someone got for their truck being totaled? She said she put that the truck was in above average condition...she called it “dealer” condition.
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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!
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Put wheel chocks by your bay doors boys...and use em
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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!
They offered me $4300 and totaled the truck. I told them no. I sent some comparables within a 100 mile radius. The insurance lady said she will ask her supervisor. Unfortunately all i could find was comparables on facebook marketplace. I didn’t find any that were my year truck. Not many of these trucks in Charleston, WV. We will see what they say tomorrow.
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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.
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Take it to a shop you would have repair the damage. get an estimate. that will also help. You doing it yourself is not a possibility. you must have it estimated by a shop. you can then do it yourself if you want later, but a shop must estimate it.
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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.
I have normal car insurance. I haven’t put much money in this truck because I haven’t had it very long. The things that I bought were used and no receipts unless I can count spray paint.
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West Virginia looks like it's TLF is 75%.
Hagerty says the average value of an '82 C-10 with a 4bbl 350 is $10,100! So that would be repairs less than $7,575...forgot to take off the scrap value, which is only a few hundred dollars, I can't remember...like $500, let's say...so repairs less than $7k to round it out.
NADA says average value of an '82 C-10 Shortbed is $14,500! So that would be repairs less than $10,875...scrap value here...so repairs less than $10.3k.
If your truck is as nice as you say, then I would definitely fight it! Squeeky wheel gets the grease! If you make a big enough stink, they will eventually just pay you to shut-up. These trucks are #1 hottest collector vehicles right now. I don't think they realize their value.
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Facebook market place for comps?? Really? ::)
We have a member here that had his 87 Silverado short bed written off 2 years ago by some smaller insurance company, they paid NADA average money and would not budge one bit off of it no matter how many comps or auction results were presented to them. It was around $5000 for one that was near mint, AZ since new with fresh red paint. Real world money on that truck at the time, IMO was $7500-8000
It was then and it is today, a lesson on declared value for these truck. they just are not out there like they used to be.
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Yeah I didn’t want to resort to places like facebook, but I had no other options. I did find a couple local ones on ebay. I’ll let everyone know happens when they get back to me.
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i had geico once. they totaled my 04 impala, only wanted to pay it off. think it was around 11k. told them it was worth 14k and the insurance guy said "thats were most people get confused, we pay the trade in value not the blue book value". i told him he was pretty much full of it and i wasnt taking the trade in value because i wasnt trading in the car i was replacing the car. took them a month or two, they even sent a tow truck one day and i wouldnt let him take it because there was no agreement. he didnt have an issue with that and left. a few weeks later they cut me a check for the full value of the car. that was till the hospital bills came around. and Geico said i "selected special option "K"". which was a 10k in medical deductible. i had if memory serves me right 7k in medical bills, so i had to pay all that out of pocket
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Also...don't let them try to talk to you about mileage. Mileage in collector vehicles is meaningless and practically unverifiable! It is all about condition of the vehicle and any upgrades you may have receipts for.
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You really should investigate getting Collector Insurance from a company like Hagerty's. It really is not that expensive. As one person said, what will the insurance company do when it comes time to pay? You may pay 100 dollars less a year with a company like Geico, but you will spend a hundred time more than that in aggravation and headaches. Check them out! ! !
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Heard from the insurance and they upped the offer from $4300 to $5800. I happy with that. From what I’ve read and since I have regular insurance on my truck, that is a very good offer.
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With the damage you described is just a door and fender + something on the rollpan. Have any pictures of the damage? I would find the parts and fix it. Your biggest expense is going to be paint.
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Heard from the insurance and they upped the offer from $4300 to $5800. I happy with that. From what I’ve read and since I have regular insurance on my truck, that is a very good offer.
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I'd take it and run.
The problem with collector insurance like hagertys is the limitations on when and where you can drive. Yes it's cheap, but for the most part you CANNOT drive it to work or leave it in parking lots at stores, which is 99% of where normal people will drive it. They're insurance lawyers, you cannot BS them, like saying i only drove it to work this one time because... they won't care, they'll deny you, and it'll be up to you to fund the lawsuit to fight them which may come to nothing. You cant pull bs on insurance companies. Truth be told, I've found as I have to classic vehicles I want to insure like a new car is for daily driving... you can't. they won't. That fact is why i didnt put the $$$ I wanted to into my truck and camaro, though I've put way too much $$$ into them already. I did put the $$$ into both of them, but if either one gets stolen or totalled, I'm going to lose around $17k on the camaro, and I'd lose around 19k on the truck. do I regret spending the money on them, NO. Will I get any kind of return on either of them, NO. Old cars done right cost as much or more than new cars but don't have any kind of coverage for loss if you daily drive them.
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You got me thinking.... I pulled up my Hagerty policy. It seems very generous. The 'exclusions' section made no mention of driving the car to work or parking it anywhere.
Do you have any specifics on where that kind of language may be in the policy?
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You got me thinking.... I pulled up my Hagerty policy. It seems very generous. The 'exclusions' section made no mention of driving the car to work or parking it anywhere.
Do you have any specifics on where that kind of language may be in the policy?
I may have to fall on the sword on this one. My insurance company told me about those restrictions on the collector car insurance.
They were trying to talk me into getting collector car insurance on my 69 camaro. They told me about the restrictions, but I never actually read it (I decided not to get it).
I think I may have posted that info on here.
Let me know if I was wrong.