Got in a Wreck, could use some advice!

[PurdueSD]

For those watching at home... I accepted a settlement and deposited the check today for a full loss on my pickup. I received some very good advice along the way and am very appreciative for that. Just in case it helps anyone in the future... here's what I did.

1. I did my research. I looked for reasonably comparable vehicles in my immediate area. when none were available I expanded my search trying to keep to my general region. I found 10 trucks ranging in price from 7-14k. I dropped the high and low and averaged the remaining 8. I provided this information to the insurance adjuster and let them know what I would be willing to accept.

After lots of phone calls, ridiculous offers and all the little games the insurance adjusters play... I kept calm and firm and tried to convey I knew what I was entitled to without being a dick. I Was patient, held my ground and let it play out. Today I made a call, was offered half of what I was willing to accept. I let them know that there internal repair estimate meant nothing to me and I would start talking to 3 or more reputable shops to make the repairs or maybe even a restoration shop. I let them know I would not accept a check for any repair, we woulld have the truck repaired and they would pay the body shop. This seemed to change his approach.

He asked to call me back in 30 min. When he did, he said they were willing to pay my full number to put this behind them. I agreed and reminded him, that state law requires them to reimburse me for sales tax "after" establishing a replacement value. He agreed, and I accepted.

In the end it was a pain in the ass, but really simple. Do research, find nice and immediately available comps. Be fair but firm and wait... and wait. He wasn't very receptive to giving me a buyback (salvage) price on my truck. and I didn't push the issue because I didn't want to sabotage the deal.

now on to the next one I guess...

[65 GMC]

I'm confused, did you let them total your truck and take it? Or do you still have it?

[ElGracho]

Where is your truck now? I wouldn't be surprised if they asked you to send in the title but never even asked for the truck.

Good job. That is the right way to handle this situation.

Educate yourself on the rules, give them evidence of value and hold firm.

I don't believe for a minute they gave you your money just to "put this behind them". They knew you were right on with your numbers and any more time spent was just even more wages for them to pay. If they really believed they could win in court for less, they would have tried.

Again, good job and thanks for sharing with us.

[PurdueSD]

Yes truck is totaled, they have it in their possession and I signed the title over to them. I received a payout for a full loss.

[cadillac_al]

One time a woman slid into my truck with a $500 car and my insurance company gave her $2000 to make her go away. Anything under a $10k payout is a win for the insurance companies. It's nice that you can get fair value on a 30+ year old vehicle and not just KBB trade in value..

[MalibuSSwagon]

I wouldn't be surprised if they get most of what you paid out back at an auction. C10's are hot right now. I just watched a 1981 C10 shortbed cross the block at the local auction, it had a-pillar rot and a bad clutch, bone stock 250/4 speed. Local salvage yard owner bought it for $1700. This truck was rough too. I couldn't believe it.

[old Rusty C10]

Originally Posted by PurdueSD

Yes truck is totaled, they have it in their possession and I signed the title over to them. I received a payout for a full loss.

big mistake they never should have had any right to it if it was another persons insurance company paying out

[flashed]

Im glad you are happy with the settlement ,at the end of the day that is all that matters .

[71swb4x4]

Originally Posted by old Rusty C10

big mistake they never should have had any right to it if it was another persons insurance company paying out

Can you explain? I have heard people say this but never seen proof. It isn't logical that someone would pay you for something and then they would have no right to take possession of that item.

Nolo on the subject: http://www.nolo.com/legal-encycloped...-what-now.html

Originally Posted by nolo.com

Further, if an insurer declares your car to be a total loss, the insurer has the legal right to take your car so that it can sell it on the secondary market and recoup some of its losses. It is possible to convince the insurer to let you keep the car, but it's not likely. The insurer has the absolute right to take a totaled car, and it almost always does.

[hatzie]

Originally Posted by 71swb4x4

Can you explain? I have heard people say this but never seen proof. It isn't logical that someone would pay you for something and then they would have no right to take possession of that item.

Nolo on the subject: http://www.nolo.com/legal-encycloped...-what-now.html

You are correct that once they give you a settlement the vehicle belongs to them.
That being said. You have the wrong mindset around this whole mess. Don't be so timid. People will use you for a doormat.
I've always been able to negotiate a buy back amount after the dollar value was negotiated. There was ZERO reason not to talk about it. You will not offend or anger the insurance person you're negotiating with. It's not their money. You are not the first or the last person to negotiate to buy back your wrecked vehicle. I would've negotiated to keep that truck. You probably could've bought it back for around $1,000 without having it leave your possession. Now that it's gone it's gone.
Depending on the insurer they may require the title be processed to add a salvage stamp.

[Nick_R_23]

Originally Posted by hatzie

You are correct that once they give you a settlement the vehicle belongs to them.
That being said. You have the wrong mindset around this whole mess. Don't be so timid. People will use you for a doormat.
I've always been able to negotiate a buy back amount after the dollar value was negotiated. There was ZERO reason not to talk about it. You will not offend or anger the insurance person you're negotiating with. It's not their money. You are not the first or the last person to negotiate to buy back your wrecked vehicle. I would've negotiated to keep that truck. You probably could've bought it back for around $1,000 without having it leave your possession. Now that it's gone it's gone.
Depending on the insurer they may require the title be processed to add a salvage stamp.

This is correct. The insurance company is paying you for your vehicle. The owner received a payout, the vehicle is now purchased and owned by the insurance company. The vehicle is then auctioned off to recoup as much of the insurance company's loss as they can get back. They have full legal ownership of the vehicle once that check lands in your hands.

[old Rusty C10]

You are NOT correct.. Insurance from ANOTHER party does NOT give them the RIGHT TO SALVAGE VALUE. there are times they ask for the wrecked vehicle to try to recoup monies but they have NO RIGHT to it, and they cannot deduct from your settlement because of it . The OTHER PARTY is responsible for all damages and if the vehicle is totaled, they must pay full replacement, and some people willingly give up their vehicle as they have no idea how to fix it and don't want the hassle of disposing of it. I worked for 25 years doing investigations and claims for insurance companies in NY and this is the LAW
If your insurance pays out then they have the right to salvage the vehicle you signed the policy allowing them to do this

[hatzie]

Originally Posted by old Rusty C10

You are NOT correct.. Insurance from ANOTHER party does NOT give them the RIGHT TO SALVAGE VALUE. there are times they ask for the wrecked vehicle to try to recoup monies but they have NO RIGHT to it, and they cannot deduct from your settlement because of it . The OTHER PARTY is responsible for all damages and if the vehicle is totaled, they must pay full replacement, and some people willingly give up their vehicle as they have no idea how to fix it and don't want the hassle of disposing of it. I worked for 25 years doing investigations and claims for insurance companies in NY and this is the LAW
If your insurance pays out then they have the right to salvage the vehicle you signed the policy allowing them to do this

That's a state law. In general automobile insurance falls under state laws. That may not apply outside the Empire State.
The only way to be sure is to check with an actual lawyer.
A Full Settlement agreement may actually give them salvage rights. Read it.

[TKCR]

Well over my years of car owning in our family, there have been a few cars that have been totaled. And in MOST cases, even after the insurance paid out, my Dad negotiated a price to buy the car back. And we are talkin buy back amounts that were way less than $1000.

Pic are of the 2006 Colorado of when it was totaled and the day it was back home after being rebuilt.

1) 68 Firebird that was rear ended, put the trunk up to the front seat. It was totaled and my dad bought it back and had it fixed.

2) 69 Camero. This one was the fault of my brother, drunk driving, the dumba$$. It was totaled, dad bought it back and had it repaired. Dumba$$ brother drinks & drives again. So the car went bye-bye.

3)96 GMC Sonoma. Guy runs a stop sign, truck gets totaled. Damage was much like the OP's truck. Dad buys the truck back and gets it repaired.

4) 06 Chevy Colorado. My parents rolled it on black ice, it was definitely totaled!! Dad bought it back to have rebuilt. Mom didn't want this one back, had a bad vision with it I guess. So I bought it, with a salvage title of course. It only has 60,000 miles and it looks brand new. I wanted to buy a new Colorado but choked at the prices, bought this instead for $11,000.

5) There was also a Chevy Avalanche in there somewhere. The only reason it didn't get bought back, was because it got totaled in Georgia. It was too much to have it flat bedded back to Ohio.

So just because a vehicle gets totaled and the insurance pays out, the original owner has every right to buy the vehicle back.

[GRADYS Performance]

Why do any of you approach the situation when someone else is the At Fault party and let Their insurance company tell you what They will compensate you. They are not buying your vehicle. They are compensating you for the Loss to You that Their Insured driver took from you.

You have the Right to be made Whole for what you had the Moment Before their Insured driver Damaged your vehicle and possibly you. The Insurance company is looking to limit their losses not fairly compensate you. You have to Fight for your Right.

[hatzie]

Originally Posted by GRADYS Performance

Why do any of you approach the situation when someone else is the At Fault party and let Their insurance company tell you what They will compensate you. They are not buying your vehicle. They are compensating you for the Loss to You that Their Insured driver took from you.

You have the Right to be made Whole for what you had the Moment Before their Insured driver Damaged your vehicle and possibly you. The Insurance company is looking to limit their losses not fairly compensate you. You have to Fight for your Right.

That wasn't what I was trying to convey. When I said the settlement in full may give salvage rights to the insurance company I was not trying to say they had a right to demand that just that it's likely what they did demand.
If you sign the agreement and cash the check then you are bound by it. That's part of the negotiation. You don't have to accept it just because it's a good dollar amount.
The insurance companies depend on folks being unable or unwilling to negotiate because they might offend someone and that's not "Nice". Blank Nice... Doormats are nice...

[PurdueSD]

I dont understand all the ranting... They matched what i was asking for in the end and on top of it payed out sales tax. I never thought they would come all the way up to my asking price. But i was well researched, had undisputeable comps and stood my ground. And though it took several weeks of saying no, they finally did meet my demand. In the end, truth be told, I would have accepted less. I thought they might get close, but not all the way there -when i set my price. I am really happy with the settlement.

I didn't let anybody tell me what to do(insurance), quite the opposite actually. And yes, I could have fought to buy the truck back, but i wasn't willing to push the issue and screw myself out of the agreed settlement and move forward. I was ok with loosing the truck if they came to my number, though i did inquire about the buy back.

I came out way ahead. I was extremely fair when establishing comps and fair market (today, right now) value. If i had to go out and replace my truck today, i could open up auto trader and pay for fair market replacement based on the settlement i received.

That being said, me personally (not the market) would never pay that much for my truck. I'd search for weeks, months etc and find a replacement that i could snag undervalued.

[87max]

In the end you got what you feel is fair & didn't try to hammer anyone congrats.