Settling total loss - payout reduced because of unclean title way back

[bagodonuts]

I bought a salvaged title vehicle - 2014 Tacoma with 15k miles a few years ago. The truck was in great shape when I bought it. It looked like a 15k mile truck except for some rust bolts in the truck bed.

Last week, I was t-boned in a hit and run. Truck was totaled. At the time of the accident, it had 77k miles on it. I can buy similar, clean title for $19k. Insurance company, American Family, offered 15.5k to settle with salvage title in history being the biggest issue. After escalating to Total Loss Team, they offered $16.5k.

I think my premium was based upon age, mileage, and driver of the car (and clean title). After years of paying this premium, should I have to accepts $3k less than the replacement cost of the vehicle because of a title blemish in its history?

 

[fed up]

You bought a salvage title vehicle, drove it 50K miles, and are being offered more than you paid for it. Consider yourself lucky and move on

 

[bagodonuts]

@fed up I didn't ask 'how should I feel?' I don't need a pep talk.

I was hoping for an intelligent response from someone who understands claims and pricing. I'm a former underwriter and market analyst for a company larger than AmFam. I never submitted or heard of rates that included a title blemish factor. Your uninformed response isn't necessary.

By the way, it only took 20 minutes to get them to bump it up a $1k. You would have left that on the table. You should consider yourself a pushover and not be happy.

 

[fed up]

@fed up I didn't ask 'how should I feel?' I don't need a pep talk.

I was hoping for an intelligent response from someone who understands claims and pricing. I'm a former underwriter and market analyst for a company larger than AmFam. I never submitted or heard of rates that included a title blemish factor. Your uninformed response isn't necessary.

By the way, it only took 20 minutes to get them to bump it up a $1k. You would have left that on the table. You should consider yourself a pushover and not be happy.

You are fortunate that you got anything. Many states do not allow for collision or comp on a salvage title. Many carriers are the same way. You bought a vehicle which an insurance company paid a total on and got it at a discount. Congratulations. If it was my claim you would have been sending a complaint to the BOI