I was driver of a vehicle that was involved in an accident. The other driver caused the accident and was cited for reckless driving. My vehicle is a total loss for sure. My dilemma is that I had a very well cared for large truck that is older and I am totally screwed in that I will not be able to come anywhere close to replacing my truck with the money I will receive from the insurance company. I will need another $40K to buy even a used one even remotely close to what I had. I had babied my vehicle knowing that it needed to last me. With the pandemic there is no money to replace this. Do I have any avenues at all as the driver was cited for reckless driving. Was driving at a very high rate of speed and hit me. If I had been in a smaller car I likely would have been killed. Or am I just totally screwed?
Total Loss Claim and Reckless Driver
- Thread starter Holden
- Start date
- 2,621
Pretty much that. Sorry.
You're entitled to the actual cash value of your vehicle. That's it.
I had a 2003 F-250 that I sold in 2015 with 58,000 miles on it. It was pristine, like it just came off the showroom floor. Blue book value was $8500. I sold it for $11,500 and the buyer was happy to pay it. Had it been a total loss in an accident I would have gotten the blue book value of $8500.
That's what your facing. Your truck was worth more to you than blue book. It might have been worth more than blue book to a buyer if you had sold it in pristine condition.
As a total loss, no, you are subject to the ACV as determined by the value guides and the insurance industry.
Millions of people are faced with the same problem every day. You'll just have to do the best you can in getting another truck with the money you get.
Oh, wait, there is an alternative. You can sue the other driver and try to convince a judge that your truck is worth more than is being offered. You won't be able to do it in small claims court so you'll need a lawyer. By the time you get through paying a lawyer you might still not win much more than you are already being offered.
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Virginia follows the broad evidence rule:
https://www.tresslerllp.com/docs/de...e_acv_final_use_update-feb-2016_.pdf?sfvrsn=0
Valuation is not an exact science and you are free to challenge an inflexible number that doesn’t accurately reflect the true value of the vehicle.
Broad Evidence Rule
The downside is that you’re not dealing with your own insurer, but rather the other guy’s. I’m assuming you didn’t file a claim with your own insurer?
https://www.tresslerllp.com/docs/de...e_acv_final_use_update-feb-2016_.pdf?sfvrsn=0
Valuation is not an exact science and you are free to challenge an inflexible number that doesn’t accurately reflect the true value of the vehicle.
Broad Evidence Rule
The downside is that you’re not dealing with your own insurer, but rather the other guy’s. I’m assuming you didn’t file a claim with your own insurer?
- Thread starter
- #4
geneseehill
Expert
- 28
You can wait for an offer from both the 3rd party insurer, (the other carrier) and your own carrier (1st party). Compare them. Both carrier should supply comparable's for your review. They both owe for appropriate sales tax in your zip code, pro-rated license tabs and title transfer fee. You may also be entitled to reasonable loss of you of your vehicle until the time the carrier makes an offer for your vehicle (10 days @$35 a day). You also have the Appraisal Option under your own policy (if you have Collision Coverage) if you disagree with the Appraisal. Be sure to ask for in writing for a calculation on how the carriers offers were made.
- Thread starter
- #6
Another question for this Forum. One possible option (maybe) is that we take the truck if it not too far gone and have it repaired due to the high cost of any comparable replacement and the ability to secure an 8 bed truck to tow my gooseneck trailer. Will the insurance companies supply me with an itemized list or will they just ballpark it? I
geneseehill
Expert
- 28
Since you are the owner of the vehicle you can retain the salvage if it is deemed a total loss. The carrier is entitled to a deduction for the salvage value which can be approx 10-25% of the value. Again, ask for a copy of the salvage bid to verify. Generally, the carrier will supply you with the repair estimate if you wish to retain the salvage as they really have no reason not too. Be aware if you do retain the vehicle and it is a total loss the carrier will likely have to notify the state department of motor vehicle and you will likely have to re title the vehicle down the road as a salvaged vehicle. This has drawbacks as some carriers do not like to insure vehicles that have branded titles and of course there is the issue of re-sale. If you do retain and go through the re-titling procedure you may be required by the State to have the vehicle inspected for safety and road-worthiness by the State Patrol or other facility.
- Thread starter
- #8
What are my options if my own insurance company fails to respond? They are unresponsive with giving me any information on my claim. I cannot get them to look at my vehicle and assess the damage. I am likely going to pull the plug on them after this is over based on this experience. This is unreal.
- 2,261
Do you have full coverage on your ruck or just liability? If you have liability only they won't look at your truck and will not assist you with anything
- 2,621
Work your way up the management ladder a few steps. Then call corporate HQ. Then file a complaint with the insurance department.
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