- 147
Can someone give me some pointers/tips in dealing with State Farm on a total loss on my car. Just want to make sure I get a fair settlement.
Total Loss Help
- Thread starter walleyeb1
- Start date
Get the settlement offer and see what it is. Before that, there really isn't much to discuss.
In general, the settlement should be for the fair market value of the car. This is not the KBB.com value, but you can use that as a guideline to see about what the offer will be. Keep in mind, everyone assumes their car is in better condition than what it is.
If you use KBB.com, average out private party value vs dealer value. This will get you in the ballpark. There are a lot of adjustments that will get made.
The settlement offer should show the comparable sales that were used to come up with the settlement. Look those over and make sure it sounds reasonable.
They also will include taxes, title, registration, whateverelsethestatecharges, and misc fees to the settlement.
If you have done significant major repairs recently, find the receipts. Don't expect a dollar for dollar compensation, expect pennies on the dollar, but it helps. Oil changes, replacing air filters, even brakes, don't really count as major repairs.
Dan
In general, the settlement should be for the fair market value of the car. This is not the KBB.com value, but you can use that as a guideline to see about what the offer will be. Keep in mind, everyone assumes their car is in better condition than what it is.
If you use KBB.com, average out private party value vs dealer value. This will get you in the ballpark. There are a lot of adjustments that will get made.
The settlement offer should show the comparable sales that were used to come up with the settlement. Look those over and make sure it sounds reasonable.
They also will include taxes, title, registration, whateverelsethestatecharges, and misc fees to the settlement.
If you have done significant major repairs recently, find the receipts. Don't expect a dollar for dollar compensation, expect pennies on the dollar, but it helps. Oil changes, replacing air filters, even brakes, don't really count as major repairs.
Dan
I had another thread called "what is the standard for a total loss in California?" but the wonderful moderators decided to delete it because they didn't know what the standard was. They tried to tell me that vehicle code 544 allows an insurance company to decide when a car is a total loss. They also tried to tell me that a total loss is when the cost of repair exceeds the predamage value minus the salvage value. Neither of these are correct, and vehicle code 544 does not say either of these. But the wonderful moderators who don't seem to know what the law is are telling me what the law is, and when I respond that they are incorrect, they delete my thread.
How much damage has your car sustained? There is a legal definition of a total loss that no one seems to know about, including most attorneys and insurance adjusters.
What is the predamage value of your vehicle and what is the estimate for its repair?
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What happened to the rest of the posts in this thread? There were more than 3 posts.
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DJS, what happened to all the rest of the posts in this thread? There were more than 3 posts.
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Once AGAIN. My posts have been deleted. Why?
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- 1,016
haven't been deleted. they were moved to the fight club.
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- 1,016
what first rule? 
- 15,041
Don't be upside down on a car without gap insurance?
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Have they already determined it was a total loss and you're just waiting an offer or do you just believe it to be?
Assuming it is, IN MY STATE, pretty much every carrier other than State Farm bases their total loss values off regional wholesale auction prices. State Farm uses NADA which everyone knows is a bogus inflated price. Because of this, most people are very satisifed with State Farm's offers.
Usually when there is an issue it is because aftermarket accessories were missed, there was prior damage that was used to decrease the value, or serious issues with condition.
I would ask them to email you a copy of the vehicle inspection report the estimator filled out when writing the estimate. Was it their estimator that wrote the estimate or one of their Direct Repair Facilities that wrote it?
The main thing to look for in the report is that they listed all the factory equipment and any package that the car may have came with. Cars have countless packages that their software lists options that are within those packages and the estimator is supposed to look for those things. Stuff gets missed all the time.
Assuming it is, IN MY STATE, pretty much every carrier other than State Farm bases their total loss values off regional wholesale auction prices. State Farm uses NADA which everyone knows is a bogus inflated price. Because of this, most people are very satisifed with State Farm's offers.
Usually when there is an issue it is because aftermarket accessories were missed, there was prior damage that was used to decrease the value, or serious issues with condition.
I would ask them to email you a copy of the vehicle inspection report the estimator filled out when writing the estimate. Was it their estimator that wrote the estimate or one of their Direct Repair Facilities that wrote it?
The main thing to look for in the report is that they listed all the factory equipment and any package that the car may have came with. Cars have countless packages that their software lists options that are within those packages and the estimator is supposed to look for those things. Stuff gets missed all the time.
- Thread starter
- #10
- 147
Thanks for the help and the entertainment. Yes, I found out that State Farm does use NADA and the settlement offer appears to be very fair. Although they did miss an option package that was on my car and GAP was not an issue.
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