Help! Negotiating Total Loss Claim

Off-Ramp
1

Hi All
Got in an accident recently and StateFarm adjuster says it’s a total loss.
I’m really concerned how much they’re going o pay me, as I’ve been overpaying on the loan and have a relatively lower balance than what the car is worth.
I got concerned today when the adjuster asked me to give her the exact pay off. I personally don’t see what that has to do with determining the cash value, unless they want to make sure to not pay me over my lien.
Current loan is about $17K. Similar vehicles in 200m range start at $26K on Tesla Used inventory, Cars.com and Autotrader.
My replacement cost would be that + tax, so more like $28K.
I may be getting worried too early, but what suggestions you have to negotiate highest value for the car?

Thank you

2

Its not a lease right?

3

No.
It was financed

4

Just ask how much they’re valuing it at.

They are getting ready to write two checks.

Ofc you should have the right to reject any lowball offer. Check your rights in your state because insurance is regulated at the state level.

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5

Be willing to drag this out to get what you are due since the insurance will certainly low ball you. Get an independent appraiser for your record.

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6

I am fine with that. But what do you mean?

7

When you say replacement do you mean like for like or buying a new one? Cuz you’re not getting $X for your totaled used car is a new one also costs $X.

And your loan value is also irrelevant to the value of your totaled car. Whether you owed $0 or $50k the value of the car doesn’t change.

I believe policies differ on whether they pay replacement or market value. There is a nuance between the two. Check your policy.

8

I am not sure where you got the impression that I am trying to get the value of a new car.
Brand New Model Y is $47,990 before taxes.
I am refereing to actual replacement cost.
Tesla Used inventory cheapest car starts at $26K

9

You will need to argue your case & get an independent appraiser to determine the value of the car and back up your claim. IME, filing a lawsuit will get them to be more accomodating to your claim since it’s cheaper to settle than go to court.

10

Wait until they give you the number they are planning to pay out before you get worked up. Their decision is not binding until you agree. And just like with anything else, they know this is a negotiation so you have the right to contest and appeal. You mentioned State Farm, so I assume you bought the policy through a broker. That person should also be able to assist you in the process.

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11

Thank You for your response

12

These guys can help once you have State Farm’s offer in hand. I haven’t personally used them but tons of success stories out there.

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13

Thank You
This is helpful

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