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Insurance settlement for total loss
I had a fully loaded 2014 Dodge Durango Citadel that was deemed a total loss by my insurance company (Safeco) after being hit by a semi, going through a guardrail and then rear ended by another full size pickup. No injuries. Semi driver at fault. I was offered a settlement by my insurance company for a value of $26948. I reviewed their comps and none of them were a Citadel model. Also they did not have all of the options listed that my car had. They increased their offer to $28,826 after I pointed this out.. I have contacted the insurance company for the semi truck (Nationwide) and they just wanted to reimburse my insurance company for the actual value of my car. They are now doing their own appraisal as I told them I was not going to accept that offer. KBB value is $29,797 I have been unable to find a car with all of the options mine had for less than $34,899. I sent them copies of the comparable vehicles that I have been able to find. Do I continue to argue for higher value based on what it is going to cost me to replace this vehicle? I know my own insurance will only cover actual cash value at time of incident but will the at fault drivers insurance have to cover replacement cost?
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You have a right to hire your own appraiser and present that against Nationwide. If they don't agree, they hire their own appraiser and then you go to arbitration. Hiring your own appraiser + 1/2 the arbitration fee will cost you about $500-$600, and most likely you will at least get that back in arbitration, if not more of, or hopefully most of your claim.
However, your "comps" have to be pretty solid and you have to consider a number of things:
1. Comps should be as local as possible
2. Asking prices are asking prices aren't necessarily the best evidence. The "take price" is better, when the appraiser calls up the seller and asks him what he'd take.
3. Comps should be close in mileage to your car--big differences in mileage mean big difference in value.
4. Your appraiser should be certain to pick an arbitrator who is not cozy with insurance companies---oh, yeah, that happens. Both sides have to agree to the arbitrator and you can reject the insurance company picks. If neither side can agree on an arbitrator, then the courts have to appoint one, which isn't the greatest outcome either.
I know, I know, you are the victim and yet you have to do all this fighting. Well now you know what happens when the insurance lobbyists sit in on writing the insurance laws.