Total Loss = Partial Payment?

My truck was declared a total loss by an insurance adjuster. When I was informed by the adjuster that my vehicle was deemed a total loss I asked what that meant exactly. He informed me that the state law indicated that the damages must meet 75% of the value and the damages had reached that point. I asked 75% of what number? He told me $12,000.

Next, I received an offer of $8900. Which just happens to be really close to 75% of $12000. I have gone through the whole "comps" game and after a month of excuses I was made a second offer. $9100. WOW!!

Here is another tidbit. I was sent a check for $4950 and a letter explaining the amount. (actual cash value (ACV) minus salvage minus deductible) In the same letter I was given the option of retaining the vehicle. (check plus vehicle) or mailing in the title and completing a bill of sale. and receiving an additional check for $4950. Problem is $4950 X's 2 doesn't equal $8900. Now they say that the letter was incorrect and I am only owed the ACV stated in the letter. WHAT???

Is this a common trick in the insurance game? I have NOT cashed or deposited any check from the company.



Answer:


Hello,

Yeah, this is a common situation. You need to call them and ask about the discrepancy of the numbers. Why the checks do not add up to that amount is beyond us, but you need to contact them and ask.

Please see our section on total loss here: please see: http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html

You are only owed ACV, but typically the dispute is how much is that?

This is a big issue for you. You have to


Good Luck,
Auto Insurance Claim Advice