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Usaa ins is trying to screw us

by Gina M
(Simi Vly Ca)

we bought a boat and had it for six weeks.We were in an accident and were 100% not at fault.We paid 5000.00 for the boat. The ins co usaa is offering us 3154.06 after a 750.00 salvage fee, 212.06 sales tax fee, and a 17.00 owner salvage title fee. We want what we paid for the boat. Is that possible? They claim a total loss.

Answer

We are not sure if we are talking about a new or an used boat. If the boat is new, then they must take into account what you paid. We are not sure why they are taking a salvage title fee and a sales tax fee. You need to dispute that.

The best thing to do is look as for the comps the insurance company is using to settle your claim. Just like a total loss of a car, they must justify the value of your boat. They need to show you the fair market value. Ask for the comps and verify that those boats are equal to yours and that the actually exist. Also, request that they use the value that you paid as a comp.

Good luck.

Casey

Comments for Usaa ins is trying to screw us

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Jun 01, 2010
 actually...
by: Anonymous

USAA is actually being sued in numerous states for udnervaluing total loss claims. This is a routine practice, they pull comps that are not similar, and devalue your vehicle based on being dirty or having low gas or some other idiot thing. You'll never win, they're a bunch of XXXX.
Sep 21, 2007
 Usaa ins is trying to screw us
by: Anonymous

Maybe they got screwed when they bought the boat and it wasn't worth what you paid for it? Maybe the appraiser has mis-identified the model or options, maybe you, the owner have provided incomplete or erroneous information. A low figure doesn't mean you're being screwed. Of course you may very well be but it's not the most likely scenario. An insurer risks much more than than your paltry claim by using unfair or unethical settlment practices and don't want to screw you. At least the one I work for wont.

Most people have no clue how to value their property. Using NADA & Kelly Blue book is great but they have to be used correctly. Every policy holder thinks their car is in "excellent" condition. If they actually read the description of what "excellent" means their cars aren't even close. This is one of the reasons many states require appraiser to be licensed.
Sep 19, 2007
 Reality
by: JBVTEXAS

Reality is that you will only get what the boat is worth, not what you paid.

When you buy a depreciating asset (car, boat, atv, etc) you can only expect someone to buy it from you for what it is worth. That is what the insurance company is doing. The concept is replacement value. You will get money that is equal to replacing the asset in current market value as it is today, not what you paid for it.

You are not being screwed, this is the way insurance operates. If you want to insure something for more than what it is worth, its a lot harder to do. Good luck!

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