Advise Non Cobra related BUT still needed!

FIA-ERA · #1 (**permalink**) 03-02-2011, 04:24 PM

OK! I got sandwiched between two cars today in my work truck. I had a guy about 80 years old never stop and just plowed into the rear of my truck at about 40 mph! That of course sent me into the back of another truck that completely smashed the front end into the engine. I have a 2007 Tundra Crew Max that was low miles and in pretty nice shape. The over all estimates have not come in but I think I'm screwed either way! Is there any advice in these situations? What's the best way to determine the trucks value other than what they say? If they fix it, how much do they offer (usually) in depreciated value?

No one got hurt and the driver I think had Alzheimer's or something. He had no clue he even had a wreck or apologized to any of us. Any help out there would be great. I had not planned on selling my truck and only owed 7K on too! Now, the truck is either totaled or will be worth a whole lot less if I ever sell. Thanks! Matt

tcrist · #2 (**permalink**) 03-02-2011, 04:29 PM

Matt

Go to www.kbb.com and enter your information. You can look your truck up in many different ways to determine the value. Also look it up on line in a lot of the auto/truck trader rags.

BBQCYCLEWERKES · #3 (**permalink**) 03-02-2011, 04:41 PM

If the vehicle is repairable, there should not be any depreciation with the exception of possibly tires if they need to be replaced (flat spotted) or battery. These are usually the only things that get depreciated. As for repairing the vehicle, the insurance company, as a rule of thumb, will repair the vehicle as long as the damages are below 70% of the vehicles value. If the other insurance company is paying to fix your vehicle, the projected cost of a rental car, if needed, will be added into the repair cost to determine the % cost to repair vs. the vehicles actual cash value. I hope this info helps. message me if you like and have any further questions. I am a retired insurance adjuster so I may be able to answer any addt'l questions.

ERA Chas · #4 (**permalink**) 03-02-2011, 04:45 PM

Sorry to hear. Did the bags go off and is your neck/back OK??

FIA-ERA · #5 (**permalink**) 03-02-2011, 05:39 PM

Hey Thanks guys! Yes I'm OK. I'm going to the doc in the morning though. My arms and neck are a little "tingly" but my back always hurts, so?? The air bags didn't go off and I PLOWED into a Chevy HD 2500 truck! It shoved the front end back at least 12"'s or so. The back end was hit at my hitch and right rear. It buckled my rear frame and the bed and qtr are bent too. The entire front end, doors, muffler, and even my seat were broken! The later was from the 427 tunnel port heads I was bringing home from getting checked out slide forward and busted the seat. I wonder if I should get those checked out as well too? Might have some bent valves as they fell on each other!!

I thought the insurance companies offer a depreciated value based on the fact that the overall the car will now have a "history" of being in a wreck and will lose its potential resale value. I don't know, just what others have told me. I will find out soon and the insurance company was right on top of it and have been VERY accommodating. I will find out tomorrow and might take you up on the PM's! Thanks!!

All in all everything and everyone is OK it just sucks! Could have been a lot worse and I'm very thankful!! Matt

tcrist · #6 (**permalink**) 03-02-2011, 05:53 PM

Speaking from experience, DO NOT take their first offer. They will try and just give you payoff or maybe just a little above. If you just upgraded or spent a good deal of money on it recently, take your receipts with you to prove how much was spent.

BBQ,
Not trying to step on your toes. The last time I had to deal with a similar occurrence, what I mentioned above actually happened.

slider701 · #7 (**permalink**) 03-02-2011, 05:56 PM

You might want to talk with a lawyer before talking to an adjuster from his insurance company. I don't know how the laws are in GA but here in TX the guy that hit you would be responsible for your damage, and YOU are responsible for the guy in front of you.

Their insurance company adjuster is going to try to get you to admit that you were not injured to help reduce their claims. I had a co-worker who just had a similar thing happen and his lawyer was able to get the other guy's insurance to pay for everything, including doctors visits, co-pays, pain medicine (his back got real sore about 3 days after the accident, to the point he was having a hard time moving), and they cut him a check for $5K for his pain and suffering.

Your medical insurance (such as BC/BS) will send you a claim form asking you if the doctor's visit was the result of an accident and they will then turn the claim over to the insurance instead of paying it themselves. Keep track of all of your bills, even for stuff like the damaged heads, and let a lawyer handle it for you.

YerDugliness · #8 (**permalink**) 03-02-2011, 06:19 PM

Quote:

Originally Posted by slider701

You might want to talk with a lawyer before talking to an adjuster from his insurance company. I don't know how the laws are in GA but here in TX the guy that hit you would be responsible for your damage, and YOU are responsible for the guy in front of you.

Not so. I know from personal experience. I plowed into the rear end of an old Camry at the intersection of 610W/US-59 in Bellaire, reported to be THE most dangerous intesection in TX. That Camry then hit another car from behind.

My insurance paid off both. The driver of the Camry also recovered $14,500 for his personal injuries (all soft-tissue injuries, thank goodness).

The impact totaled my 1990 Crown Vic land shark. The rear bumper of the Camry was where the back seat would have been. It was not pretty. I was not ticketed (the police classified it as an unavoidable accident b/c of the circumstances), but my insurance company had to pay for everyone's damage b/c I was at the back end of the train-wreck.

Dugly

DanEC · #9 (**permalink**) 03-02-2011, 07:17 PM

I understand from another thread on this subject last year, that it's up to the State as to if you can demand loss of value due to the accident damage in the settlement. I understand Arkansas where I live, does allow the consideration of loss of value - but the Insurance Companies are loath to offer it. The Insurance Co. argument against compensation for loss of value is that until you sell the vehicle, loss of value cannot be established. And if it's several years before you sell the vehicle, all sorts of mishaps may be suffered which can eclipse the effects of the current damage and repair. But in this age of CarFax I think any accident is going to impact a vehicles resell value and if it ever happens to me again I'm going to pursue it.

289FIA · #10 (**permalink**) 03-02-2011, 09:16 PM

Hey Matt,

Glad to hear you're OK and I'm sorry about your Tundra.

Take tcrist's suggestion seriously.

[quote=tcrist;1113252]Speaking from experience, DO NOT take their first offer. They will try and just give you payoff or maybe just a little above.

Ask your local Toyota dealership and another reputable facility to quote on repairs. Most likely they will be higher than you're insurer's estimate. This could help in your negotiations.

Also get to a doctor for a consultation even if you feel fine now. My wife was in an accident (total loss) and developed back pain 7 days after the incident, despite feeling fine (and reporting such) after the wreck. She's suffered for the past 10 years.

Wish you the best.

FIA-ERA · #11 (**permalink**) 03-03-2011, 04:42 AM

Thanks guys for the great advice out there. I'm on the way to the doc and to check the truck out. The body shop is the same one that painted my Cobra so I know he will take care of it. He's already had it torn down by the afternoon! If he does repair it he will use only Toyota parts. The problem arises when you do sell. As noted, Carfax and other such websites will kill this trucks resale no matter how good a repair is. I sold a 93 Civic once after it was wrecked and I got $19.00 over my payoff at the time. I probably lost at least $3K because it was wrecked and the guy knew it. They put vin stickers on every body panel and that's too hard to replicate. We will see. Either way I'm probably screwed... BUT, I'm healthy and no one got hurt! I just hate to think if I was in the Cobra, I probably wouldn't be telling you this right now!! Best Regards, Matt

BBQCYCLEWERKES · #12 (**permalink**) 03-03-2011, 06:44 AM

Yes, The responsible insurance company will owe for deminished value to your vehicle if it is repaired. They may counter by saying deminished value only occurs when the vehicle is sold and is suspect to many factors. This is just a negoiation point. The fact is they owe you for your loss at the time of your loss and deminished value can be calculated for the date the accident happened. I handled these claims quite often. It sounds like this may be a moot point anyway. If the frame has a severe buckle at the trailer hitch mount (which is very common on this type of impact) the frame must be replaced according to ICAR and manufacturer stds. Yes, the person who hit you from behind will owe for your front damage if you were stopped when impact occured and impact pushed you into the car in front of you. A experienced adjuster should consider the estimated repair cost, projected hidden damage cost which is commonly 10% of the initial repair cost, total projected car rental cost and projected deminished value loss (you must place notice of this claim consideration with the insurance company asap) and compare that total amount to the vehicle acv less salvage recovery amount and then decide if a total loss settlement is to be considered. sounds complicated, but it really isn't. 1st off though is get to a doctor and get checked out. Soft tissue whip lash type injuries can take weeks to surface and need to be explored as soon as possible. I agree, if it appears you are getting any type of run around with the insurance company, get an attny. They usually charge 33% of the injury claim settlement and handle the vehicle portion of the claim for free. This will help you in making sure you receive all claimable money for the vehicle damage. I hope this info helps. Best of luck and take care.

DougD · #13 (**permalink**) 03-03-2011, 09:30 AM

Try to get them to total it out if possible. There likely will be problems with it after the repairs, and it will be worth less than book upon resale. No one wants a damaged vehicle - you or a potential future buyer.

tcrist · #14 (**permalink**) 03-03-2011, 09:58 AM

One of my neighbors had a single car accident on one of the freeways. While the traffic was backed up another accident happened. They tried to get his insurance for the other accident also because he caused the backup. Don't know if they succeded though.

dcdoug · #15 (**permalink**) 03-03-2011, 10:26 AM

My insurance agent, who used to be an adjuster, told me that typically to come up with a value they will search for cars for sale similar to yours in options, mileage, etc in your general area to get comp values. They will widen the area of the search if they don't get enough good comps in your local area. I was asking back when I bought my GT500 and was concerned because there weren't many available at all for comps and was curious how they did it.

You should also do the same searches and get your own comps, plus KBB, to make sure you feel you are being adequately compensated.

rustyBob · #16 (**permalink**) 03-03-2011, 10:29 AM

My wife had an accident where the other driver had hit her.....
his insurance co. tried low ball us on the value of the car until
we produced all the maintanance records for the car and they raised
the payout on the car by $3,500 bucks.....keep your records in order
it pays off in the long run...