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Insurance Question, Vehicle Total Settlement

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Insurance Question, Vehicle Total Settlement

Old 06-05-2015, 04:21 AM
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Had a tire come apart and basically had a Nascar flat as I call it.

Tire stayed inflated, Half of the tread came loose and just whipped the hell out out of my 2001 Super Crew F150.

Was doing about 65 and it ripped everything out of the Drivers Side rear, including beating up the back of the cab. fuel fill, Blew out the whole rear quarter panel and everything in its way..beat hell out of the bed...+ + + +
I though I got hit with a bazooka or something as it happened I looked in the rear view only to see the whole side of the truck being blown out across the highway. Talk about shittin yourself.

Bought the vehicle new in 2001, had it built the way I wanted it... and took care of it, my tow & weekend vehicle.
Has/had 85K on it and was in "very good" condition.

Insurance company totaled it and wanted to give me $5700 less the deductible of $500.00 = $5200.00
Or I could buy it back for $4700.00 after Ded. and it would be a salvage title.

Had it taken to a shop in town where my son works and they looked at and said there was to much hidden damage and the price would go up thus the reason Insurance totaled it.

This happened May 16th and I am still battling with Insurance over the settlement.

Any comparable vehicle with 85k ish miles on it within 150 miles is 9K plus for decent vehicle.

I have them up to $6700.00 ( net $6200.00 after ded)

Yesterday conversations were based on 2 vehicles close by between 9&10 K and she said she woud call the dealers to see their bottom line on the vehicles.

Been along time customer with 4 vehicles, Homeowners and Umbrella policy.

My questions are how long can I fight them and how high will they go?

I called my Local Insurance Rep and he basically said he could do nothing as it is in claims now...should he be able to do anything?

Tire company has not gotten back to me yet, certified letters are going out over the weekend to them.
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Old 06-05-2015, 05:30 AM
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I don't suspect they will go much higher. The issue is your definition of a decent vehicle (and the $9K asking prices on those) vs. the insurance company's definition which is based more on the price of a vehicle in average condition.

But you can certainly keep trying, if you do try to show them how the vehicle you owned was in decent condition, rather than average condition.
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Old 06-05-2015, 05:36 AM
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At some point youll have to decide if its worth fighting them over ~1k, all insurance companies are the same in that they try to minimize their payouts. If youre happy with them for the most part, get as much as you can from them and move on with life and build another truck. Good luck and I would be curious of the outcome.
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Old 06-05-2015, 05:41 AM
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For a 2001 vehicle you are lucky to get more than $3k no matter what condition it was in! Be careful, if you admit traveling at 65 mph when the tire blew it better be within the posted speed limit. And be glad you or anyone else wasn't hurt!
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Old 06-05-2015, 06:25 AM
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Let you know the outcome, probably won't let it go on more then today.

The Mitchell report had everything listed as Very Good.

Posted speed limit on that highway was 65 and was only on it for one exit, had just got up to speed if there.

I'm probably looking at if more for sentimental reasons as I wanted to give it to my son.. Even though he has a better truck (2012 F 150).

Let you know.
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Old 06-05-2015, 07:20 AM
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Push for the tire company to pay for damage & fix the vehicle. Then sell if you want. Same thing happened to me once & because tire stay inflated, tire company's insurance paid for damages.
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Old 06-05-2015, 07:26 AM
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How old was the tire?
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Old 06-05-2015, 07:55 AM
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Originally Posted by Jay A View Post
For a 2001 vehicle you are lucky to get more than $3k no matter what condition it was in! Be careful, if you admit traveling at 65 mph when the tire blew it better be within the posted speed limit. And be glad you or anyone else wasn't hurt!
Why is that?
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Old 06-05-2015, 07:57 AM
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Originally Posted by hybrid View Post
How old was the tire?
Not exactly sure, have to double check but was my 3rd set of tires on it.
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Old 06-05-2015, 08:52 AM
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I am pretty much like you as far as my pickup is concerned. I know I value mine higher than any likely replacement I could find based on it's book value. As such I brought the subject up for discussion with some insurance appraisers in a group we sometimes mingle with. In the end should something happen to my truck it was concluded that I'd be taking the hit. All they would be responsible for is "the fair market value" of the asset and if I wanted a cherry picked babied replacement it would be up to me to find it and eat the out of pocket costs above what they gave me for my vehicle.
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Old 06-05-2015, 09:40 AM
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Originally Posted by SpeedDemon View Post
Push for the tire company to pay for damage & fix the vehicle. Then sell if you want. Same thing happened to me once & because tire stay inflated, tire company's insurance paid for damages.
The OP can push, but the insurer is not under any obligation to repair it.
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Old 06-05-2015, 10:26 AM
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I'm in the insurance business and I can tell you the worse claims are the older vehicles in good shape. Their value to the owner is much greater then its value in the market. I know with the company I work for they use a system that pulls sales of a given vehicle in the surrounding area. The adjuster then has a scale they can adjust for condition.
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Old 06-05-2015, 01:37 PM
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Originally Posted by Jay A View Post
Be careful, if you admit traveling at 65 mph when the tire blew it better be within the posted speed limit.
Irrelevant.
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Old 06-05-2015, 02:07 PM
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Very similar thing happened with my son's MB that got stolen, then trashed. They offered average book and messed around for a few rounds, at which point I told them that I would give them the opportunity to make my son whole by buying a Benz like his (in similar condition) and delivering it to him.

They upped their offer another $2000 and he got what it was worth.

There are a lot of F150s. so maybe you can try the same thing?
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Old 06-05-2015, 02:37 PM
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Your vehicle most likely has never been insured for what you thought it was worth, unless you had it insured for 'agreed value'. Even then, all they would have to do is find a 'comparable' vehicle, even if it cost them 1/2 the 'agreed value. And before anyone says 'court', better check the dispute resolution clause in your policy ...
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Old 06-05-2015, 04:18 PM
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Originally Posted by fishingfun View Post
Why is that?
Originally Posted by Crabpot Man View Post
Irrelevant.
Ditto! I've been in the business 33+years and never have seen a "speeding' exclusion in the PPA policy.
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Old 06-05-2015, 08:00 PM
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I've been in the business 33+years and never have seen a "speeding' exclusion in the PPA policy.

It's a THT rider, most people don't notice because they don't read the EXCLUSIONS section ...
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Old 06-05-2015, 09:44 PM
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Originally Posted by Crabpot Man View Post
Irrelevant.
Not to the insurance company! They usually don't like to pay out to someone driving recklessly.

Last edited by Jay A; 06-05-2015 at 09:58 PM.
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Old 06-06-2015, 01:45 AM
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Originally Posted by Shag View Post
Ditto! I've been in the business 33+years and never have seen a "speeding' exclusion in the PPA policy.
Originally Posted by Jay A View Post
Not to the insurance company! They usually don't like to pay out to someone driving recklessly.
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Old 06-06-2015, 06:14 AM
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[QUOTE=Striper In;7921206
I have them up to $6700.00 ( net $6200.00 after ded).[/QUOTE]

That sounds like a very fair offer to me.
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