car repair cost is pretty close to ACV – options?
had a storm come through last week and drop a tree on my truck
2002 ford f150 supercrew, all the extras…
ACV came back as 590
myself and the adjuster assumed it’d be totaled at first glance, the tree didnt hit the hood/engine, but did significant body damage. cab, both drive side doors, back bench seat, bed, bed cover, bed liner are all destroyed.
a few days later, when receiving the ACV after the adjuster came out, hes talking about getting it repaired. i asked what his estimates were, and hes alotting 00 to repair costs.
8000/12590 = 63.5% repair cost to value
this is based on his initial estimate, the truck is still sitting at my place waiting to be towed. i was leaning more towards having the truck totaled as it will never be the same as before the storm.
now the next step is to have it taken to a shop of my choosing to get it inspected further. find all the damage, reasess the numbers. of course the insurance place has their own contractual shops that they recommend, my questions are as follows:
-am i better off finding an independent shop to inspect and possibly do the repair work?
an independent shop will have market rates for labor and part costs. im guessing the insurance co will find the replacement body peices and let the shop do the work. an independent shop is not backed by the insurance co so time is a factor, and there may be no warranty on work done.
-if i take it to the insurance co recommended place, they have discounted rates that may get it repaired and saving the insurance co some money, but im left with a truck thats going to have ongoing problems.
-i want this thing totaled, should i send it to an independent place?
-if i take it to the recommended place and they deem it repairable, can i negotiate the ACV with the adjuster? instead of them paying out 12590, say knock off 1500 and give me 11090, they keep the truck…
-or say i take a bunch of stuff off the truck to devalue it when they haul it away…drop the total ACV, so the repair % will be higher.
any input is appreciated, thanks
2 Responses
carbidetooth
16 May 2010
Cowboy Bill
16 May 2010
Take the $8K and sell the truck as-is. There are lots of rebuilders that would love to have this truck with a clean title.
Nothing the insurance company says is cast in stone…it’s all negotiable within reason. I’d certainly get another repair estimate and I’d get it from the most reputable and expensive shop in town, this will give you a good idea of where you stand. You paid for the insurance, you do have a say in the outcome. I could get on a soapbox, but I digress for the sake of brevity.
Collision shops don’t discount to insurance companies in my experience, why should they? The only reason insurance companies should be recommending any shop is because of repairs done well historically, anything else would be considered collusion and that’s well…unethical and probably illegal.
Even the ACV is negotiable. If you establish value the truck through several sources, Kelley, NADA, Edmund’s you’re gonna get significantly different values. This will give a cross section of values across the country. Some vehicles are uniquely valuable, because of special or added equipment, or even geographical location. All this info available online. Be sure to add all applicable equipment.
If the ins. company totals the rig, they own it. Sometimes buy back of the vehicle by owner is negotiated into the deal, usually if one wants to repair it themselves or perhaps use it for parts. If it was totaled by an insurance it will likely get a salvage title… a definite downer of value if it ever gets sold.
Bear this in mind, you bought the insurance to restore you to whole in the case of a loss. If that’s not happening, or you don’t think it is, talk to the adjuster. Usually they want to get this stuff handled so it doesn’t linger on. If you do get it repaired, don’t sign a release of liability for the ins. company until you’re satisfied…that effectively closes the door should you discover something deficient in the near future.
Be courteous, but firm. Your ultimate satisfaction is the goal. The insurance company works for you. Sure they have their own interests to protect, but you are their paying customer.