Hopefully someone can give me some information to see if my insurance company is acting in bad faith. My 2008 Toyota Tundra was damaged by some small animal that chewed the wiring harness in two. The repair shop has determined it will cost about $7700 to fix it. My insurance adjuster is trying to low ball the repair shop and has now declared my truck a total loss. Does any know the law concerning how an adjuster determines the fair full cash value of my truck now? My research seems to indicate that they need to actually shop around and find vehicles similar to mine, and either arrange for me to buy one of those vehicles or provide the cash value of one of those vehicles.
Welcome Guest!
Determining a fair price for a vehicle that has been declared a total loss in Georgia
- Thread starter Darien1
- Start date
Jim Ammons
Senior Member
kbb.com and nadaguides.com will give you average values.
Mr Bya Lungshot
BANNED LUNATIC FRINGE
Do you have 100% replacement insurance?
Flash
Actually I Am QAnon
When I dealt with an insurance comp before they low balled and I said it should be higher. They asked how did I come up with my $$$. I gave them some like vehicles from autotrader around the country and they moved up.
I just mentioned to my adjuster that his offer was supposed to be based on at least two similar vehicles from the area around where I live. He seemed surprised that I would know that. He also admitted he had no idea what the replacement value of my truck was and didn't know the truck had been totaled until I told him this morning.
GeorgeShu
Senior Member
About 6 years ago we had a similar situation, mice/rats chewed the wiring harness on our Venza. Toyota fixed it for about $2500. Had to replace entire harness. Your cost estimate seems really high based on my experience. Maybe get a second estimate from a Toyota shop. Insurance covered most of the cost no questions asked.
Artfuldodger
Senior Member
They low balled my daughter who just explained that her car was in better shape than most of the one's of that year. She also posted some cars like hers for sale. They countered with a price she agreed with.
Artfuldodger
Senior Member
I would imagine swapping out a wiring harness is labor intensive. Plus because of it's importance, you might just want to take the loss. I mean they may have chewed other components as well, plus the risk of a new wiring harness job that may cause problems. I guess all that would depend on what they would be willing to give you for your truck through negotiation.
Hard choice to have to make, good luck.
Hard choice to have to make, good luck.
westcobbdog
Senior Member
NADA is the way to go, its what appraisers use, I used it and some leg work and made a few k on a new totaled car the County polished off with a truck.
Be sure and tell said appraiser all the times you have washed it babied it and that its a cherry ( was a cherry ) also you can hit your own ins co with a dimension of value claim if you do get hosed. I have done this before. If you want $500 ask for 1k. Tell ins co "I washed my car babied my car, was going to sell at retail on the open market, now that it has been damaged and not worth retail I hereby make a claim for the diff between retail and wholesale"
Be sure and tell said appraiser all the times you have washed it babied it and that its a cherry ( was a cherry ) also you can hit your own ins co with a dimension of value claim if you do get hosed. I have done this before. If you want $500 ask for 1k. Tell ins co "I washed my car babied my car, was going to sell at retail on the open market, now that it has been damaged and not worth retail I hereby make a claim for the diff between retail and wholesale"
Horns
Senior Member
That price seems awfully low to me. I believe he’s lowballing you badly
acf
Member
There is no diminished value on a total loss vehicle. I've been a independent insurance adjuster/appraiser for 40 years and have specialize in diminished value for the last 25 years. Georgia has very straight guidelines and laws on determining comparable unit usage in a evaluation process. Each vehicle must stand on its own merit. (title history, collision history, overall condition all factor into the actual cash value) Feel free to PM me if you have any questions.
Jonboater
Senior Member
Do your self a favor and get another estimate on wire harness. That's wayyyyy to high for replacement.
Similar threads
