Looking for advice dealing with insurance on totaled vehicle

[Voss]

Not F-150 related, but seems like a good group of people on here, so figured I'd ask.

I recently had a 2017 4runner stolen and recovered (SR5 Premium, magnetic gray 40k miles). It sustained significant damage and insurance spent 2+ months trying to rebuild it and now is deciding its totaled.

Now I feel like they are low balling me on the value of the car by about $2k-$3k. The first offer was really low so now they came back with an extra $700...big deal.

The car was stolen 3 months ago, and rental car coverage is a joke ($25/day), so if I hadn't ponied up and bought myself a nice new truck (definitely the best decision I've made in while ) I'd have been carless for 3 months.

Any one on here with experience fighting insurance companies on total loss values? Do I just have to take it and move on, or can I continue to successfully negotiate? For a couple k, its not worth trying to get a lawyer involved.

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[UGADawg96]

Not F-150 related, but seems like a good group of people on here, so figured I'd ask.

I recently had a 2017 4runner stolen and recovered (SR5 Premium, magnetic gray 40k miles). It sustained significant damage and insurance spent 2+ months trying to rebuild it and now is deciding its totaled.

Now I feel like they are low balling me on the value of the car by about $2k-$3k. The first offer was really low so now they came back with an extra $700...big deal.

The car was stolen 3 months ago, and rental car coverage is a joke ($25/day), so if I hadn't ponied up and bought myself a nice new truck (definitely the best decision I've made in while ) I'd have been carless for 3 months.

Any one on here with experience fighting insurance companies on total loss values? Do I just have to take it and move on, or can I continue to successfully negotiate? For a couple k, its not worth trying to get a lawyer involved.

If you go to KBB.com and look up your vehicle's value, is their offer close to "Good Private Party" or are they closer to "Fair Trade In" ? Your insurance should be replacement value, not trade in, so I'd expect it to be close to the first number. I'd press them on that. However, they may not take you serious unless you hire a lawyer. My $.02.

 

[Voss]

If you go to KBB.com and look up your vehicle's value, is their offer close to "Good Private Party" or are they closer to "Fair Trade In" ? Your insurance should be replacement value, not trade in, so I'd expect it to be close to the first number. I'd press them on that. However, they may not take you serious unless you hire a lawyer. My $.02.

They are in the 'Fair Trade In' range, below the 'Good Private Party' range, which is where I'm getting my numbers. Fair point on being taken seriously with vs without a lawyer.

 

[Missmy3/4ton]

I'd follow up with listing from online. We're talking about replacement value, which is the value that is costs to replace the truck. Look at Carmax (non-haggle pricing). KKB may say one thing but they're probably pulling recent bulk auction pricing which will always be lower.

 

[UGADawg96]

I'd follow up with listing from online. We're talking about replacement value, which is the value that is costs to replace the truck. Look at Carmax (non-haggle pricing). KKB may say one thing but they're probably pulling recent bulk auction pricing which will always be lower.

Insurance will never pay out Carmax pricing since they are the high end of retail. Plus they usually don't carry four+ year old vehicles. Although I haven't checked currently due to COVID and supply issues, they may be carrying some cars over 2-3yrs old.

 

[UGADawg96]

They are in the 'Fair Trade In' range, below the 'Good Private Party' range, which is where I'm getting my numbers. Fair point on being taken seriously with vs without a lawyer.

If they won't match good private, it may be worth consulting a lawyer if the spread is in the 2-3k range... then again it may cost that to hire one too. Good luck.

 

[Missmy3/4ton]

Insurance will never pay out Carmax pricing since they are the high end of retail. Plus they usually don't carry four+ year old vehicles. Although I haven't checked currently due to COVID and supply issues, they may be carrying some cars over 2-3yrs old.

Yeah, I need to edit my post. I meant that would be the max value plus 2-3K, not what you should be trying to get.

Separately CarMax has had 'older' cars for a while. Even about 4 years ago, 5 year old vehicles were not that uncommon. My local CarMax has everything from 2010 to today on their lot...guess they had to drop their age standards pretty good. BUT it should be noted these is 'nice' old cars. Like ones that granny had owned, mustangs, etc.

 

[nsbreeding]

You could also see what used ones are costing on autotrader or craigslist in a 200 mile radius of where you live on a 4runner that is close to the same mileage. That was what I did to try to figure out pricing on my 06 Tundra on what they were going for in around my area.

 

[Voss]

So I did all of the above things and then asked to see the actual appraisal report, and just kept pushing and asking questions because even the value they were giving me didn't see to match the appraisal. Eventually they came back with a value about $1,500 above what I was hoping for!!

I'm came pretty close to giving up because I wasn't making any progress, but one last ditch effort worked out. I'm still curious if they had the updated value in their back pocket the whole time or if the updates they supposedly made to the appraisal are really what moved the needle $4k.

If anyone else is dealing with this, just keep calling!

 

[UGADawg96]

Glad the persistence worked and you're feeling better now.

 

[EricR]

Glad that worked out for you!

For anyone else who finds themselves in a similar situation, a friend contacted their state insurance commissioner's office and the insurance company came around right away!

-Eric

 

[Runaway Tractor]

and rental car coverage is a joke ($25/day)

This is an option you as the consumer choose when selecting your insurance coverage limits. It will always default to the lowest option to give you the lowest cost. But as you see, that's useless in today's rental car market. I always jack the rental car coverage option up to the maximum value. If I need a rental, I want a truck or SUV, not a lawn mower.

 

[Trent Flexy]

Not F-150 related, but seems like a good group of people on here, so figured I'd ask.

I recently had a 2017 4runner stolen and recovered (SR5 Premium, magnetic gray 40k miles). It sustained significant damage and insurance spent 2+ months trying to rebuild it and now is deciding its totaled.

Now I feel like they are low balling me on the value of the car by about $2k-$3k. The first offer was really low so now they came back with an extra $700...big deal.

The car was stolen 3 months ago, and rental car coverage is a joke ($25/day), so if I hadn't ponied up and bought myself a nice new truck (definitely the best decision I've made in while ) I'd have been carless for 3 months.

Any one on here with experience fighting insurance companies on total loss values? Do I just have to take it and move on, or can I continue to successfully negotiate? For a couple k, its not worth trying to get a lawyer involved.

I’d recommend getting a copy of your policy to understand exactly how the payout is calculated — some insurers use actual cash value (ACV), which factors in depreciation. It’s also worth asking for the detailed valuation report they used to determine your payout; you can sometimes dispute it if the value seems off by providing recent comparable sales or appraisals. If you feel stuck, consider reaching out to a public adjuster — they specialize in negotiating claims on your behalf.

 

[hturnerfamily]

as an agent, I've had several customers with a stolen vehicle over my career... it's NEVER a good outcome, at least at first... thankfully, this doesn't happen often in my agency.

There is no 'good' outcome to a stolen vehicle:

First, the insurer is certainly going to 'wait' until the authorities have fleshed out what happened, find the vehicle, and sometimes even keep the vehicle for some time to do 'NCIS'-type detailing to uncover potential hints on the perps, if they weren't in possession of the vehicle at the time...

Secondly, NO ONE receives what they personally believe 'their' vehicle is worth - never. We all have unrealistic values of what we already own, whether vehicles, homes, personal belongings, etc. The 'real world', or, basically, other people, just like you, would NEVER pay you what you think your stuff is worth.
But, especially with vehicles, you have a very robust online option to check the 'real world' value - although it's usually less than you think. But, the numbers are more in line with reality.
When you buy insurance for this very situation, it's also based on those same values. No vehicle is as valuable as the day before it was purchased new. From then on, it's up to society. Buyers and sellers.

Thirdly, damages are subject to the cost of repair/rebuild/replacement. It's VERY expensive now. It's VERY EASY to total a vehicle, unfortunately.

Fourthly, even if the vehicle is cleaned, repaired, and back in your possession, you might not now 'like' what may have happened while it was stolen. Blood residue in the back seat. Who knows what to the engine if it was driven fast and revved high, etc. Someone 'else' has been in your vehicle.

Fifthly, if the vehicle is deemed a total loss, the insurer is not going to give an owner 'as much' as it would cost to replace the vehicle with a 'like' one, because a 'like' vehicle is typically sitting on a used Dealer lot, and priced accordingly. You can imagine that it's not the price the company will be giving you, and it is MINUS your Deductible.

There is never an 'easy' answer to a total loss, whether a stolen vehicle, a deer collision, someone else's fault - never.

BUT, you always have the option to hold out and keep pressure on your claims adjuster. GIVE THEM REASONS THEY ARE LOW ON THEIR VALUATION. They WANT you to give them a good reason, otherwise they have NO CHOICE but to go with what their insurer instructs them to. It is NOT an exact science. It is VERY subjective. PUSH PUSH PUSH. But, like with Judge Judy, give them the PROOF that they are incorrect.


Most folks who have a stolen vehicle, especially one with damages, and even more especially with 'internal' goings-on... they wind up with either a total loss, or they themselves, choose to UPGRADE to a better replacement vehicle. It's never fun, but, after some time, you will find that this just might have been the best choice, no matter.


As to RENTAL coverage, that is purely the choice of the customer, you, at the time you took out your policy. It is NOT the subject of aggravation because the insurer is somehow just leaving you in the lurch - it was YOUR CHOICE to buy, or upgrade, to an adequate amount of 'Rental Vehicle' Coverage, whether $20 a day, $40 a day, or $60 a day, or more.
As to how LONG the rental coverage is available depends on the situation. Rental Coverage is typically reserved ONLY for the time the vehicle is IN THE BODY SHOP being repaired. It is NOT contemplated to cover the time the authorities take to find your vehicle, or the time you have to wait until the shop is ready for your vehicle, or the time you take in deciding 'what' to do with the insurer's offer, etc. Unfortunate, but the truth.

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