Wrecked Tacoma

I posted on here last week about my wrecked Tacoma. The estimates were $8,000 damage, which includes a bent frame that they are trying to get me to accept being pulled back straight. I am fighting them over this since I was rear ended at a red light and the truck is not a year old with 14,000 miles on it. They are giving me the run around about diminished value and I am doing research on it.

They will not repair it until I sign off on it and I said I would not sign off on it until someone at Progressive takes into account my diminished value. I am basically doing this because I have heard stories about how insurance companies basically use formulas that screw customers when it comes to diminished value claims and pay no where near the actual diminished value of the car.

I'm asking what does a car diminish in value post wreck? I have gotten numbers that put it between 25% and 35% and I've gotten some that put it higher than that. If this is the case my truck is a total loss because this pushes the value well below what I owe on it.

 

What you owe on it has nothing to do with being a total loss or not.

Total Loss is when the repairs cost more than X % of the Value. The X represents the figure set by the insurance company for how much they are willing to spend to make you whole again.

 

I would never accept a bent frame pulled straight.

 

What he said...

The overall value of the truck is what is being taken into consideration... Not what the value is to you on what you owe.

+1 I would seek 2nd, 3rd opinions from body shops.

 

if you owed 20k and they pay 15k on it (just rough ball park figures). you would still have 5k that would be the remaining balance. gap insurance steps in for the remainder, if you have that at the start of the loan.

 

What would concern me more is pulling a bent frame straight might effect your tire wear for the rest of the time you own it. If it's not perfect, you could be buying tires every 6 months to a year from here on out. Is there a way they can guarantee you that this will be covered?

 

If I were you, I would continue to fight Progressive. Now you know why insurance companies make so much money, 'cuz they basically screw people. That wreck will ALWAYS be in the record book (like CarFax) for your truck, so new frame or not, your truck's value will be VERY diminished by the wreck.

Once you get some satisfaction from them on the diminished value, let them fix it and then dump it ASAP and get a new one. At least that's what I would do.

Please let us know how this turns out, as it's always good to know what other people do to keep from getting ripped off.

 

I think I was misunderstood by a couple. I know what determines total loss. I'm trying to get people's opinions in how much a wreck of this nature would depreciate the truck. They want to repair it. I'm arguing that repairing it still makes it a total loss to me.

 

Does your work have the EAP? It's a service that allows you to consult a lawyer for free and usually get a discounted rate if you need them. Most companies have it and people don't even know about it. If you do, I would talk to a lawyer, sometimes just telling an insurance company that you have talked to lawyer can get them to act.

In the couple of accidents I have been through, I have always used my insurance to repair the vehicle and made their insurance pay my deductible, that way if there was an issue with the repair down the road than it was my company that I turned to to get it fixed, I didn't have to start the fight with the other insurance company all over again.

Just my 2¢

Good Luck

 

Well my insurance acted like they couldn't do shit. The basic theme was "we can call them but if they deem the car repairable then they aren't going to total it." So thank you State Farm. When I get done with Progressive you're next.

Also went to the Toyota Dealership where I bought it and found that my truck loses roughly 6,000 on just the bent frame. I also found it interesting that everyone I talked to there was shocked that they were trying to fix a bent frame and expect me to accept it, but I don't know what to do at this point since my insurance company acts completely useless.

 

I had a very similar situation on my '04, rear-ended at a light, 13K damage but no bent frame. Even at that amount they didn't total it.

It started as 7K worth of damage according to the other driver's crappy insurance, using used parts on a brand-new truck and rebuilding the bed from multiple panels. I know from experience that this is not something you do -- without a good jig, you can never get it square, best to get the whole bed assembly. I said no way to that and took it to the best shop in town, who is setup directly with State Farm (my insurance). I paid the deductible and got it fixed properly, and State Farm refunded the deductible after settling with the other insurance company. But, I didn't pursue diminished value. I am wondering if you can get that through your own insurance company.

I have had State Farm for 20+ years, so maybe that makes a difference, but I found them reasonable and easy to deal with. If Progressive isn't doing what you want them to do, get State Farm involved and let their lawyers hash it out.

 

Well my stubborn attitude got me $1500 up front for diminished value. They are offering after the repairs are done to further assess the claim which can net me more.

I am talking to management tomorrow to further try and get what I believe I am entitled to.

I am thinking that the best I can hope for is letting them repair the vehicle then try and trade it, breaking even on what I owe by possibly adding the diminished value on top of the trade and starting over with a new truck.

Progressive says they are cutting off the rental Monday if a decision is not made though so time is running out on me.

 

Get that later assessment in writing, don't sign off on the $1500, let them know that it's a start but not final and let them begin repairs if you are happy with how they have estimated them.

 

Let that be a lesson. Progressive is crap insurance. ... Cheap, Yes. ... but when you need them, they scram! Use your head and pay for good insurance!

 

The driver that hit me was progressive. I'm state farm.

 

Get a written offer from your dealer on what they would give you for a trade in, and make sure they know all the details. Then give you a quote on a new truck, that will keep your payments the same. The downpayment that you would need to make that happen is what the accident has set you back, and is therfor your effective diminished value. Let the insurance write you a check for that amount, and then it is up to you to decide after the repair if you want to trade it in or put the money in the bank. It won't be easy, but you will have a written quote from the dealer to back up your number.

 

That's good. I was going to get an approx. quote on what a trade in pre-crash would be and then an approx. quote on a trade post crash. The difference being my diminished value. I already have all of the KBB/Edmunds numbers but that type of quote would be best.

 

Have the repair shop price out a new frame and hourly rate to replace it. Also, at the same time, many of these body shops can do amazing work. My wife hit a 9 point buck in September in our 2010 Corolla S. It did around 16k in damage. The insurance was going to total the car but we asked them to fix it instead because everything was repairable and we would not have been able to get another vehicle. Here is the post I made about it over at Toyota Nation with the damage picks, tear down and build up picks and finished car picks.

http://www.toyotanation.com/forum/1...forum/424289-so-wife-hit-deer-last-night.html

 

What's wrong with pulling the frame straight? That's one of the nice things about metal. It's pretty easy to repair. Fuck resale value, worrying about that shit is silly.

Better yet, just cut off the fucked up part, have a fabricator build you a new frame section for a couple grand, and pocket the rest of the insurance check:

 

Excuse me, how is worrying about resale value on such a large investment silly? I would say it's pretty damn relevant, it's why I keep things in such good condition and work my ass off to make sure my vehicles and other property stay as pristine as possible, so that if I do need or want to upgrade I can get maximum value out of it.