Insurance company blatantly and repeatedly submitting bad comparisons and false info to value my totaled vehicle.

Submitted by shotdoubleshot t3_z8c751 in personalfinance

I have a 2007 sierra 3500 diesel, crew cab, 4 wheel drive, SLT, long bed truck. Ask anyone in the Diesel world and they will tell you it is about as good as it gets short of spending $100k buying and modifying a new truck. They are rare and very expensive for a 15 year old vehicle. On the first valuation the comps are all northern vehicles that are rusted out and they had a bunch of options missing from my truck. Second valuation they put my truck in as fleet vehicle trim instead of the highest trim level which it is and the comps still suck. Third valuation I tried to get the value up by getting them to include all the aftermarket add ons I submitted and noticed they didn't include. They gave me $50 for my goose neck ball and $600 for the brand new rims and tires that cost me $4000. The rims and tires have less than 3000 miles on them... The agent also refused to include some of my other add ons stating they would decrease my valuation. On the fourth valuation I came in with my own comparisons requesting they exclude the northern rust buckets they are repeatedly using. The lady was snooty with me saying they won't increase the valuation but she would try anyways. It took 45 minutes for her to send it to me (as opposed to instantly with the other ones), it still included their crappy comps and only included the cheapest of the three I sent. The valuation is suspiciously missing the feature break down table for the comparisons and vaguely states that my truck is worth $3k less than the comp I submitted which is an extended cab truck which in reality is worth much less. After receiving the valuation I called back and requested to speak with a manager. The lady said they have to schedule it but wouldn't take a time for the call stating a manager would try to call me in the next 24 hours. Somehow I don't think I'm getting that call. I looked into hiring an appraiser for myself but the free valuation they gave me wasn't much better and they wanted $200 to give me something I can actually fight with. Maybe if I work with them they can come up with a better value? I just started a new job and am taking lunch and my two breaks all together to try and make progress on this all during business hours. Does anyone know if I have any good options here?

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One_Smoking_Daddy t1_iyawnkf wrote

If this is your insurance company, invoke the appraisal clause. It will cost you some $$ but if your vehicle is truly worth what you think v. The insurance company, it should be worth the $2-400 you may spend on a competent appraiser.

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WizardDresden2192 t1_iyaydp5 wrote

You're lucky they gave you any value on your after market add ons. Typically for those to be considered at all you need a add on /rider for custom equipment if it's your carrier and the other carrier isn't obligated to consider them at all if it truly doesn't increase vehicle value (such as custom rims, custom paint, exhaust or body kits etc).

Just because you paid $4000 for something doesn't mean that's what they are worth or that it increases the actual value of the vehicle.

If your truck is "as rare" as you say it is, then it's going to be difficult for them to find comps. They typically stay within a certain radius of your zip code unless they can't find comps near by. If you're having all these issues and believe they are way undervaluing your vehicle like you say, then spend the money and hire an appraisar. No amount of complaining is going to get them to dramatically increase the price if they have comps to support otherwise.

Take all the after market stuff off and sell it instead of trying to get insurance to add it in. You'll just have to put the original /cheaper rims back on before cash out.

With vehicle values you don't have much wiggle room on value because the actual cash value of the truck is simply it's value. A manager isn't likely to be able to make much change in the evaluation unless it's just completely wrong.

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1hotjava t1_iyb0s56 wrote

>They gave me $50 for my goose neck ball and $600 for the brand new rims and tires that cost me $4000.

Generally you don’t get anything for mods. So that’s at least something. If you have the original rims you can ask to put those back on and keep your new ones, I was successful once doing that on a Mini Cooper.

>and they wanted $200 to give me something I can actually fight with.

$200 is totally worth it if it’s thousands extra you get. Appraisers don’t work for free

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shotdoubleshot OP t1_iybdlvt wrote

Replying to WizardDresden2192 (#786,421)

Their valuation is using compatible vehicles that blatantly favor them. They refused to use one I offered because it is 800 miles away when one of the ones they are using is 1000 miles away. Every valuation the give me is erroneous despite walking through the errors with them three times. They insist on exclusively using rusted out vehicles from the north as comparisons. There is two examples of the truck for sale in the country and they are $35,000 (they won't go a cent over $27,000) but they are private sellers so they don't care. Every other comparable vehicle is quite a bit different in ways that make them unappealing. A direct comparison simply isn't available from a dealer nation wide. It is comprehensive insurance stating "like for like replacement" in the policy. The after market add ons have less to do with the value of the vehicle and more to do with them replacing the items I had insured. For me this is more about replacing exactly what I had instead of determining what they think the value is because guess what, I can't buy it back for that.

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WasntxMe t1_iycvy9h wrote

Former Ins Salesman

The purpose of Insurance, in this instance (unlike Health ins), is to make you "whole". Its the very premise of why you purchased insurance.

Clearly they are playing hardball. For add-on items, above stock or the evaluated vehicle by your agent, you will need to show an effort to get coverage. If all items were on vehicle when agent insured vehicle, then they are covered unless you waived them. Its the agents responsibility to provide proper coverage, including physical inspection.

All insurance agencies are regulated by your State (in US). Start complaint process with State. Read your contract for arbitration or claim disputes. Document everything. Calls, contacts, everything.

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Wholenewyounow t1_iyea6tv wrote

That’s how much your 15 year old truck is worth. They will not pay 35k just because someone is selling it for that price across the country. Did you get an appraisal from dealer before you totaled agreeing to buy for that much? Or some private party agreed to pay that much? Did you have modifications add on coverage? Read your policy and limits. Take the money and buy another 2007 sierra.

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shotdoubleshot OP t1_iyeoje6 wrote

Replying to Wholenewyounow (#821,145)

Not someone. They are the only ones for sale in the country. I don't know what you are trying to say. If something is only for sale at a certain price then how would be worth anything other than that price? I can go buy my truck for $35000 or I can go buy a 2 wheel drive extended cab of the same model year for much less. Only one of those two things gets me back to where I was. If you don't believe me, all relevant details for the truck are at the top of the post. By all means go search.

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