Wrecked 914 part 2: The insurance offer, Hold your nose Options

[Dr Evil]

I just got a call from my insurance company. For a 73 914 with an estimated 144,000mi, bucket seats, targa top, power steering, power breaks (IMG:style_emoticons/default/av-943.gif)

$4770 with $500 taken away if I keep it for salvage (IMG:style_emoticons/default/dry.gif)

(IMG:style_emoticons/default/WTF.gif)

I am not accepting this.....time to check my options.

[TravisNeff]

Maybe you should change your angle and state the car is very similar to an original 6 and ask to valuate in that direction. They might change their tune a little.

Hang in there at the end of the month they are very anxious to settle claims as that unallocated money for a loss is not good for the books

[ericread]

Maybe you should change your angle and state the car is very similar to an original 6 and ask to valiuate in that direction. They might change their tune a little.

Hang in there at the end of the month they are very anxious to settle claims as that unallocated money for a loss is not good for the books

As I work in Regulatory Audit and Compliance for a really big Insurance company, the real issue is unallocated monies at the end of a quarter, and that usually applies only on fully adjuducated cases. The more pressing issue is the time of adjudication for claims per your state's Department of Insurance requirements. The Ins. company can be significantly fined if they do not meet agreed-upon adjudication timelines (usually 60 to 90 days).

Dr. Evil; The dance has begun. Continue to collect your evidence, and press them for answers and written explanations. Just like a first dance with a young lady, go too fast and they'll pull back their offer; go too slow and they'll think you're dull.

Always have more documentation than the Ins. company expects. The adjusters are just folks that are used to working off of set charts. Your car doesn't fit on the chart. You need to convince them that your chart (evidence) is a better representation of the facts than their chart, and that a third party would easily see it your way. The adjuster is being graded by their abaility to keep claims to a minimum. Getting overturned by an arbitor for a large sum is not to their advantage, and if you convince them of this risk, they are much more likely to offer you a reasonable settlement.

Good luck, and please keep us updated.

[rick 918-S]

Maybe you should change your angle and state the car is very similar to an original 6 and ask to valiuate in that direction. They might change their tune a little.

Hang in there at the end of the month they are very anxious to settle claims as that unallocated money for a loss is not good for the books

As I work in Regulatory Audit and Compliance for a really big Insurance company, the real issue is unallocated monies at the end of a quarter, and that usually applies only on fully adjuducated cases. The more pressing issue is the time of adjudication for claims per your state's Department of Insurance requirements. The Ins. company can be significantly fined if they do not meet agreed-upon adjudication timelines (usually 60 to 90 days).

Dr. Evil; The dance has begun. Continue to collect your evidence, and press them for answers and written explanations. Just like a first dance with a young lady, go too fast and they'll pull back their offer; go too slow and they'll think you're dull.

Always have more documentation than the Ins. company expects. The adjusters are just folks that are used to working off of set charts. Your car doesn't fit on the chart. You need to convince them that your chart (evidence) is a better representation of the facts than their chart, and that a third party would easily see it your way. The adjuster is being graded by their abaility to keep claims to a minimum. Getting overturned by an arbitor for a large sum is not to their advantage, and if you convince them of this risk, they are much more likely to offer you a reasonable settlement.

Good luck, and please keep us updated.

I would agree with this mostly, however, when I was a rep for one company the auto guy's (I was a multi-line rep and fell under their scoring radar) were scored on volume of claims settled. There was never a focus on what was "saved for the company as an induvidual" It is harder to track as a method of profitability and illegal to engage in. It's stealing in is simplest term. Why would someone want to try to lowball a car guy? Life is too short to assume people are stupid and will just accept what ever you offer because you have the check book. Not to mention all field notes would be discoverable in the event a company was challenged for a questionable practice.



Now the casualty and property claims dept. was another story.