View Poll Results: Should I Accept !4,000 for my stolen S2?
Who Cares
5
10.00%
Grab It You Are Making Out Like A Bandit
37
74.00%
Fight The Skunks And Go To Arbitration
8
16.00%
Voters: 50. You may not vote on this poll
So, Should I Accept This Offer And Close The Book?
10-02-2003, 06:26 PM
#1
Addict
Lifetime Rennlist
Member
Lifetime Rennlist
Member
Thread Starter
So, Should I Accept This Offer And Close The Book?
Guess I got closing the book on my mind this week.
The adjuster got the head of the department involved today. While the adjuster insulated the department head from me, she did say he is very knowledgeable about cars, and has the CPI guide.
I said I have that and the SCM guide which lists all three years as between 11 and 14 for high three S2s. She said that book won’t work. so I asked her why anything in my favor is no good but trying to pawn a fright pig off as substantially similar is ok.
She the said she wanted to settle the claim, and they came up to 10.8. I told her one of my actual cars (Andy’s) came in at 17.2, I offered to split it. She came back low, I said I have nothing to lose.
She left a message that they want to offer me 14000, which is 15225 after tax or 15025 after deductible.
Should I accept it, or push for more?
BTW just after I got her offer I got a full copy of the law from NYS. Here is the definition of substantially similar.
“A vehicle of the same make, model, year and condition, including all major options of the insured vehicle. Mileage must not exceed that of the insured vehicle by more then 4,000 miles or 10% of the mileage on the vehicle at the date of loss whichever is greater."
Isn’t it great when the law is on your side!!!
The adjuster got the head of the department involved today. While the adjuster insulated the department head from me, she did say he is very knowledgeable about cars, and has the CPI guide.
I said I have that and the SCM guide which lists all three years as between 11 and 14 for high three S2s. She said that book won’t work. so I asked her why anything in my favor is no good but trying to pawn a fright pig off as substantially similar is ok.
She the said she wanted to settle the claim, and they came up to 10.8. I told her one of my actual cars (Andy’s) came in at 17.2, I offered to split it. She came back low, I said I have nothing to lose.
She left a message that they want to offer me 14000, which is 15225 after tax or 15025 after deductible.
Should I accept it, or push for more?
BTW just after I got her offer I got a full copy of the law from NYS. Here is the definition of substantially similar.
“A vehicle of the same make, model, year and condition, including all major options of the insured vehicle. Mileage must not exceed that of the insured vehicle by more then 4,000 miles or 10% of the mileage on the vehicle at the date of loss whichever is greater."
Isn’t it great when the law is on your side!!!
10-02-2003, 06:36 PM
#5
How much are you trying to get? Personally, I would hold out. It is nice to have the upper hand, which you do. If you are talking about 1000 bucks, then maybe not but more than that, make 'em sweat, you are not bound to take their offer! You will still be hard pressed to get your money for the repairs EXCEPT that it will be hard to find one similar to it.
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote
10-02-2003, 06:37 PM
#6
Intermediate
Join Date: Jun 2003
Location: Raleigh, NC
Posts: 35
Likes: 0
Received 0 Likes
on
0 Posts
You're not making out like a bandit but I'd be tempted to take the offer. Getting much more will be a _lot_ more time and expense for you and the incremental increase in payout likely won't be worth it.
I would try to get them to sign a statement that they recognize that you are accepting their offer under duress. (Need the money to get your finances in order, taking loss to keep from getting seriously hurt, etc...) That way, if a class action suit against the company ever appears you'll have a leg up on the other defendants.
Good luck,
--Kevin H.
I would try to get them to sign a statement that they recognize that you are accepting their offer under duress. (Need the money to get your finances in order, taking loss to keep from getting seriously hurt, etc...) That way, if a class action suit against the company ever appears you'll have a leg up on the other defendants.
Good luck,
--Kevin H.
10-02-2003, 06:51 PM
#7
Three Wheelin'
Join Date: Apr 2003
Location: Phoenix, AZ
Posts: 1,354
Likes: 0
Received 0 Likes
on
0 Posts
Is Andy's car at 17.2 similar (according to the NY definition you posted) to yours?
Does that law (or another) some how let you assign the value of his car to yours, and if so is that the sale price, the appraised value, etc? I doubt they'd let you assign his sale price as your car's value, since you could get a friend to buy a '78 pacer from another friend for "$50k" then use that to claim they owe you $50k for your pacer.
If that law supports you getting 17.2, then call them back, mention the law (and your profession if they don't know it already), tell them you want 17.2 (maybe more to cover your annoyance?) and they have a day (or whatever) to say yes or no, no counter offer.
If there's a significant chance that your claim will prevail in court, they'll give you the extra $3k. Insurance companies always play the odds.
Either way, $14k is much better than when you first posted about this.
Does that law (or another) some how let you assign the value of his car to yours, and if so is that the sale price, the appraised value, etc? I doubt they'd let you assign his sale price as your car's value, since you could get a friend to buy a '78 pacer from another friend for "$50k" then use that to claim they owe you $50k for your pacer.
If that law supports you getting 17.2, then call them back, mention the law (and your profession if they don't know it already), tell them you want 17.2 (maybe more to cover your annoyance?) and they have a day (or whatever) to say yes or no, no counter offer.
If there's a significant chance that your claim will prevail in court, they'll give you the extra $3k. Insurance companies always play the odds.
Either way, $14k is much better than when you first posted about this.
Trending Topics
10-02-2003, 06:59 PM
#9
Drifting
Not that you're making out, but isn't that closer to what you were looking for? IIRC they offered 8500 or some insane low amount first. If that is the case and they're up to 14K, I'd take it.
10-02-2003, 07:00 PM
#10
Drifting
Join Date: Aug 2002
Location: Canada
Posts: 3,053
Likes: 0
Received 0 Likes
on
0 Posts
SOrry I would fight it some more. You got this far, its not like they are going to threaten you less if you keep persuing more money. Make them understand what older exotic cars are worth these days. I say keep going.
10-02-2003, 07:02 PM
#11
Addict
Rennlist Member
Rennlist Member
Originally posted by kwh29
You're not making out like a bandit but I'd be tempted to take the offer. Getting much more will be a _lot_ more time and expense for you and the incremental increase in payout likely won't be worth it.
You're not making out like a bandit but I'd be tempted to take the offer. Getting much more will be a _lot_ more time and expense for you and the incremental increase in payout likely won't be worth it.
10-02-2003, 07:07 PM
#12
Drifting
Join Date: Aug 2002
Location: Canada
Posts: 3,053
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by kwh29
You're not making out like a bandit but I'd be tempted to take the offer. Getting much more will be a _lot_ more time and expense for you and the incremental increase in payout likely won't be worth it.
Good luck,
--Kevin H.
You're not making out like a bandit but I'd be tempted to take the offer. Getting much more will be a _lot_ more time and expense for you and the incremental increase in payout likely won't be worth it.
Good luck,
--Kevin H.
10-02-2003, 07:31 PM
#13
Addict
Rennlist Member
Rennlist Member
Time is money. How much time will it take to bump them up vs how much more $ will you get in the end? That's the equation.
The insurance company will always lowball first, to test if you'll let them get away with it. Now that they've thrown a more reasonable number out there, getting any more may be like trying to squeeze blood from a turnip.
Some people would pass on the aggravation. Since Tom's an attorney, he probably thrives on it. It's your call Tom. You can probably squeeze a little more out of them, but you may be looking at end game soon. I've gotten lost in these threads as to what you want dollar-wise from them.
The insurance company will always lowball first, to test if you'll let them get away with it. Now that they've thrown a more reasonable number out there, getting any more may be like trying to squeeze blood from a turnip.
Some people would pass on the aggravation. Since Tom's an attorney, he probably thrives on it. It's your call Tom. You can probably squeeze a little more out of them, but you may be looking at end game soon. I've gotten lost in these threads as to what you want dollar-wise from them.
10-02-2003, 08:12 PM
#15
Thinking outside da' bun...
Lifetime Rennlist
Member
Lifetime Rennlist
Member
Whos to say the $14,000 figure wont be retracted. Just playing Devils Advocate, but if I were them, if you refuse $14,000 who's to say Im going to leave that offer on the table? I might tell you take it or leave it pal. If they have any sense to them, they arent going to let you play that card and give you the upper hand and just let you sit around for two weeks deciding if that dollar amount is satisfactory while you plan your next move.
Then again, insurance people are stupid, so nothing would honestly surprise me.
Also reading that NY statute on "substantially similar", it makes references to options, but aftermarket items are not options. They are just that, aftermarket. Lawyers specifically write legal jargon with backdoors and loopholes to serve lawyers, not the people they represent. Were I them, I would say we were insuring your car with the factory options and no one ever told us you have all this other stuff on the car. Maybe you did tell them I dont know. But your premium would have needed to reflect it.
You have to consider if they are going to go any higher than $14,000 and have come as far as they will budge. I guarantee you if you have to go to an arbitrator or court of law, the insurance company will start negotiating once again at the $10,000 number, not $14,000.
Actually Im on your side in this, Im just trying to tell you what Id say if I were them.
Then again, insurance people are stupid, so nothing would honestly surprise me.
Also reading that NY statute on "substantially similar", it makes references to options, but aftermarket items are not options. They are just that, aftermarket. Lawyers specifically write legal jargon with backdoors and loopholes to serve lawyers, not the people they represent. Were I them, I would say we were insuring your car with the factory options and no one ever told us you have all this other stuff on the car. Maybe you did tell them I dont know. But your premium would have needed to reflect it.
You have to consider if they are going to go any higher than $14,000 and have come as far as they will budge. I guarantee you if you have to go to an arbitrator or court of law, the insurance company will start negotiating once again at the $10,000 number, not $14,000.
Actually Im on your side in this, Im just trying to tell you what Id say if I were them.