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Anybody know how car insurance appraisals work?

Edonidd

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2 weeks ago some kid hit me going well in excess of 100 mph. His car spun and went in a ditch. Mine rolled over (and over and over and over and over again.) Police came and everything obviously, but I had a very minor concussion and was just generally very shaken up. So they hustled me into an ambulance, but only took a very brief statement from me regarding what happened. I'm guessing the accident report is based 85+% on what that kid said. But my insurance agent seems pretty shitty and still hasn't given me a copy of the report.

The important part of this post though is that they have appraised my car as totaled obviously. But they're telling me they can only give me 29.6k. I had bought a 2020 Hyundai Palisade about 16 months ago or so, and from what I understand it was among the first batch of that new model to be on sale in Michigan. So there's very few comps. But when I look at truecar and kelleybluebook both have that right in the middle of their range of how much it's worth. The range goes up to like 31.5k. My car was still in like absolute new condition so I feel like the starting point should be higher in that range. But then I went on a couple different sites, mostly cargurus and also went to a couple dealers in person. The lowest sale price for my exact trim level and options was starting at 35-36k.

So I'm trying to argue with them that if it costs 35grand to buy something, then it's obviously not worth 29k.

After arguing with him for a good week, he said the only other option we have going forward is that we have an appraisal arbitration. They hire an independent appraiser with supposedly no affiliation with the company, and I out of pocket hire my own independent state certified inspector. Then the both go independently appraise the vehicle and then between the two of them they agree on a final number that we all have to live with.

Anybody have any experiences in this? Or know any certified car appraisers? What kind of out of pocket costs would I have to pay to gamble? How likely would they be to take my side? Obviously insurance companies aren't known for giving money away but I don't know how fair they play either.
 

sonnyblack65

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2 weeks ago some kid hit me going well in excess of 100 mph. His car spun and went in a ditch. Mine rolled over (and over and over and over and over again.) Police came and everything obviously, but I had a very minor concussion and was just generally very shaken up. So they hustled me into an ambulance, but only took a very brief statement from me regarding what happened. I'm guessing the accident report is based 85+% on what that kid said. But my insurance agent seems pretty shitty and still hasn't given me a copy of the report.

The important part of this post though is that they have appraised my car as totaled obviously. But they're telling me they can only give me 29.6k. I had bought a 2020 Hyundai Palisade about 16 months ago or so, and from what I understand it was among the first batch of that new model to be on sale in Michigan. So there's very few comps. But when I look at truecar and kelleybluebook both have that right in the middle of their range of how much it's worth. The range goes up to like 31.5k. My car was still in like absolute new condition so I feel like the starting point should be higher in that range. But then I went on a couple different sites, mostly cargurus and also went to a couple dealers in person. The lowest sale price for my exact trim level and options was starting at 35-36k.

So I'm trying to argue with them that if it costs 35grand to buy something, then it's obviously not worth 29k.

After arguing with him for a good week, he said the only other option we have going forward is that we have an appraisal arbitration. They hire an independent appraiser with supposedly no affiliation with the company, and I out of pocket hire my own independent state certified inspector. Then the both go independently appraise the vehicle and then between the two of them they agree on a final number that we all have to live with.

Anybody have any experiences in this? Or know any certified car appraisers? What kind of out of pocket costs would I have to pay to gamble? How likely would they be to take my side? Obviously insurance companies aren't known for giving money away but I don't know how fair they play either.
What trim level and how many miles? Banks and Insurance companies use NADA which you can look up and Black Book, if no Nada value yet
 

gobucks0409

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You're not going to get a sale price from insurance. Best case is that you could get the upper end of Kelly, but they don't know how good of condition your car was in. You're probably SOL, which sucks...
 

Janus

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The window sticker price is what they sell the vehicle for, it's not what they paid for the vehicle. They paid 20 grand for the vehicle and sold it for 30, that' not what the vehicle is worth though. That's their reasoning. They're also going to look at your first year's depreciation value.
Get the police report, focus on that. File suit. write down to the best of your recollection the entire incident, remember nobody knows your story better than you.
 

Edonidd

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What trim level and how many miles? Banks and Insurance companies use NADA which you can look up and Black Book, if no Nada value yet
It was an SEL with zero options. 38,000 miles ish.

I looked it up on KBB and Truecar, and both gave a range from like 27k-31.5k. They offered me pretty much dead center of that range at 29.6
 

Edonidd

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The window sticker price is what they sell the vehicle for, it's not what they paid for the vehicle. They paid 20 grand for the vehicle and sold it for 30, that' not what the vehicle is worth though. That's their reasoning. They're also going to look at your first year's depreciation value.
Get the police report, focus on that. File suit. write down to the best of your recollection the entire incident, remember nobody knows your story better than you.
Michigan is a no-fault state, so suing is tougher here. Supposedly it's pretty easy to win a small claims court ez tort or whatever but that can only be up to 3k.

I'm not trying to get over on anyone, but it's tough stomaching a 7k loss with "full coverage."

This working stuff sucks, I should have started an insurance company.
 

Janus

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Michigan is a no-fault state, so suing is tougher here. Supposedly it's pretty easy to win a small claims court ez tort or whatever but that can only be up to 3k.

I'm not trying to get over on anyone, but it's tough stomaching a 7k loss with "full coverage."

This working stuff sucks, I should have started an insurance company.
A couple of questions. Was the road conditions safe( clear) where were the police ( location ) when the accident occurred? What was the posted speed limit and how many citations were given in the last year on that stretch of road? Maybe your attorney will ask them. Try not to focus all the fault on the other driver
The police report is critical, it has valuable evidence
 

broncosmitty

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2 weeks ago some kid hit me going well in excess of 100 mph. His car spun and went in a ditch. Mine rolled over (and over and over and over and over again.) Police came and everything obviously, but I had a very minor concussion and was just generally very shaken up. So they hustled me into an ambulance, but only took a very brief statement from me regarding what happened. I'm guessing the accident report is based 85+% on what that kid said. But my insurance agent seems pretty shitty and still hasn't given me a copy of the report.

The important part of this post though is that they have appraised my car as totaled obviously. But they're telling me they can only give me 29.6k. I had bought a 2020 Hyundai Palisade about 16 months ago or so, and from what I understand it was among the first batch of that new model to be on sale in Michigan. So there's very few comps. But when I look at truecar and kelleybluebook both have that right in the middle of their range of how much it's worth. The range goes up to like 31.5k. My car was still in like absolute new condition so I feel like the starting point should be higher in that range. But then I went on a couple different sites, mostly cargurus and also went to a couple dealers in person. The lowest sale price for my exact trim level and options was starting at 35-36k.

So I'm trying to argue with them that if it costs 35grand to buy something, then it's obviously not worth 29k.

After arguing with him for a good week, he said the only other option we have going forward is that we have an appraisal arbitration. They hire an independent appraiser with supposedly no affiliation with the company, and I out of pocket hire my own independent state certified inspector. Then the both go independently appraise the vehicle and then between the two of them they agree on a final number that we all have to live with.

Anybody have any experiences in this? Or know any certified car appraisers? What kind of out of pocket costs would I have to pay to gamble? How likely would they be to take my side? Obviously insurance companies aren't known for giving money away but I don't know how fair they play either.
Don’t rely on the insurance company for the report. Call the police and get it, they’ll give it to you.
 

Edonidd

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Don’t rely on the insurance company for the report. Call the police and get it, they’ll give it to you.
I already tried. They want me to pay. It's only like $10 or something insignificant, but I should be able to get it free from my insurance company. And I'm exactly that cheap lol.
 

psaboy

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It was an SEL with zero options. 38,000 miles ish.

I looked it up on KBB and Truecar, and both gave a range from like 27k-31.5k. They offered me pretty much dead center of that range at 29.6
Sounds pretty fair to me. What is the problem then??
 

fishinabarrel

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As with any insurance appraisal they send a person out that works for them to tell you how much your property is worth. They are going to give you a number that is low enough to kinda piss you off, but not low enough that you find it to be worth spending your own money to fight it.

They are very very good at this and spend stupid amounts of money in government and studies to make sure it all goes their way. There's a reason why you see so many high rises in big cities with insurance company names on top of them.
 

Boglodyte

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Did you have a loan, or was it paid for? Did the dealer get you into a GAP policy? There are plenty of ambulance chasers that will be happy to sur the other driver for you
 

sonnyblack65

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It was an SEL with zero options. 38,000 miles ish.

I looked it up on KBB and Truecar, and both gave a range from like 27k-31.5k. They offered me pretty much dead center of that range at 29.6
Just looked auction reports and none with the 36k range but still ones with 14k did almost 37k at the block so would prob do around 33-34k wholesale. Prob with premium pkh

MMR Under the Hood

2020 HYUNDAI PALISADE AWD 4D SUV SEL​

MMR
BASE MMR
$37,500
Avg Odo (mi)
10,055
Avg Cond
4.8
Typical Range
$36,100 -$38,800


2/5/21$35,40013,6074.66G/ARedRegularNortheastPennsylvania
1/19/21$36,60014,7544.76G/ABlackLeaseNortheastBaltimore-Washington
1/12/21$39,800*14,6955.06G/ABlackFactorySoutheastOrlando
1/8/21$38,400*145.06G/ABlackFactoryNortheastPennsylvania
1/8/21$39,5004,1055.06G/AWhiteRegularNortheastPennsylvania
1/7/21$37,0006,1295.06G/AWhiteLeaseMidwestChicago
12/29/20$36,80014,7344.96G/ABlackRegularSoutheastStatesville
12/23/20$37,8007,0034.66G/ABlackLeaseMidwestMilwaukee
Below is the Nada and def worth fighting with your insurance company

Retail is 33,725 for a base SEL with 36 k miles all these are AWD


Go to Nada.com print and email to insurance company. Tell them that those are the retail no#s and what its going to cost you to replace, it's a great bargaining chip
 

cowboycolors

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I already tried. They want me to pay. It's only like $10 or something insignificant, but I should be able to get it free from my insurance company. And I'm exactly that cheap lol.
Follow SonnyBlacks advice and also pay the $10 bucks for the police report it might have some inaccuracies you can correct with the Insurance guy. Not being a jerk but Being cheap on $10 bucks could cost you way more. Sonny is right on with the values from my black books. I would pay the $$ for a independent assessment just so I know what they think. Not all insurance companies pay the same for the exact same vehicle variances can be big. That’s from my years as a small buy here pay here car dealer. Don’t know who your with insurance wise but it might be time to change. As always consult with an Attorney if needed. Good Luck
 

Edonidd

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Follow SonnyBlacks advice and also pay the $10 bucks for the police report it might have some inaccuracies you can correct with the Insurance guy. Not being a jerk but Being cheap on $10 bucks could cost you way more. Sonny is right on with the values from my black books. I would pay the $$ for a independent assessment just so I know what they think. Not all insurance companies pay the same for the exact same vehicle variances can be big. That’s from my years as a small buy here pay here car dealer. Don’t know who your with insurance wise but it might be time to change. As always consult with an Attorney if needed. Good Luck
Yeah I'm waiting for the insurance settlement to be final before I do anything with a lawyer. From talking to a couple other people it seems like it's pretty easy and almost an auto win to do an Easy Tort in small claims court for up to $3,000. Anything over that and you have to gamble with a lawyer. And since it's Michigan which is a no fault state and there were no injuries it sounds like I can only try to sue to recover the difference between what I paid and/or pay for a new one and what my insurance company gives me.

I ended up hiring an appraiser for $500 out of pocket. Which sucks, but if hegets me to even close to what the real value appears to be it'll be worth it.

I have been using Progressive insurance for years, and there's never been a problem when they're taking my money. Now as soon as they have to pay out the agent is dragging his feet, dicking me around, low balling the price, and not even living up to the few things he has promised me. I will definitely be switching insurance carriers the moment this us over. Not that I really think any of them are better, but this guy has proven to be a dickwad.
 

Sharkinva

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Two questions

1. Was it financed
2. Did you have gap insurance in either your finance papers or through your insurance

On a total loss they rarely go over 75-80% of top resale value. So the real question is, if you owned it outright how much will you get for it. If you still owed on it, will it cover what you owed.

Bonus, if it was HIS fault and his insurance company, you dont have to take a total loss claim. You can fight it and make them fix it. If its your insurance company you might be screwed.

Total loss is in alot of cases is a determination that to fix it would cost more than the car would be worth, but thats a fight if its your own insurance company.
 

fknhippie

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Tell the insurance company their offer is demeaning and insulting and that they can keep their fucking money and to fuck off.

That's what I'd do.
 

Edonidd

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Insurance companies are the absolute worst.

I was in the accident 1-28 and started the claim process that evening. It really didn't start until the 29th though because that's when I went to the impound lot, signed over the vehicle andgot photos for them to start the preliminary process. 3 weeks later before they gave me their best and final offer and I had to go with the appraisal clause.

Another 3 weeks later and my appraiser tells me they're dragging their feet and now insisting on getting an umpire to arbitrate the dispute of the 2 "neutral party" appraisers. My insurance company is trying to insist on using one of their small select list of approved umpires, while my appraiser sent back a list of nationally approved actual neutral 3rd party umpires. It doesn't sound like this will even get done this week at this point.

Meanwhile I've been without a car for 6 weeks now, have already made 2 payments on the car that's been considered totaled for a month and a half, and I'm not in the financial situation where I can just go out and buy another brand new vehicle while waiting. Its getting pretty frustrating.
 
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