Insurance Companies Actual Cash Value of 2006 Prius

Take it

 

<div class='quotetop'>QUOTE(dreichla @ Nov 3 2006, 12:07 PM) [snapback]343408[/snapback]</div>

I agree. With new Prius available discounted from MSRP, and gas prices being "lower" than in the past few weeks, you cannot expect to not lose money on what is essentially a "used" car. If your car was undamaged, did you really expect it to sell for the same as you paid new for it? Maybe, in theory, it would be possible, finding the right hungry buyer, but the fact is, you do not have that option. Take the money, and shop around for a new one at, hopefully, a better price. Good luck. Some time life sucks, sometimes, you get lucky.

 

Go to Kelly Blue Book and Edmonds and find the retail value of your car based on where you live and your option package etc. If they won't come up ask them to replace your car rather than paying you for it and see what they say. I am no lawyer but I do remember reading somewhere that they are required to "make you whole" again and that means providing you with a vehicle comparable to the one you lost. I'm not absolutely sure about that but it might be worth checking on. Every state has some kind of office or commission that keeps an eye on the insurance industry, you might try them.

The other two answers might be correct, it might be the best you will do. But it won't hurt to check if you have the time.

 

Are they factoring in the tax credit? If you didn't get yours due to that screwy quota, then it might be worth arguing that point. If you're going to get the tax credit, you're still coming out pretty well.

 

<_< Good news is that some Texas dealers are discounting new Prius - I'm getting >$500 discount off MSRP on mine due at my dealer about Nov 8th. This might tend to reduce settlement amounts from the standpoint of an Insurance Adjuster -and- probably reduce the anticipated sales prices of used Prius as well. My, my - it seems only a few weeks back, some Texas dealers were still adding a 'market adjustment' to MSRP. Has "the worm turned?" About the second week in October, I had four Dallas area dealers announce $1,000 to $1,500 over MSRP without apology.

You have inspired me to 'read the fine print' in my auto policy and discuss with my Agent State Farm's policy in a 'totaled' loss. I expect to find that they would look at the 'used car' prices found in Kelley, NADA and Edmunds and take the lowest. Obviously, the time to have this discussion is BEFORE an accident.

 

Is the $25K total purchase price with delivery, taxes, etc.? If so, there's nothing you're going to be able to change.

If you can prove the car is/was worth $25K, then the insurance company is not acting in "good faith". That's a term the insurance industry used to hate, not sure about today. You have to have your facts in line though.

Good Luck!

 

One and one-half weeks ago my 2005 Prius was hit by an unlicensed, uninsured, careless and reckless 18-year old male. The Liberty Mutual insurance has declared the vehicle totaled - and been up front and professional every step of the way. Estimated value: $24,500. The vehicle had 30k miles. This is a very reasonable settlement. They also allowed me to recover personal items such as Sirius satellite radio and wiring, full seat covers, floor matts, rear deck matt and carpet, front bra, etc.

 

Definitely take it! That's barely any depreciation at all

 

I agree with the 'ask them to replace it' approach.

I had a Rabbit Diesel during the last Gas Crisis. It was stolen and they lowballed me on the value.

I said, fine, then just find me another one same year and mileage, and we're good.

They couldn't, so they came up quite a bit on the cash offer.

 

How bout this: The membership list for this group has 10 names per page and 1893 pages. So tell them that you are discussing this situation with 18930 of your closest internet friends, and you very much hope to reach a settlement that will allow you to enthusiastically recommend (insert ins co name here) to all of them. We are all customers in the free market of auto insurance, after all.

Then give them the valuation printouts from Edmunds KBB and NADA and agree in advance to accept the lowest of the three.

If this idea makes any sense you at all, join the other Prius chatshops as well. No one has ever gone to the trouble of excluding overlaps, but I imagine that all told, there are about 30,000 US Prius drivers online. What an awful thought! 30k people potentially reading the silly things I have to say.

 

The thing you have to remember is they are reimbursing you for a used car. Once you drive the car off the dealer's lot, it is worth less. The number they are offering seems reasonable.


Do make sure, however, that they are taking everything into consideration, tax, license, other fees your state charges.

 

<div class='quotetop'>QUOTE(subarutoo @ Nov 3 2006, 01:14 PM) [snapback]343416[/snapback]</div>

Yes, I'm sure he/she does. Why? Because over in this original thread about the accident, I tried to warn him that this would likely happen -- but others explicitly told him I was wrong and that Priuses didn't depreciate like that. Looks like an "I told you so" is in order.

Though that being said, the depreciated offer in this case isn't nearly as bad as it could have been!

 

All I can say is if you have any add ons, provide receipts for those and tack that on to the price they are going to give you.

 

The trick to this game is arguing the retail replacement value. Call around to dealers in Texas, and get quotes on a 2006 Prius with the package your car had. Submit the highest offer to your insurance company as proof of value. They of course are within their rights to car dealers also, but typically are too lazy/do not think it worth the time.


They have to replace in kind or better.

 

get all the computers and the wiring harness add ons out of the crashed one.

That should put you square..

 

absolutley part it out. then, just to be fair to yourself : sue the insurance company anyway. they WILL settle.