6 weeks into my new truck and it gets wrecked

[Vettnman]

You get t-boned a block from the dealership you either get a repaired truck or the value to buy a like vehicle. The value to buy a like vehicle would be the same cost you just paid, fees and taxes included. You will not lose trade in or down payment money. He would be made whole when all said and done. That's like saying he put down 80% for down payment and insurance only pays him out the 20%.

I sure hope so. Still waiting to hear what the offer is. One thing is for sure. I wont be able to find a 19 laramie exactly like that one was. Just not enough inventory out there right now

 

[Vettnman]

Well, just heard from his insurance. They're offering me $45k for the truck that I paid $50,500k for. Smdh.

 

[spaightlabs]

Well, just heard from his insurance. They're offering me $45k for the truck that I paid $50,500k for. Smdh.

Don't take it. Remind them that your back and neck hurt like a mutha now, you have blurred vision, ringing in your ears and you have lost control of your bladder. If you need to, meet with the adjustor and pi$$ your pants while you are talking to him. Tell them you will settle it all for $150,000

 

[spaightlabs]

You get t-boned a block from the dealership you either get a repaired truck or the value to buy a like vehicle. The value to buy a like vehicle would be the same cost you just paid, fees and taxes included. You will not lose trade in or down payment money. He would be made whole when all said and done. That's like saying he put down 80% for down payment and insurance only pays him out the 20%.

That's not at all what it is like saying. Read what I typed. That is what gap insurance covers.

 

[derp]

https://www.allstate.com/tr/car-insurance/gap-insurance-coverage.aspx

"Here's an example of how gap insurance may work: Say you bought a brand-new car for $25,000. You still owe $20,000 on your auto loan when the car is totaled in a covered collision. Your collision coverage would pay your lender up to the totaled car's depreciated value — say it's worth $19,000. If you don't have gap insurance, you would have to pay $1,000 out of your own pocket to settle your auto loan on the totaled car. If you have gap insurance, your insurer would help pay the $1,000. "

gap doesn't cover anything beyond what is needed to seettle the loan in this example from allstate.

the Jam we all want but don't all pay for is new car replacement.

https://www.allstate.com/tr/car-insurance/new-car-insurance.aspx

"New car replacement coverage.
This coverage may help pay to replace a new car that's totaled. With this coverage, your policy may allow you to replace the totaled vehicle with a new one of the same make, model and equipment, or it may specify whether a similar model or certain dollar amount would be available. "

 

[derp]

now if you managed to buy a truck purely on credit no money down, and THEN got totalled before the second payment, gap would cover that, as all of the amount owed directly equals the amount financed.

gap will have a declining value as you approach the break even point on financing vs declared value of the vehicle. gap starts off with a worse value proposition as you go depending on a positive value trade and down payment.

if by some miracle you financed a new truck no money down with a trade in that you owed more than it was worth and ended up financing more than the price of the truck, god help your soul but gap could cover the delta up to exactly what you owe. that would be a hella gap premium, but it could pay.

 

[Jack Whitefield]

Well, just heard from his insurance. They're offering me $45k for the truck that I paid $50,500k for. Smdh.

Did you pay 50.5K + TTL? Or, was it 50.5K out the door?

 

[troutspinner]

Well, just heard from his insurance. They're offering me $45k for the truck that I paid $50,500k for. Smdh.

I would tell their insurance company that they are more than welcomed to find you an exact replacement vehicle at that price and deliver it to you. You already know you cannot find an exact replacement with that offer.

This is a negotiation now, they’ll low ball to begin. Just keep the pressure on them.

 

[Vettnman]

Did you pay 50.5K + TTL? Or, was it 50.5K out the door?

50,500 out the door

 

[Vettnman]

Msrp of 62k, paid 50,500 out the door

 

[SacRebel]

Insurance companies are required by law to make you whole. Since your vehicle was only 6-weeks old at the time of the accident you be able to get damn near what you paid for it.

 

[ramhead]

I would tell their insurance company that they are more than welcomed to find you an exact replacement vehicle at that price and deliver it to you. You already know you cannot find an exact replacement with that offer.

This is a negotiation now, they’ll low ball to begin. Just keep the pressure on them.

This is not how it works...you might wish it was but it's not. Unless someone pays the premium for ACTUAL REPLACEMENT COST option (which 99% of people don't because it's so expensive) then all the insurance company is required to do by law & all regulations is to pay you the actual cash value of the car (which is NOT the REPLACEMENT value) at the time the accident occurred (minus any deductible you had for coverage).

 

[spaightlabs]

Insurance companies are required by law to make you whole. Since your vehicle was only 6-weeks old at the time of the accident you be able to get damn near what you paid for it.

Please cite that law.

 

[Scott_65]

Please cite that law.

Yeah that’s a new one to me, maybe on a repair but not a total loss situation.

 

[derp]

This is not how it works...you might wish it was but it's not. Unless someone pays the premium for ACTUAL REPLACEMENT COST option (which 99% of people don't because it's so expensive) then all the insurance company is required to do by law & all regulations is to pay you the actual cash value of the car (which is NOT the REPLACEMENT value) at the time the accident occurred (minus any deductible you had for coverage).

I think a key point here is that the other party was at fault.

*if* there was actual value replacement or one of the net-equal gap type situations on your insurance, thats clear cut. what THEIR insurance owes, I got nothing. I would lean into my insurance company to pursue a net equal settlement as they are on your end here. depending on how it all works out, my insurance company is on the hook for whatever the short is between numbers (uninsured/underinsured motorist coverage).

I got pinched in a 5 car about 4 years ago. I was car 3. there were a lot of insurance policies at play and I didn't deal with anyone but mine.

unfortunately on a 5k delta of whats owed to new truck, getting an attorney involved is a very slim return unless you have a prepaid service.

 

[troutspinner]

This is not how it works...you might wish it was but it's not. Unless someone pays the premium for ACTUAL REPLACEMENT COST option (which 99% of people don't because it's so expensive) then all the insurance company is required to do by law & all regulations is to pay you the actual cash value of the car (which is NOT the REPLACEMENT value) at the time the accident occurred (minus any deductible you had for coverage).

Understood but it’s 6 weeks old. Where does he find a truck similar equipped and 6 weeks old that he could buy for their declared value? It’s impossible and I’d argue that for leverage to get that number up. You can cite rules, laws, parameters, policy, etc. but there is the common sense factor. He just needs to escalate it until he can find someone in the company with some experience and common sense.

 

[derp]

Understood but it’s 6 weeks old. Where does he find a truck similar equipped and 6 weeks old that he could buy for their declared value? It’s impossible and I’d argue that for leverage to get that number up. You can cite rules, laws, parameters, policy, etc. but there is the common sense factor. He just needs to escalate it until he can find someone in the company with some experience and common sense.

Totally right. even if it matches the sticker, you still are left holding the bag on tax. "VALUE" vs "COST" is a raw deal.