Total Loss Insurance Co Issues.

[oregongt350]

LOL "By lowball offer do you mean current market price?" - Insurance company

Okay joking aside, this is crazy that they doubt the legitimacy of a model when they have the VIN? The folks at the insurance company are just doing their job (collect from insurers and avoid paying out to insurers in incidents) but come on. I would assume that their system doesn't differentiate between GT350 and GT350R.

I hope the best for your friend OP! Hope they continue to fight and get a realistic amount back.

Insurance adjusters are intentionally contentious. Its the oldest trick in the book, gives them the advantage in negotiating. ie: the customer becomes angry and afraid and will lose composure and settle for less than they deserve. Would not surprise me if adjusters are compensated on a scale of settling below market value, or some other twisted scheme along those lines.

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[I Bleed Ford Blue]

The entire business model for an insurance company, whether it's car, home, health is to collect premiums and avoid paying out claims. When they are forced to pay they try to lowball the claim as much as possible.

 

[Inthehighdesert]

That’s pretty close. The actual model is to be equal or less then whats collected and use the flow to make it lending on the secondary market. Years ago(20ish) the tribe here couldn’t get financing for the new casino expansion due to sovereign land issue’s. They ended up giving up some of that for a pretty decent size nut, and 10-12 percent. It was put up by a subsidiary of a large insurance provider. It’s pretty staggering if you look at the cash flow on a financial statement for Geico and Progressive for example. I’m sure it’s changed a bit over the years. They now lend directly where it wasn’t allowed by Federal law till several years back. Sure hope it works out for the op’s buddy.

The entire business model for an insurance company, whether it's car, home, health is to collect premiums and avoid paying out claims. When they are forced to pay they try to lowball the claim as much as possible.

 

[oregongt350]

Warren Buffets wealth is largely due to insurance mainly re-insurance, insurance for insurance. It’s interesting how they spread the risk very profitably unless a hurricane hits.

 

[z1huggy]

There are companies out there that negotiate diminished value and total loss values for cars. As the saying goes, do you want the people who owe you money to decide how much they owe you?

 

[Big Business]

My '19 R was flooded in its garage just 27 days after I got it in July (flooded in August). State Farm was my insurance.

First offer was $61k, then $67k, then $71k, then $77k. I paid 74k in July. Took about two months until the money was back in my bank account.

Window sticker helped prove it was an R. They were telling me they didn't care what I paid, they are paying me replacement value. Well guess what -- at $74k when I got it, it was the cheapest clean title one in the country, and 27 days later, the market hadn't really changed a whole lot. I did some math and came to the conclusion the car probably depreciated about 1.9-2% at most. Fair enough to me

They told me "we don't want to low ball you, we want to meet in the middle." I emphasized they weren't even at the very bottom end of the market, which I would've been thrilled to take.

There was one with an accident for sale at the same time for $71k and I told them if you give me 71, I'll go away.

Long story short -- prove it's an R somehow, and give them lots of comps. My comps report was loaded with regular 350s and GTs, Ecoboosts (that one made my head explode) but nonetheless their calculation somehow got me to the finish line

 

[Big Business]

BTW State Farm definitely didn't distinguish between base and R for me. The premiums were insanely cheap as well (for the two whole months of premiums I paid, sadly).

I also have nothing but good things to say with everybody I worked with through State Farm. I had to be firm at times but it was also 100% mutual respect given the tragic scenario of losing the car

I forgot to mention the final $6k bump in my offer was because they redid the "condition" evaluation and said it was "dealer retail" quality which it was. Copart (where it was towed) verified this for them, or the adjuster out of that Copart facility

 

[Longitude Zero]

Window Sticker and Actual VIN plate. If as you speculated they charge him 350 rates and it is actually a 350R that could introduce an issue.

 

[Mrhavasu]

The carriers here in Ca that I write for see the R and base as the same. Still would
like to know what they offered? Also Kemper is in a world of hurt right now, they are
completely leaving Ca. They also got bought out by Infinity ins and I cannot say
here what I think of Infinity. Not a good time for a claim with them.

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