Vehicle totaled

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My husband wrecked our 1995 Ford Explorer Sport last night on the ice. He rolled it and more than likely it will be totaled. We'll know in a few days. Fortunately, he walked away from it although he kinda looks like a prize fighter today due to the air bag.
We have never had a vehicle that has been totaled and I wondered, since I never trust insurance companies, how much were not going to get. We are not going to replace it since it was a 3rd vehicle (the oldest of the 3).
Does anyone know what insurance companies use to come up with the value of the vehicle? I've gone to Edmunds, NADA, and Kelly Blue Book websites and they all stated different amounts.
We bought the vehicle new and it has been insured with the same insurance the entire time so they know it has never been in a wreck (we've never had a claim on it). It WAS in very good shape and had almost 170,000 miles on it and we planned on it giving us a few more good years. I know that will be considered high mileage but that's not bad for a 10-year-old vehicle. It looks bad now so how would adjusters know what kind of shape it was in before it was wrecked?
Also, if they come up with an amount that we don't like, do we have any options?
Is there anything else we need to think about that I haven't mentioned?
I just want to make sure we handle this correctly at the right time.
Thanks for any help/suggestions, Debbie
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get a lawyer it was a Ford Explorer, so it was the motor company, firestone tires, and ....as well as your husband's fault for driving wreckless sue all of them
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My insurance company would give you squat for a 10 year old 170k vehicle. My insurance company considers low mileage below 5k a year. Ask the agent what the process is and have him explain every step to your satisfaction. Be polite but insistent.
Squeaky wheel, WILL get greased.
As for the value take a average of low book and that is the ball park your looking at.
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They use whatever they use. Which is to say, they will use which ever book they have been using for years.

The insurance adjuster will ask you. At least that is what happened in my case, when my car was torched.

Depends on what is in your policy, and if it has any provisions for an appeal.
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The wife and I had ours totaled on 12/31 by a girl that ran a red light. Ours was a 1993 Explorer with just 120,000 miles. I will also be interested. There are some pictures of ours at http://members.cox.net/jrusling/accident/index.html .
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Jim,
Wow! I hope no one hurt too badly. What a way to end 2004.
You haven't been given an estimate after 10 days?
Thanks for sharing, Debbie
wrote: | | >My husband wrecked our 1995 Ford Explorer Sport last night on the ice. He | >rolled it and more than likely it will be totaled. We'll know in a few | >days. Fortunately, he walked away from it although he kinda looks like a | >prize fighter today due to the air bag. | > | <snip> | The wife and I had ours totaled on 12/31 by a girl that ran a red | light. Ours was a 1993 Explorer with just 120,000 miles. I will also | be interested. There are some pictures of ours at | http://members.cox.net/jrusling/accident/index.html . | | -- | Jim Rusling | Partially Retired | Mustang, OK | http://www.rusling.org
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believe it. We are both a little sore, but getting better. The insurance company did not take possession of the car until last Thursday. The holiday weekend slowed things up. I should be getting an offer sometime this week. It was a 95 T-bird that hit us and threw the Explorer into the air and on the roof. I was very pleased with the outcome all things considering.
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wrote:

You need one of those bumper stickers that are placed upside down that read "If you can read this, flip me over"....Glad you were OK....Ross
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<snip>

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This is Turtle.
I called a friend of mine who does body work for All State and state Farm and give him the info to run on his computor program that the insurance company uses. If he programs in the 170,000 miles it will come back at about $4,565.00+ . If he does not put in the 170k miles like most does , it should come back at about $4,850.00++ . Now you still have to concider sales tax , new licence plates, inspection, and make ready [ plugs, wires, grease, oil change, and computor check up ] on a replacement truck.
Now when it comes to it being in good shape or not. Well when the subject comes up. You say it was in mint condition and people from far and wide would drive to come see it because of it being such a good mint condition. I have people on the street stop me to ask me how i was able to keep that truck in such good mint condition. It was so good of shape i was thinking about putting it in a car show next month. Don't accept nothing but MINT CONDITION WROTE ON IT.
Now I would be wanting $5,000.00 + + if it was me. I would have $5K+ on the brain.
TURTLE
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Turtle,
Thanks to you and your friend for taking the time to look that up.
It WAS in very good condition -- the red paint still looked good after 10 years -- in fact, when it was all cleaned up people were surprised that it was as old as it was. It didn't spend a lot of time outside of a garage. We figure if we take good care of our cars, they will take good care of us.
On the other hand, in August 2004, I traded in a 1994 Saturn and it was not in good condition but then again I bought it in that condition in 1999. At the time I just wanted an economical car (I was driving the Explorer and it was not economical. The Saturn was mechanically OK and I didn't care what it looked like on the outside. In fact, when I handed the car salesman the Excel spreadsheet for my Saturn that showed every gas tank mileage, new tires, oil changes, and any repairs since I bought it; he showed it to several people because he'd never seen anything like it. I have a spreadsheet for every car we own. Yes, I'm very anal.
Sorry, I didn't mean to tell a big story...
Thanks again ... that's the figure I'll have in mind. Debbie
| > My husband wrecked our 1995 Ford Explorer Sport last night on the ice. He | > rolled it and more than likely it will be totaled. We'll know in a few | > days. Fortunately, he walked away from it although he kinda looks like a | > prize fighter today due to the air bag. | > | > We have never had a vehicle that has been totaled and I wondered, since I | > never trust insurance companies, how much were not going to get. We are not | > going to replace it since it was a 3rd vehicle (the oldest of the 3). | > | > Does anyone know what insurance companies use to come up with the value of | > the vehicle? I've gone to Edmunds, NADA, and Kelly Blue Book websites and | > they all stated different amounts. | > | > We bought the vehicle new and it has been insured with the same insurance | > the entire time so they know it has never been in a wreck (we've never had a | > claim on it). It WAS in very good shape and had almost 170,000 miles on it | > and we planned on it giving us a few more good years. I know that will be | > considered high mileage but that's not bad for a 10-year-old vehicle. It | > looks bad now so how would adjusters know what kind of shape it was in | > before it was wrecked? | > | > Also, if they come up with an amount that we don't like, do we have any | > options? | > | > Is there anything else we need to think about that I haven't mentioned? | > | > I just want to make sure we handle this correctly at the right time. | > | > Thanks for any help/suggestions, | > Debbie | > | | This is Turtle. | | I called a friend of mine who does body work for All State and state Farm and | give him the info to run on his computor program that the insurance company | uses. If he programs in the 170,000 miles it will come back at about $4,565.00+ | . If he does not put in the 170k miles like most does , it should come back at | about $4,850.00++ . Now you still have to concider sales tax , new licence | plates, inspection, and make ready [ plugs, wires, grease, oil change, and | computor check up ] on a replacement truck. | | Now when it comes to it being in good shape or not. Well when the subject comes | up. You say it was in mint condition and people from far and wide would drive to | come see it because of it being such a good mint condition. I have people on the | street stop me to ask me how i was able to keep that truck in such good mint | condition. It was so good of shape i was thinking about putting it in a car show | next month. Don't accept nothing but MINT CONDITION WROTE ON IT. | | Now I would be wanting $5,000.00 + + if it was me. I would have $5K+ on the | brain. | | TURTLE | |
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We are not

the vehicle? I suspect that might make a difference in the settlement amount.
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This is Turtle.
You have me on this one. What would the reason you was going to do with the replacement truck or if you was going sell it after they pay you for it or fix it. I have never hear of any section on a insurance policy as to what you was going to do with a auto after you have been reinbursted for it and would make any difference in the price you would receive for it.
You should explain this one to me for I'm all ears here.
TURTLE
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says...

It won't matter for most car insurance policies, they're generally settled at Actual Cash Value.
Other forms of insurance, e.g. homeowners insurance, often pays replacement cost if an item is replaced. e.g. if your 50-year-old house burns down, Replacement Cost coverage would pay to rebuild the house. But if you don't rebuild, your cash payment is limited to the depreciated Actual Cash Value of the house that burned. (The insurance company doesn't want you burning down the house for the cash, after all.)
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snipped-for-privacy@phred.org is Joshua Putnam
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is Joshua Putnam

This is Turtle.
I think your making a moutain out of a mole hill here. If the house burns to the ground you get a estimate from a contractor to replace the house as it was and a estimate to replace the content. You give that figure to the insurance company that is the amount of the check is to be written to you minus the deductiable amount. No insurance company has the right to tell me if I replace the house, buy a new one down the block, higher or lower price house with the money , or wait 2 or 3 years before I do anything with the money. Now you might be talking about some fly by nite insurance companys like All State which will try to hold the money back and wait to see what your going to do but if you have a lawyer send them a letter explaining your going to wait and just buy a new home when one comes avaliable on the market. They have 2 choices here. Be in court -- pay all lawyer fees, and 8% APR on the funds during the court time to settle it. or Pay Up. There is so many options as to what you would do that if they was able to tell you what the price would be in different cases. Then they could start telling you what house and contractor your going to use and take over the bidding on the new house and also if you was going to buy a new house already built they would sellect the realestate company to use and tell you what price you would pay for the new one and not ask you nothing as to if you like it or not. It just does not happen this a way.
Now let me tell you what your talking about and it is true as to what you say. It is if you have a '' repair '' to your home by wind , fire, smoke, or storm damage and it was not a totaling of the house but just a percent damage and not a total pay out. They will pay a good per cent at first to start the repairs and when you show the repairs was complete , they will pay the full price or estimate of the repairs. This policy is done by insurance company to make sure the repair was made and they would not be insuring a half damaged house in the furture. It does not apply to total burn downs and total losts.
TURTLE
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I have USAA, generally regarded as an outstanding insurance company.
I had an item stolen a few years back. After my deductible, they covered the cost of the item (nice road bike) MINUS depreciation based on age and wear/tear. They reimbursed the depreciation only if I replaced the item, not if I just took the cash payout.
Could be similar for cars.
TURTLE wrote:

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This is Turtle.
the bic was a repair item called a part of the house. What you say comers into effect in replacing the Parts of the house or the parts of the car to be replaced. If they total a house or car a different set of rules come into play. If you repair or replace a part, item, section , or partical repaire of anything . Your words come into play but not on a totaling of a house or car. It it's totalled out. They just bought the whole house or car and the replacing of the whole house or car has no bearing on the replacement cost. Also you don't have depreation on the house because houses don't depreciate but grow in valve. Secondly. Depreciation only applies to house hold items and not on the house it'sself or a car. Please explain to me what or how you can depreciate the valve of a home or a car ? Home Appraisial valve is for houses and book valve is for cars. If you can sell the house or car at that valve to the public at that time. You can't depreciate it as being not worth the price it will sell for right now.
Let me put a deal together where your theory will not fly. My house burns to the ground and I have $40K worth of coverage and the house was valved at $100K and your short by $60K before You can build a new one. the bank will not loan me any money because of bad credit and will have to save my money up to make up the $60k to build a new house. It will take about 15 years to save up the money to build the house back. I will have to live in a apartment and pay rent till i save the money.
Now as you say the insurance company does not have to pay the full amount or not pay the depreation amount when there is NO depreciation of a whole house at all and because you don't build it back right now. You don't depreciate the valve of a whole house if it would have sold for that valve 10 minute before it burned to the ground.
if the item was a bic, lawn mower, fence, secion of the home / room, part of the house or house hold items they can depreciate it but if it is a whole house or whole car which has a set valve and can be sold at that time for the appraisial valve at that time you can't depreciate it.
TURTLE
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says...

*If* you elect to have the home rebuilt, replacement cost coverage will pay for that. If you don't you will be paid the actual cash value of the home. (In either case, you're out your deductible, and the maximum payout is subject to your policy limits.)
For example, one policy I have in front of me specifies, under Loss Settlement provisions for Dwelling coverage:
"When the cost to repair or replace is more than $1,000 or more than 5% of the limit of insurance in this policy on the building, whichever is less, we shall pay no more than the actual cash value of the damage until repair or replacement is completed.
At your option, you may make a claim under this policy on an actual cash value basis for loss or damage to buildings. Within 180 days after loss you may make a claim for any additional amount on a replacement cost basis if the property has been repaired or replaced."
Exact language will vary somewhat from carrier to carrier, but the concept is the same -- you get paid replacement cost if you replace something, otherwise you get actual cash value.
(Assuming of course that you have a replacement cost policy to begin with. Many homes don't qualify for replacement cost coverage due to condition, and they can only be insured for Actual Cash Value.)
Disclaimer: Unless you see my name on your policy declarations, I am not your insurance agent. Policy language varies by company, policy, and jurisdiction. Read your own policy and call your own agent if you need specific details of your policy.
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is Joshua Putnam

This is Turtle.
You read repair section which is what I said and then total replacement section what was exactly what I said. So where is your point here ?
TURTLE
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says...

If your house is a total loss, you don't get a check for the replacement cost.
If you want cash, you get depreciated cash value.
The insurance company only pays replacement cost if you have the house rebuilt, and then only after the construction is completed.
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