I was just informed by my body shop that my Prius is a total loss. It all happened in a private parking lot at a medical complex. Anyway, the estimate was up to $15K when the guy at the body shop said that he wasn't even finished adding additional costs. On Monday, I'll probably get a call from the insurance company telling me what they will settle for. In case it's necessary, I want to be prepared to negotiate. What suggestions do you have for negotiating the "Actual Cash Value?" Thank you!
I'm sorry to hear of your loss. Hopefully nobody was hurt.This is a good time to have an agent that you've established a good relationship with to talk to. Read your auto policy. If the accident was not your fault. You are entitled to a comparable replacement. Make a note of your Prius' condition, options, milage etc. Research on line for a matching (as close as possible) Prius. Good sources are newspaper ads, Kbb, Edmunds, and NADA Black Book. If the money offer equals the cost of the replacements you've found, take the money or better still suggest that the insurance company purchase the vehicle for you...remember that if you make the purchase to replace the car you'll also probably have additional taxes/fees that should be included in the settlement. If the accident was your fault. You have more of a problem with a collision deductible off the settlement as well as the fault issue. Plan on pleading for "just a comparable replacement." I'm sure I've missed some things that an experienced PC member and/or insurance agent may be able to clearify. Good luck. I know it's a miserable feeling.
On Monday expect to get a call from the insurance company telling you what your car is worth to them. Obviously it's not worth $15k or they would of repaired it. If your not happy with their figure your going to need a lawyer to argue your case......this could take quite some time, mean while your taking the bus. Run your 2009 Prius through kelly blue book..see what it's worth..hope that your Ins company comes close to KBB price.
It's almost a guarantee that their first offer will be unacceptable in the hopes you will take it to expedite matters. Stick to your guns and your research. Talk to your agent for their advice. Personally, I'd get as much $$$ out of them as I can and put it to the purchase of a new gen III. Still some great deals/free financing left on the last 2010's.
Most reputable insurance companies will give you the full retail value of the car. You can figure what that would be at KBB.COM
