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Auto Insurance Claims/buying my car back

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Expert: - 9/12/2008


Question
i am currently insured with state farm..my car has been stolen and i found out today that my car was total..i asked my claim rep if i could buy my car back she said no is there anyway if i talked to the claims supervisor if i could buy my car back..i am not satisfied with what they offer me..i check kbb and nada and the car goes for 7250+..they offered me 6300 is there anyways i can dispute this

Answer
Hi Phung,

KBB and NADA for consumers are not very accurate.  They are free services and you get what you pay for.  The data base is not kept current and is incomplete.

NADA for business provides more accurate figures.  Businesses pay for this service.

Ask the claim rep how they came up with their figure.  You can only dispute it if you can provide proof they are wrong.  You can do this buy calling several used car dealers and asking them what they think the car would have sold for (retail) prior to the theft.  Make sure you give them accurate information regarding the condition, options, and mileage.

If you get answers from the car dealers that indicates the claim rep made a low offer, present the information you gathered from the car dealers to the claim rep.  If he/she is unreasonable, then ask for his/her supervisor.

As far as buying the car, you should be able to do what is called "owner retaining salvage."  If you let SF keep the car, they will pay you full value and then sell it for salvage at an auction.  If you want to keep the car, they will pay you full value minus the estimated salvage value.  

Did they explain why they would not let you keep the car?  Unless there is some state law that prevents this, I don't understand why they wouldn't allow it.

Auto Insurance Claims

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Claims Guy

Expertise

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer......I can answer questions related to any aspect of Automobile insurance claims and coverages. I can provide an inside look at how insurers operate. I always treat my customers fairly and want to help make sure you are treated fairly. However, please keep in mind that being treated fairly according to the law does not guarantee that you will get what you want. I can also answer some questions regarding Homeowner's and other types of insurance claims. I have handled all types of auto insurance claims and coverages. I am NOT an automotive repair expert but can give advice re how insurers handle complex repair issues. Please keep in mind that every state has its own set of laws pertaining to rules of the road, liability, and insurance. No one is an expert on every state. I am most familiar with laws in Maryland, DC, West Virginia, and Virginia, but will attempt to answer questions for other states. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Experience

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Organizations
CPCU Society. Adjusters license in multiple states. International Association of Specal Investigators

Education/Credentials
I have a B.S. in Finance and have completed the AIC and CPCU designations.

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