I have an 87 F-150. I love the truck. I have line X in it and had a brand new paint job done on it. Well today somebody hit me and messed it up really bad. My question is the insurance agency might want to just total it instead of repairing it because the resale value is low. Do I have to accept this or can I argue saying I have put more money than just the resale value in it? Please let me know any experiences anyone else has had. Thanks.

 

the insurance company dont count add ons,just the stock model, you might try to by back the title from them then find a truck of the same year and transferr your mods, or at least strip it bare before they haul it off.

 

Is there any way you can argue with the insurance and tell them you would rather have the truck fixed or will they do whatever they want to do?

 

The insurance company is going to do what they want to do you are just SOL for the most part.

 

If you were not at fault you have a little more room to negotiate. The insurance co. owes you Actual Cash Value (ACV) for your truck. ACV would be the cost to buy a truck similar/same year, make, condition, etc. to yours prior to the accident.

Do your own appraisal prior to meeting with the adjuster. Buy a local truck trader magazine and find the asking price of similar trucks. Also go to autotraderonline.com and find some more trucks that are similar to yours. Find at least 3 and average the asking price to get your ACV. Also be realistic. Be prepared. The adjusters will look it up in NADA or some other book to get a ballpark figure. Thats gonna be low.

Don't back down and have your comparable models and asking prices. Be sure to print them out or cut out the page showing the comparable vehicle. Show the comparables to the adjuster.

After you have negotiated the settlement for your truck ask about buying the salvage. This is also negotiable. Counter offer 50% of his first offer and go from there. It easier to sell you the salvage (less paper work for the overworked adjuster). However some ins. co have contracts with salvage co. and have no choice but to sale at auction.

If you have any questions email me at weadjust38801@yahoo.com

Owner of Independent Adjusting Co. with 15 years exp.

 

I unfortunatly am a victim of similar circumstance. The insurance agent was very nice to me. He gave me NADA retail price plusmoney for my mods. I had just put on a set of new tires and he gave me 100% of the cost of the tires. Don't forget to get your excise tax from them either. I believe in Oklahoma the insurance company will repair if it is less than 60% damage. In other words if your truck is worth (for easy math) $10,000(you wish) they will repair if damage is less than $6,000. Tlak to your agent about buying the salvage and KEEPING YOUR TITLE. Keeping your title and not turning it in will save you excise tax and not getting a salvage title! The salvage should be 10 to 15% your agent should know.

 

You must have receipt for your mods. I.e. Tires, rebuilt tranny, rebuilt motor. ect..I think you get what I mean