Insurance Payoff Negotiation
09-14-2004, 04:43 PM
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an X amount for my 04 525 which they are writing off...can I negotiate especially if the car is only four months old and is selling more new and used as well....or do I have to settle for what they offer
. i thought we have to following pretty much what they say :'(.
09-14-2004, 07:45 PM
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When Liberty Mutual settled my total loss on 04 530 a few months ago, the car stickered at 53270, they valued it at 52500. It was 4 months old with 3500 miles on it. I paid 50800 when I bought it. But I leased it. Had I purchased it and paid taxes on the entire amount, I'd be out a few thousand.
Didn't sound like there was much room for negotiation though. Agreed value policies rule.
Thanks,
Dave
Didn't sound like there was much room for negotiation though. Agreed value policies rule.
Thanks,
Dave
09-14-2004, 07:52 PM
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Sounds like Dave hit the nail on the head. Seems like you will get more money from the insurance Co. than from a private party sale or dealer trade-in. Maybe not the best deal but probably fair.
09-14-2004, 09:41 PM
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Originally Posted by gmartin' date='Sep 14 2004, 05:52 PM
Sounds like Dave hit the nail on the head. Seems like you will get more money from the insurance Co. than from a private party sale or dealer trade-in. Maybe not the best deal but probably fair.
. that's also the reason why some people will ask someone to steal their cars and file a claim from the insurance companies 
.
09-15-2004, 06:13 AM
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Don't know if the 52500 Liberty Mutual paid included tax calculations, since they know it's a lease and taxes on NJ leases are paid on payments. BMW FS didn't charge me tax in the settlement amount, so effectively I paid salex tax on 4 months of depreciation only.
Thanks,
Dave
Thanks,
Dave
09-15-2004, 09:26 AM
#8
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Everything is negotiable. Make your own calculation and back them up with your own research (Edmunds, KBB, tax / license, etc) then tell them the fair price that you'll accept.
They usually want to settle very quickly to avoid people making additional medical claims.
They usually want to settle very quickly to avoid people making additional medical claims.
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