insurance negotiation tips?

[nAVEL]

Hello everyone,

My sled was (unfortunately) hit head on by another sledder a couple weekends ago. Don't worry, everyone is ok but my insurance company just deemed my machine a total loss.

No comes the fun part. They offer me a settlement, then I'm supposed to say no and try for more money. I've never been through this before and am just wondering if anyone has any tips or tactics going through this process?

I'm going to see if they'll let me keep the wreck so I can part it out, wondering what they'll let me take it for...

Any ideas, thoughts, etc. Are appreciated!

 

[Paul_C]

What are the comparables that the proposed settlement was based upon? Did the insurance company look at the prices of actual sleds in your area, or sleds that might be cheaper, but are 1,000 miles away? Did they just rely on some "bluebook" that shows used sled prices? How much would you have to pay to buy an identical sled (year, make, model, mileage, condition) in your region?

The purpose of the insurance is to make you whole. In your case, the sum of the settlement + the dollar amount of your deductable + taxes and other fees (paid out of your pocket) should allow you to replace your sled with another in comparable condition.

Your insurer may have a different, less expensive, perspective...

 

[nAVEL]

Thanks Paul for the reply.. I just got the value from the insurer and I must say I was quite surprised - while not perfect, it's pretty fair and higher than the 'lowball' amount I was expecting. I'm on hold right now to see what can be done about me retaining the machine.

 

[WANN4STROKE]

I had the first right to buy when I toatlled one with State Farm. Bought it for a buddy who took it home and got it running for his kids. They did fight me a bit on mileage. Told them to talk with my dealer and he straightened them out.

 

[LazyBastard]

Any time an insurance company offers a settlement, its never anywhere nearly enough. The idea is that they don't want to give you any incentive to settle, unless its really in their best interests. I was hit on the highway a little over a month ago and am going through the same thing -- estimate $1100 for repairs, they offered to settle for $500. In this case the damage is negligible, so I don't care to fix it, but would rather take the $, but no way I'm going to let the insurance company get away with taking $600, so I'm going to come up with $1100 in legitimate repair bills, then return the parts. I've got a body shop willing to PAY ME the labor to work on my own vehicle.

If you want to get anything out of it, don't settle, take the new replacement and sell it.

 

[Mighty]

It really depends on the claims adjuster. I totaled my 97 MachZ back in the day. The insurance co. called dealers in my area to see what 97 MachZ's were listed for. They gave me that amount plus they paid for my studs and a few other accessories I had on the sled. Like the adjuster said; you need enough money to replace what was lost. In this case, I actually made more than I paid for the sled. This was back in the day when you could actually get a better price snow checking in the spring

 

[Genesis Extreme]

I'm not sure of the insurance laws in Canada.........but can't you collect from the dumb #*$&@ that hit you?? His insurance should pay the balance owed you for any difference (deductible, etc..) that your company will not pay.

I feel your pain.........I had a brand new Cat slam into the side of my Attak last year to the tune of $2,000. + in damage. I filed my own claim with my own carrier (I'm also an agent) and then collected the deductible from the other carrier..........and of course......my carrier will subrogate against his insurance carrier for the damages they had to pay for.

I will NEVER ride in Paradise (Hell is what I call it) Michigan again!! LOL! Trails are too tight for people riding too fast!

GE

 

[4phsyco]

Don't forget to include your States sales tax on top of your negotiated value of the sled. Insurance would be required to pay this if they replaced your sled rather than a cash settlement.