So There I Was, Coming Home From Spencer's BBQ...

[John6185]

We had just picked up a to go order at Spencers and was headed home down NE 23rd when a USPS mail truck was placing some mail in a roadside mailbox, the car ahead of us was stoped and we stoped safely. I looked in the rear view mirror and a white car was coming up quickly behind us and didn't look like it was going to stop. It didn't. The car hit us and totaled out our car, pushed the rear of the car forward and even the driver's door was wedged shut. 2012 Camry, 38,000 miles, full tank of gas, all maintenance has been done by the local Toyota dealer and wham! Gone in an instant.
Wife is bruised only and I would have been alright had the car that hit us not shoved us into the car ahead of us and which time I stoped at the steering wheel with my forehead receiving a laceration and goose egg. So they took me to the hospital and took some Cat Scans bandaged my sore head and released us. Then, the hospital GAVE us a voucher for a cab-$17.00 to get home. I told them I didn't need to be treated like an illegal and could pay a cab myself but they insisted. I didn't know that MWC Hospital gave that courtesy.
Anyway, we are both thankful that no serious injuries occurred but the car as mentioned is totaled-we don't owe anything on it but I'm wondering, how do insurance companies pay off on a totaled car? Low milage, no previous damage or accidents etc. Anyone know?

 

[MacFromOK]

Sorry man, glad ya'll weren't seriously injured.

Never had one totaled, but I assume they'll use the blue-book value.

 

[shotty]

It's been my experience that they simply do a Blue Book cost of your vehicle no matter if it was low mileage or not in other words they're not going to give you what the vehicle is worth to you

 

[Powerman620]

Bummer, hope it works out.

 

[sedona]

Glad you and your wife were not hurt worse.You may get lucky, but unfortunately shotty is right.My neighbor is very particular about his car.Just like me he puts towels or seat covers on the seats and parks far away so he doesn't get door dings.The insurance company doesn't care about that and gave him the value of a car in good condition.They will tell you that something like 1% of the cars are in excellent condition.His was the 1% in excellent condition.

 

[inactive]

Sorry man, glad ya'll weren't seriously injured.

Never had one totaled, but I assume they'll use the blue-book value.

It's been my experience that they simply do a Blue Book cost of your vehicle no matter if it was low mileage or not in other words they're not going to give you what the vehicle is worth to you

Some use Kelley but more often NADA. Most skip books and use CCC One valuations.

Statute here: https://law.justia.com/codes/oklahoma/2014/title-36/section-36-1250.8/

2. An insurer may elect a cash settlement based upon the actual cost, less any deductible provided in the policy, to purchase a comparable motor vehicle, including all applicable taxes, license fees and other fees incident to a transfer of evidence of ownership, or a comparable motor vehicle. Such cost may be determined by:

a.the cost of a comparable motor vehicle in the local market area when a comparable motor vehicle is currently or recently available in the prior ninety (90) days in the local market area,

b.one of two or more quotations obtained by an insurer from two or more qualified dealers located within the local market area when a comparable motor vehicle is not available in the local market area, or

c.the cost of a comparable motor vehicle as quoted in the latest edition of the National Automobile Dealers Association Official Used Car Guide or monthly edition of any other nationally recognized published guidebook.

 

[montesa]

You’ll probably do just fine on insurance when it’s all done. You can negotiate with them too I think. Tell them what you think it’s worth when it’s time.

 

[okierider]

Glad you and your wife are going to be fine!! Unfortunately shotty nailed it!!

 

[inactive]

nsurance agents get bonuses based on how much they save the company.

LOL if only...

 

[inactive]

I'm not here to argue. Just keep believing whatever you need to justify your job.

It's not an argument if you're factual. Just tell us which companies you know of actually incentivize their individual employees to low-ball offers. Name names man. I'll be waiting.