Originally posted by AKDejaVu
The car is totalled. No doubt about it. The insurance company isn't even going to fight that.
Now we begin the process of determining "fair market value". My first impression is its somewhere around $20k. They haven't given me an estimate yet.
In the meantime. They are running an internal investigation to make sure I'm not trying to pull an insurance scam. Things just worked out too well for me... they HAVE to investigate that. I don't blame them at all. There are too many people willing to steal virtually anything these days. Its pretty sad actually. This will turn out to be a "victimless" crime (except to the insurance company)... but somehow I still feel like a victim. For some reason, I feel the same way about virtually every other "victimless" crime that people try to justify in some flippant way. Oh well... putting the soapbox away.
In the mean time.. I have to decide what I want to do about the car payment. I'm not a big fan of paying on something that is totalled, so I hope things are settled before the 14th of next month (so I don't go 1 month overdue).
AKDejaVu
Heya AK, All kidding aside, call the people who hold the title to your car. They'll want the police report, so call them RIGHT AWAY and fax it to them and they should put a "hold" onto your account so you don't trash out your credit.
With determining "fair market value," remember the insurance adjuster will try to get you to sign off for as little as he can. Start searching the want ads for a similar car. Find the most expensive ads you can find, circle them with a high liter and save those for your meeting with the insurance company.
Also dig all of your reciepts out for anything extra you put on your car- CD player, sport wheels, air induction system, leopard print seat covers, whatever- and also compile a detailed list of all the CDs you lost (just saying "100 CDs" won't do it. They'll want to know titles and artists, too.), plus anything else of value that might have been in the car- fishing poles, condoms, whatever.
The insurance adjuster will offer you low to middle blue book value for your loss. Remind him blue book is the wholesale price, NOT retail, and present him with all the car ads you have so dilligently collected asking quite a bit for a comperable Honda.
Then show him all your documentation for all your after market additions, shed a tear and talk about just how perfect you kept your car, and how you'll never be able to afford another one as nice.
Most of all, BE PATIENT. I don't know what your policy says, but if you're entitled to a rental car until this is cleared up insist on one as nice as your Honda. Don't let them put you in a Yugo. If they're paying for a rental that costs a bit more the adjustor will be willing to settle quicker. Don't let them squeeze you into settling for less than you're entitled to.
Remember, the adjustor works for the insurance company, not you. He is not your friend, he is your adversary. His job is to get you to accept as little as he can. Your job is to get as much as you can. Good luck, and keep me posted. (Oh, BTW, I had my 1982 Mazda RX7 ripped off back in 85 or so. Totally sucked. I also had my house burgled 2 years ago. Of course the adjustor implied it was an inside job and made me compile a list of over 400 CDs I lost. It was BS and I ended up getting about 50 cents on the dollar for my loss.)
