Car Accident Reimbursement (Other Party at Fault)

[Sasuke_Kensai]

So my mom got into an accident on NYE - other party's insurance already accepted full liability. Car was a 6 month old 2010 Fit, had about 15000k, and is now a writeoff.

I have a total recompense option (for cars less than one year old) on my insurance (TD Meloche Monnex). Total loss adjuster advised the offer would be the lowest of 3 things: MSRP for a new vehicle, bill of sale, and something else (can't remember). She also mentioned the other company (Allstate) would only be paying TD in the range of $16000 (car's market value which to me seems low). I know I'm likely to get screwed out of GST and freight/pdi at any rate.

Has anyone had success getting FULL replacement value for something like this? I should note I typically haven't been very good with negotiation - if I had complaints about the offer, would better results be had negotiating with my total loss adjuster or direct with the other insurance company? Any other options I might have before taking it ITB?

[davesparky6]

The other company will only pay blue book PERIOD. You pay extra with TD so that THEY will cover the additional cost of new vehicle replacement. I'd go to the dealer, get a printed quote to replace what you had and fax it to your adjuster, if they say no, just raise hell ;)

[pdm111]

My co-worker just went through the same thing. He sent his bill of sale to his insurance company and they cut him a cheque for the full amount.

[Masked Bandit]

OP will fall under something called the SEF 43R or Waiver Of Depreciation. It usually runs for the first 30 months of the car's life (assuming original owner). The OP will receive either MSRP or what he paid. "Blue Book" doesn't come in to play here.

OP the only thing you wouldn't recover are things like dealer's admin fees or extended warranty.

[tom_9109]

Under the 43R your insurance company will pay you the lesser or MSRP or what you paid (prove with invoice). Its written this was so that you can't have a huge trade in loss rolled into it and get overpaid. There is no third option of the 43R

The other insurance company is only liable for the Actual Cash Value of the vehicle and as such will be significantly less that your insurance company will pay.

Your best bet is to produce your bill of sale from the dealership and they will double check it against the MSRP.

Don't get greedy, it doesn't get any better than a 43R. You're going to end up being paid more than the car is actually worth and you can then go get a brand new 2011 with zero k without spending much out of pocket.

[Sasuke_Kensai]

Ahh thanks - guess I'll see when it comes, but makes me feel better about the odds. Just didn't want to get screwed over!

[[Yu]]

It's nice to have people that work in the insurance industry on beyond :thumbsup: