| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/09/14 01:34 PM |
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WTF? Insurance Payout for Written Off Car - Updated
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A co-worker’s car was parked on the Danforth and got hit. It has been deemed a write-off and so he is now haggling with his insurance company (Bel Air).
He drives a 2013 Kia Soul, he bought it brand new. It’s been on the road for approx. 2 years. His insurance company told him to send them the original bill of sale because since the car is under 36 months old, they will take the original price into consideration.
Maybe I’m wrong, but my thinking is that if the car was $80k new and now two years later its work $20k, well that’s what you’re getting. In any event I told him to do his homework and have examples of cars with the same mileage, year, options and what they go for.
On the road (after taxes and everything) he purchased the car for $24,500. He said they are now going for about $17,000 and so he was expecting an initial offer from his insurance for around $14,000
Their first offer was
Warning, Spoiler:
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/09/14 01:36 PM |
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Re: WTF? Insurance Payout for Written Off Car
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w
t
f
| Risky Business |
| (Post Master Supreme) |
| 12/09/14 01:41 PM |
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Re: WTF? Insurance Payout for Written Off Car
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So his 2 year old car gets written off (market value of 17k because Kia)...he is offered 26k and he wants to go back for more?
I actually hope they fuck him over now.
FYI: payouts are usually higher than market because they include HST. In this case it's probably 26k because they are honouring their 2 year old policy and are including interest on the outstanding loan over the 2 years that he would have paid while financing it.
| Euphoricuck |
| (Post Master Supreme) |
| 12/09/14 01:42 PM |
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Re: WTF? Insurance Payout for Written Off Car
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dafuq
| LNXGUY |
| (Post Master Supreme) |
| 12/09/14 01:44 PM |
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Re: WTF? Insurance Payout for Written Off Car
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You're friend is a retard for not taking that offer and running to the bank with the cheque.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/09/14 01:45 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Risky Business
So his 2 year old car gets written off (market value of 17k because Kia)...he is offered 26k and he wants to go back for more?
I actually hope they fuck him over now.
FYI: payouts are usually higher than market because they include HST.
I actually hope they fuck him over now.
FYI: payouts are usually higher than market because they include HST.
His thought is that the first offer is always a lowball so he wanted to see what more he can get. I told him to not be greedy and take their offer. The more conversations he has with them, the bigger chance someone is going to realize what they've done and retract the offer. He's going to f*ck it up.
TAKE THAT SHIT AND RUN!!!!
| Euphoricuck |
| (Post Master Supreme) |
| 12/09/14 01:50 PM |
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Re: WTF? Insurance Payout for Written Off Car
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$12k counter inbound
| LNXGUY |
| (Post Master Supreme) |
| 12/09/14 01:51 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Euphoric
$12k counter inbound
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 12/09/14 01:59 PM |
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Re: WTF? Insurance Payout for Written Off Car
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"Replacement Cost Coverage" and "Limited Depreciation Coverage" are not uncommon, and usually 36 months is the threshold, so this isn't surprising.
| Big Tasty |
| (Post Master Supreme) |
| 12/09/14 02:07 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
| furball |
| (Post Master Sr) |
| 12/09/14 02:33 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Waiver of Depreciation is 24 months, and, you have to ask/pay for it... It's not uncommon, but it's not 'standard' either ... I don't think?
| titty sprinkles |
| (Post Master Supreme) |
| 12/09/14 02:35 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/09/14 02:38 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
Originally Posted By: Big Tasty
Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
Originally Posted By: titty sprinkles
Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
Originally Posted By: SuPeR-MaRiO
A co-worker’s car ...
| phoenixrage |
| (Post Master Supreme) |
| 12/09/14 02:38 PM |
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Re: WTF? Insurance Payout for Written Off Car
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srsly.. wtf
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/09/14 02:42 PM |
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Re: WTF? Insurance Payout for Written Off Car
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I asked him if the offer was strictly verbal or if he has it in writing (email). He said it was over the phone.
I still have trouble believing this.
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 12/09/14 02:43 PM |
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Re: WTF? Insurance Payout for Written Off Car
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YOU ARE FRIEND!
| Risky Business |
| (Post Master Supreme) |
| 12/09/14 02:54 PM |
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Re: WTF? Insurance Payout for Written Off Car
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How badly was the car fucked up for them to write it off and pay him 26k???
| porschetr |
| (Post Master Supreme) |
| 12/09/14 03:01 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: SuPeR-MaRiO
I asked him if the offer was strictly verbal or if he has it in writing (email). He said it was over the phone.
I still have trouble believing this.
I still have trouble believing this.
My friend got the full amount back when the car was about 2 years old.
It's part of the insurance policy.
| TheRealCSnapper |
| (Post Master Supreme) |
| 12/09/14 03:12 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Risky Business
How badly was the car fucked up for them to write it off and pay him 26k???
you must've missed the part where he said the car in question is a KIA. he should get $35K for the pain & suffering of driving a kia the past couple of years.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/09/14 03:20 PM |
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Re: WTF? Insurance Payout for Written Off Car
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I saw one pic which shows the driver rear quarter panel as being the point of impact. Since the car was parked it also hit the car in front of it.
| Wildout |
| (Post Master Jr) |
| 12/09/14 03:24 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: eddie _82
"Replacement Cost Coverage" and "Limited Depreciation Coverage" are not uncommon, and usually 36 months is the threshold, so this isn't surprising.
This right here. After the EL was written off I made sure this was in my policy.
| 87ZCSi |
| (Post Master Sr) |
| 12/09/14 04:05 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Had loss damage waiver on a car that was written off. Cost 24k. Offer was 17k cause they were going to replace the car with a new car and That was their cost. Wtf is he doing?!?!
| hyper-s2k |
| (Post Master Supreme) |
| 12/09/14 04:43 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Most places have that replacement clause for first 24 months. I know that TDMM has up to 5 year replacement clause (it was $20 / year for the first 2 years then something like $100 / year for the next 3) -- you bet I paid for that shit for the wife's car. Drove w/o a care in the world and expect people to hit me [as long as I don't do something stupid like cause an at-fault / partial at fault accident].
I'm surprised they'd cut him a cheque and not offer to replace his car w/ a brand new (equivalent equipped) one.
| iamfob |
| (Post Master Supreme) |
| 12/09/14 04:51 PM |
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Re: WTF? Insurance Payout for Written Off Car
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I would take the money and run
I am waiting for the outcome and the final payout amount
| Hatorade |
| (Post Master Supreme) |
| 12/09/14 05:15 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Your 'friend' is a retard!
Also, friends don't let friends buy Kias!!!
| titty sprinkles |
| (Post Master Supreme) |
| 12/09/14 07:15 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: c_snapper
Originally Posted By: Risky Business
How badly was the car fucked up for them to write it off and pay him 26k???
you must've missed the part where he said the car in question is a KIA. he should get $35K for the pain & suffering of driving a kia the past couple of years.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/10/14 07:37 AM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: titty sprinkles
Originally Posted By: c_snapper
Originally Posted By: Risky Business
How badly was the car fucked up for them to write it off and pay him 26k???
you must've missed the part where he said the car in question is a KIA. he should get $35K for the pain & suffering of driving a kia the past couple of years.
*DEEAAAAAAAAAAAAADDDDDDDED*
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/10/14 10:28 AM |
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Re: WTF? Insurance Payout for Written Off Car
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Update:
He tried to get them to extend the rental car but they wouldn't budge. He accepted the $26,xxx offer and providing he submits some form today by 4pm, the cheque will be processed tonight and he should get it in a few days.
| iamfob |
| (Post Master Supreme) |
| 12/10/14 12:51 PM |
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Re: WTF? Insurance Payout for Written Off Car
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NotBadObama.jpg
Is he going back to Kia?
| Wildout |
| (Post Master Jr) |
| 12/10/14 01:54 PM |
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Re: WTF? Insurance Payout for Written Off Car
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New scam. Buy new car and write it of in 24 months. Profit!
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/10/14 02:05 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: iamfob
Is he going back to Kia?
No, but I think only because it was too small for his needs. He's leaning towards a used VW Golf
Originally Posted By: Wildout
New scam. Buy new car and write it of in 24 months. Profit!
| titty sprinkles |
| (Post Master Supreme) |
| 12/10/14 02:46 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Wildout
New scam. Buy new car and write it of in 24 months. Profit!
buy brand new car 2 days old, hop on highway, go infront of big rig, jump both feet on brakes, get rear ended and claim insurance benefits for the next 10 years
#bramptonbrownpplscams
| porschetr |
| (Post Master Supreme) |
| 12/10/14 02:56 PM |
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Re: WTF? Insurance Payout for Written Off Car
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and be crippled for rest of your life.
| iamfob |
| (Post Master Supreme) |
| 12/10/14 03:16 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: SuPeR-MaRiO
Originally Posted By: iamfob
Is he going back to Kia?
No, but I think only because it was too small for his needs. He's leaning towards a used VW Golf
Godo choice. I am eyeing the MK6 Golf TDI as my next DD when my Civic dies. OR get an used Honda Fit
| Hatorade |
| (Post Master Supreme) |
| 12/10/14 05:22 PM |
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Re: WTF? Insurance Payout for Written Off Car
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I've been eyeing FJ cruisers lol
| 4age |
| (Post Master Sr) |
| 12/10/14 05:37 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: iamfob
Originally Posted By: SuPeR-MaRiO
Originally Posted By: iamfob
Is he going back to Kia?
No, but I think only because it was too small for his needs. He's leaning towards a used VW Golf
Godo choice. I am eyeing the MK6 Golf TDI as my next DD when my Civic dies. OR get an used Honda Fit
I'm sorry, but how is a golf bigger than a kia soul?
If the dude was complaining that the soul is too small, the golf is even smaller @_@ unless we're talking golf wagon
| 4age |
| (Post Master Sr) |
| 12/10/14 05:38 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Hatorade
I've been eyeing FJ cruisers lol
you should just drive your m3 more :P
| 4age |
| (Post Master Sr) |
| 12/10/14 05:38 PM |
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Re: WTF? Insurance Payout for Written Off Car
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hatorade gonna have a heart attack
| titty sprinkles |
| (Post Master Supreme) |
| 12/10/14 05:49 PM |
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Re: WTF? Insurance Payout for Written Off Car
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^but should you wash dat doe?
| iamfob |
| (Post Master Supreme) |
| 12/10/14 09:43 PM |
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Re: WTF? Insurance Payout for Written Off Car
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Originally Posted By: Hatorade
I've been eyeing FJ cruisers lol
No you're not