Page 1 of 2 12>
Topic Options
#7999459 - 12/09/14 01:34 PM WTF? Insurance Payout for Written Off Car - Updated
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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:
$26,000 \:o \:o \:o

He said he wants to see what more he can get from them (ie money for winter tires, extend car rental). I told him that he's going to f*ck up everything. I told him to take it and run.


Edited by SuPeR-MaRiO (12/10/14 10:28 AM)

Top
#7999461 - 12/09/14 01:36 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
Screamin Type ARGH! Offline
High Value Poster
Post Master Supreme


Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
w
t
f
_________________________

"Ban low performance drivers, not high performance cars"

Top
#7999466 - 12/09/14 01:41 PM Re: WTF? Insurance Payout for Written Off Car [Re: Screamin Type ARGH!]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
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.

Top
#7999469 - 12/09/14 01:42 PM Re: WTF? Insurance Payout for Written Off Car [Re: Risky Business]
Euphoricuck Offline
Post Master Supreme


Registered: 11/05/03
Posts: 92703
Loc: Canadistan
dafuq
_________________________

Top
#7999474 - 12/09/14 01:44 PM Re: WTF? Insurance Payout for Written Off Car [Re: Euphoricuck]
LNXGUY Moderator Offline
Post Master Supreme


Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
You're friend is a retard for not taking that offer and running to the bank with the cheque.
_________________________
-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

Top
#7999476 - 12/09/14 01:45 PM Re: WTF? Insurance Payout for Written Off Car [Re: Risky Business]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
 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.

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!!!!

Top
#7999482 - 12/09/14 01:50 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
Euphoricuck Offline
Post Master Supreme


Registered: 11/05/03
Posts: 92703
Loc: Canadistan
$12k counter inbound
_________________________

Top
#7999484 - 12/09/14 01:51 PM Re: WTF? Insurance Payout for Written Off Car [Re: Euphoricuck]
LNXGUY Moderator Offline
Post Master Supreme


Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
 Originally Posted By: Euphoric
$12k counter inbound


_________________________
-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

Top
#7999499 - 12/09/14 01:59 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
"Replacement Cost Coverage" and "Limited Depreciation Coverage" are not uncommon, and usually 36 months is the threshold, so this isn't surprising.
Top
#7999516 - 12/09/14 02:07 PM Re: WTF? Insurance Payout for Written Off Car [Re: LNXGUY]
Big Tasty Offline
Post Master Supreme


Registered: 02/10/02
Posts: 19600
Loc: Toronto
 Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.

Top
#7999558 - 12/09/14 02:33 PM Re: WTF? Insurance Payout for Written Off Car [Re: Big Tasty]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
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?
Top
#7999561 - 12/09/14 02:35 PM Re: WTF? Insurance Payout for Written Off Car [Re: LNXGUY]
titty sprinkles Offline
Post Master Supreme


Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
 Originally Posted By: LNXGUY
You're friend is a retard for not taking that offer and running to the bank with the cheque.
_________________________
2019 TLX Aspec

Top
#7999567 - 12/09/14 02:38 PM Re: WTF? Insurance Payout for Written Off Car [Re: titty sprinkles]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
 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 ...


Top
#7999569 - 12/09/14 02:38 PM Re: WTF? Insurance Payout for Written Off Car [Re: Big Tasty]
phoenixrage Offline
Post Master Supreme


Registered: 01/15/08
Posts: 50785
Loc: People's Republic of Ontario
srsly.. wtf
_________________________
Don't question things, everything is good the way it is and no improvements or suggestions needed.

Top
#7999576 - 12/09/14 02:42 PM Re: WTF? Insurance Payout for Written Off Car [Re: phoenixrage]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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.

Top
#7999577 - 12/09/14 02:43 PM Re: WTF? Insurance Payout for Written Off Car [Re: phoenixrage]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
YOU ARE FRIEND!
Top
#7999591 - 12/09/14 02:54 PM Re: WTF? Insurance Payout for Written Off Car [Re: Senor Eduardo_82]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
How badly was the car fucked up for them to write it off and pay him 26k???
Top
#7999600 - 12/09/14 03:01 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
porschetr Offline
Post Master Supreme


Registered: 05/15/01
Posts: 23391
Loc: WBridge
 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.


My friend got the full amount back when the car was about 2 years old.
It's part of the insurance policy.
_________________________



Top
#7999613 - 12/09/14 03:12 PM Re: WTF? Insurance Payout for Written Off Car [Re: Risky Business]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
 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.

Top
#7999625 - 12/09/14 03:20 PM Re: WTF? Insurance Payout for Written Off Car [Re: TheRealCSnapper]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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.
Top
#7999632 - 12/09/14 03:24 PM Re: WTF? Insurance Payout for Written Off Car [Re: Senor Eduardo_82]
Wildout Offline
Post Master Jr


Registered: 11/26/07
Posts: 1767
 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.

Top
#7999728 - 12/09/14 04:05 PM Re: WTF? Insurance Payout for Written Off Car [Re: Wildout]
87ZCSi Offline
Post Master Sr


Registered: 09/06/00
Posts: 7166
Loc: Portland and Toronto
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?!?!
Top
#7999793 - 12/09/14 04:43 PM Re: WTF? Insurance Payout for Written Off Car [Re: 87ZCSi]
hyper-s2k Offline
Post Master Supreme


Registered: 12/01/05
Posts: 14556
Loc: T dot O dot, Canada
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.
_________________________
'08 //M3 - now @ 90,xxx km - wtf did i do?
'13 x1 - now @ 99,xxx km - a2b car
'10 x3 - now @ 123,xxx km - time 2 go?
'03 s2k - now @ 80,xxx km - a2a car
'08 535i - sold @ 149,421 km - cashed out just in time!
'08 impreza 2.5i - sold @ - 64,147 km - smh POS
'01 rav4 - killed @ 155,879 km - RIP old friend

"Driving in the snow is like sex. If you want to avoid accidents, abstinence is the best policy. If you're gonna take her for a spin, use protection." - Rick Mercer

Top
#7999800 - 12/09/14 04:51 PM Re: WTF? Insurance Payout for Written Off Car [Re: hyper-s2k]
iamfob Offline
Post Master Supreme


Registered: 09/06/02
Posts: 24697
Loc: Out There
I would take the money and run

I am waiting for the outcome and the final payout amount
_________________________
FTMFW!!!

Top
#7999824 - 12/09/14 05:15 PM Re: WTF? Insurance Payout for Written Off Car [Re: iamfob]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Your 'friend' is a retard!

Also, friends don't let friends buy Kias!!!
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

Top
#7999999 - 12/09/14 07:15 PM Re: WTF? Insurance Payout for Written Off Car [Re: TheRealCSnapper]
titty sprinkles Offline
Post Master Supreme


Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
 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.


_________________________
2019 TLX Aspec

Top
#8000460 - 12/10/14 07:37 AM Re: WTF? Insurance Payout for Written Off Car [Re: titty sprinkles]
Screamin Type ARGH! Offline
High Value Poster
Post Master Supreme


Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
 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*
_________________________

"Ban low performance drivers, not high performance cars"

Top
#8000789 - 12/10/14 10:28 AM Re: WTF? Insurance Payout for Written Off Car [Re: Screamin Type ARGH!]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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.

Top
#8001131 - 12/10/14 12:51 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
iamfob Offline
Post Master Supreme


Registered: 09/06/02
Posts: 24697
Loc: Out There
NotBadObama.jpg

Is he going back to Kia?
_________________________
FTMFW!!!

Top
#8001238 - 12/10/14 01:54 PM Re: WTF? Insurance Payout for Written Off Car [Re: iamfob]
Wildout Offline
Post Master Jr


Registered: 11/26/07
Posts: 1767
New scam. Buy new car and write it of in 24 months. Profit!
Top
#8001279 - 12/10/14 02:05 PM Re: WTF? Insurance Payout for Written Off Car [Re: Wildout]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
 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!

Top
#8001393 - 12/10/14 02:46 PM Re: WTF? Insurance Payout for Written Off Car [Re: Wildout]
titty sprinkles Offline
Post Master Supreme


Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
 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
_________________________
2019 TLX Aspec

Top
#8001414 - 12/10/14 02:56 PM Re: WTF? Insurance Payout for Written Off Car [Re: titty sprinkles]
porschetr Offline
Post Master Supreme


Registered: 05/15/01
Posts: 23391
Loc: WBridge
and be crippled for rest of your life.
_________________________



Top
#8001448 - 12/10/14 03:16 PM Re: WTF? Insurance Payout for Written Off Car [Re: SuPeR-MaRiO]
iamfob Offline
Post Master Supreme


Registered: 09/06/02
Posts: 24697
Loc: Out There
 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
_________________________
FTMFW!!!

Top
#8001637 - 12/10/14 05:22 PM Re: WTF? Insurance Payout for Written Off Car [Re: iamfob]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
I've been eyeing FJ cruisers lol
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

Top
Page 1 of 2 12>


Moderator:  c2k, LNXGUY, TheRealCSnapper, Professor Paki 
Hop to:
Shout Box

CSi Sponsors

DiGBiC Lighters
DiGBiC Lighters
DallasColo
Dallas Colocation
ClubSi.com Shirts
ClubSi-Shirts
GameStop
Black-Friday Specials
Big Brake Kits
StopTech.Sale BBK Clearance
Brake Kits
Buy Brake Kits
EBC Brake Kits
EBC Brake Kits
BuyBrakes
Brake Kits-Pads & Rotors Sets
StopTech Brake Kits
StopTech
StopTech NZ
StopTech
StopTech Australia
StopTech
Hawk Brake Pads
Hawk Brake Pads
Samys Camera
GoPros, Cameras, Gear
Brake Specials Near Me
Brake Specials Near Me
Brake Pad Coupons
Coupon Code "hondafetish"
Porsche Brakes
Porsche Brake Upgrades
2-Piece Rotors-Civic Type-R
2-Piece Civic Rotors
Advertisement

| Brake Pads | | How To Change Brake Pads | | Drilled Slotted Brake Kits Cheap | EBC Brake Kits | Performance Brake Kits | Brake Specials Near Me | How To Replace Brake Pads