A GOOD Story About Insurance and A Totaled Fit
#1
10-27-2008, 12:59 PM
A GOOD Story About Insurance and A Totaled Fit
For anyone else unlucky enough to be in this situation, here is the way that it is supposed to work out:
I wrecked my '07 Sport Auto on Saturday, 10/18, by being run off the road by a lifted pick up. My car only had 11,883 miles, and a lot of custom parts. I was able to retrieve the custom parts and replace the stock parts at the body shop.
My insurance company is State Farm. I could very likely get lower premiums from another insurance company, but have stayed with State Farm due to their fast claims service and rates that are not bad.
State Farm called me today, saying that a check for $19,582. settlement is going out by FedEx. I drove the car for two years, and the settlement is for more than I paid for it in '07. My dealer has a '09 Sport Auto BBP waiting for me to pick up as soon as my check arrives. MSRP is $17580, and that is what I will be paying.
I hope that all of the other wrecked Fits wind up being covered this pleasantly by the insurance claims process.
I wrecked my '07 Sport Auto on Saturday, 10/18, by being run off the road by a lifted pick up. My car only had 11,883 miles, and a lot of custom parts. I was able to retrieve the custom parts and replace the stock parts at the body shop.
My insurance company is State Farm. I could very likely get lower premiums from another insurance company, but have stayed with State Farm due to their fast claims service and rates that are not bad.
State Farm called me today, saying that a check for $19,582. settlement is going out by FedEx. I drove the car for two years, and the settlement is for more than I paid for it in '07. My dealer has a '09 Sport Auto BBP waiting for me to pick up as soon as my check arrives. MSRP is $17580, and that is what I will be paying.
I hope that all of the other wrecked Fits wind up being covered this pleasantly by the insurance claims process.
#5
10-27-2008, 01:16 PM
No, it's the market value of the car. Just look at the prices for used Fits on cars.com or autotrader.com. There are dealers advertising used '08s for $22K! That's what I found in a search within a 50 mile radius of where I live. I was expecting to fight for a fair settlement but did not have to after all.
#6
10-27-2008, 01:24 PM
Chris-
If my dealer in Monterey had not been so helpful, I was planning on calling you about buying the replacement. A 1 hr. plane ride to Ontario, and a 7 hr. drive home wouldn't be a bad way to buy my next car. Sorry to have missed the opportunity to meet you, but everything worked out OK.
If my dealer in Monterey had not been so helpful, I was planning on calling you about buying the replacement. A 1 hr. plane ride to Ontario, and a 7 hr. drive home wouldn't be a bad way to buy my next car. Sorry to have missed the opportunity to meet you, but everything worked out OK.
#7
10-27-2008, 01:45 PM
Glad to hear everything went well with insurance. I've heard too many horror stories about auto insurance.
#8
10-27-2008, 01:49 PM
good that everything went well with insurance and that you had speedy service and very good service too with your insurance co...
and that you got thst much back
and that you got thst much back
#9
10-27-2008, 01:56 PM
when the price for gas went up to $arm and $leg...the value of the fit went up as well..at least here in florida...they went from 14-15k to 20-23k...and that was like 2-3 months back..not sure now..could be more..everyone was trading in their cars for a fit.
#10
10-27-2008, 02:46 PM
MSRP for a new Sport Auto is $17580 in CA. I would not ever pay 20-23K. I was lucky to have a dealer within driving distance who does not mark up his cars, even though he can. He just doesn't, and that's why I buy there and nowhere else. As I posted to JDMchris, if I couldn't find a new Fit around here at MSRP, I would have worked out a sale through Chris at the dealer he works for. Chris wouldn't be a good option for car buyers in FL, though.
#11
10-27-2008, 02:50 PM
I have State Farm and when I totalled my turbo 350z, I got 29k out of them. the car was worth 19k, but I had 10k in mods, and proof 
Seriously though, the insurance company is supposed to put you where you were before the loss occurred.....no profit is meant to be had from it.
I'm glad you got the settlement quick!
Also, FYI, total loss settlements aren't based on MSRP, blue book, black book, or NADA. They're based on the market in your specific area. If you have a 2005 Corolla, and the NADA is 10k on it, but corollas in your area are selling for 13-14k, you're going to get a check for the amount closest to market in your area because that's what would put you where you were before the loss occurred.
Seriously though, the insurance company is supposed to put you where you were before the loss occurred.....no profit is meant to be had from it.
I'm glad you got the settlement quick!
Also, FYI, total loss settlements aren't based on MSRP, blue book, black book, or NADA. They're based on the market in your specific area. If you have a 2005 Corolla, and the NADA is 10k on it, but corollas in your area are selling for 13-14k, you're going to get a check for the amount closest to market in your area because that's what would put you where you were before the loss occurred.
#13
10-27-2008, 03:50 PM
Thanks Ken. I won't know how much I like the '09s until I am in one, but I don't dislike their looks as much as some people seem to. I haven't even seen one with my own eyes yet. I am betting that handling and performance manufacturers will act on this model being unchanged for some years, therefor a larger market, than the GD3s presented for after-market parts. I don't THINK that I will regret buying a new GE8 rather than a used GD3, but we'll see.
Last edited by manxman; 10-27-2008 at 03:52 PM.
#14
10-27-2008, 04:12 PM
Manxman, quick , get the stick while you still can! JFWY, glad that all is well. Unless you were one of the most entrenched GE8 haters, you will never regret getting the new car versus over-paying for a used GD3. And I say that as someone who loves his GD3, I just wouldn't pay new MSRP for one with 12K miles on it...
#20
10-27-2008, 08:06 PM
Thanks Ken. I won't know how much I like the '09s until I am in one, but I don't dislike their looks as much as some people seem to. I haven't even seen one with my own eyes yet. I am betting that handling and performance manufacturers will act on this model being unchanged for some years, therefor a larger market, than the GD3s presented for after-market parts. I don't THINK that I will regret buying a new GE8 rather than a used GD3, but we'll see.