Details
– Insurance: Progressive
– Date of theft: 12/28
– Location: my home
– Any prior claims?: none, this is my first one
– age: 30
– Claim Documentation Provided: 1) pictures of tittle, driver license, keys. 2) call log record (proving I called 911 with timestamp). 3) 20+ pictures of the truck 4) maintenance records 5) video of the theft in progress
I recently had a truck stolen in the Houston area. It’s a GMC Sierra, most common stolen truck in Houston. And well it’s looking like they won’t find the truck and I’ll be getting a payout. This is not confirmed yet, just my speculation based on HPDs lack of response towards finding my truck. Well I submitted my claim and have submitted all supporting documentation requested thus far by Progressive (listed up top). My question is, how can I push back on the amount that that the adjuster will determine that they value my truck at? Let’s say KBB private sale says my truck is worth 40k-47k. And the adjuster comes back and tries to give me 42k. What can I do to get 45k or even the 47k. The documentation I provided was definitely top tier. The maintenance records covered the time frame requested by progressive showing all preventative and normally scheduled maintenance had been done with copies of all the receipts and dates. And the 20+ pictures provided documented a near perfect condition of the vehicle. I truly believe my vehicle is on the higher end of the KBB valuation and I need help pushing back when the adjuster reaches back out.
Also, if I take the 42k that the adjuster is offering me, and I find the same truck for 42k I still have to pay taxes, tittle and registration for this new vehicle purchase. How does that part of the payout work? Or am I just SOL from that aspect? Can I submit for reimbursement once the vehicle purchased?
Last question: will my insurance increase because of this claim? It’s not like I crashed, or was driving reckless and got a speeding ticket. Someone else’s actions resulted in the need for me to file a claim.
Houston Auto Theft – Question For Adjusters
byu/commonsenseHTX inInsurance
Posted by commonsenseHTX
3 Comments
ACV is what it is. Despite what people may believe, you are going to get whatever they offer you. They’ll provide an evaluation detailing how they calculated the value of your truck. Unless the mileage or options are incorrect, there’s nothing to negotiate. KBB is not an accurate way to determine value either.
As for the second question, comprehensive claims do not increase rates on their own.
Take whatever numbers you found on KBB and throw them in the garbage. KBB is not accurate and insurance companies don’t use it.
Your insurer will use a third-party valuation company such as CCCOne or Mitchell to run your truck against other comparable year/make/models that have actually sold. That software will make adjustments up and down on the value as it compares your truck to the recent market.
If you disagree with the valuation report the first step is to read it carefully and make sure they got all your trucks info correct, including manufacturer installed packages, etc.
Then if you still disagree you can go find comparable dealer ads and ask them to be included in the evaluation.
Then if you still disagree you can utilize your Appraisal Clause, which allows you to hire an independent appraiser at your own cost to provide a value on your truck. Your insurer will do the same and the IAs will discuss the value. If they agree and it’s more than what your insurer initially offered, your insurance will pay the difference. If the IAs can’t agree they will hire a third-party umpire who will make a final decision. That decision is binding for all parties.
ACV is what you will get not KBB value. Look at eBay in your area and don’t go by asking price go to sold prices. I have seen items on eBay asking $1,000 and the sold price is $150. KBB is the eBay market for vehicles.