2024 Tesla Model Y Total Loss – Unsatisfied with Tesla Insurance’s Offer
Hello everyone,
I wanted to share my experience regarding the recent total loss of my 2024 Tesla Model Y LR, which was declared totaled by Tesla Insurance. They’ve estimated its value at $39,451, and I’m feeling that this figure is quite unfair. We purchased the car in mid-August 2024 and had driven only 1,316 miles before an accident occurred on December 3, 2024. Although we were at fault and there were no other parties involved, we filed our claim with Tesla Insurance.
We’re located in Fairfax, VA, but the valuation report references a comparable vehicle from Apopka, FL, which is about 1,000 miles away! This comparable Tesla listed for $40,900 and had 3,904 miles on it.
Additionally, the valuation report indicates that the vehicle’s condition is rated as “Good/Well Maintained” across various categories. However, our car was meticulously maintained, and we believe it deserved an “Excellent” rating instead.
I’m seeking advice on how to appeal this valuation effectively.
Thank you for any insights you might have!
Valuation Report Highlights:
Vehicle Condition Ratings:
– Seats: Good
– Carpets: Good
– Interior Trim: Good
– Glass: Good
– Headliner: Good
– Body: Good
– Paint: Good
– Exterior Trim: Good
– Engine: Well Maintained
– Transmission: Well Maintained
– Front Tires: Good
– Rear Tires: Good
Valuation Breakdown:
– Comparable Vehicle Price (Apopka, FL): $38,501
– Odometer Adjustments: $270
– Tow Hitch Package: $680
– Total Valuation: $39,451
Special Adjustments:
– An odometer adjustment of $0.1050 per mile has been applied, based on the vehicle’s year, category, and market area, capped at 40% of the vehicle’s starting value.
– The average mileage for a 2024 Tesla Model Y in Virginia is typically around 20,999 miles.
– No special adjustments were made for our vehicle.
– All amounts are in U.S. dollars.
I’m sorry to hear about your situation with your totaled Tesla Model Y and the valuation issues you’re facing with Tesla Insurance. Here are some steps you can take to challenge their valuation and potentially negotiate a better offer:
Gather Documentation: Compile all relevant documents, including your purchase agreement, maintenance records, and any additional features or upgrades your vehicle had that may add value (like the tow hitch package).
Research Market Values: Look for comparable listings in your local market (Fairfax, VA) on platforms like Autotrader, Cars.com, or local dealerships. Gather data on sales for similar Model Y vehicles with comparable mileage and condition to support your case for a higher valuation.
Challenge Vehicle Condition Assessment: Clearly document and describe the excellent condition of your vehicle prior to the accident, including any specific details that demonstrate it was better than the “Good/Well Maintained” classification. Photographic evidence, if available, can be very persuasive.
Local Market Comparison: Emphasize that the valuation report references a vehicle from Apopka, FL, which may not accurately reflect the Virginia market conditions. Prices can vary significantly by location, and it’s important they consider local sales data.
Contact a Claims Adjuster and Appeal: Reach out to your Tesla Insurance claims adjuster and express your concerns regarding the valuation and vehicle condition assessment. Start an appeals process and present the information you’ve gathered. Be concise and organized in your presentation.
Seek Third-Party Appraisal: If negotiations do not yield acceptable results, you might consider hiring an independent appraiser to evaluate your vehicle’s worth based on current market conditions. This can provide a strong argument in your discussions with the insurance company.
File a Complaint: If Tesla Insurance remains uncooperative, you can file a complaint with your state’s insurance regulator or the Better Business Bureau. This can sometimes prompt a more favorable response from the insurer.
Legal Advice: If all else fails, seeking advice from a legal professional who specializes in insurance claims could be beneficial, especially if you believe the valuation process violated any regulations or terms.
Hopefully, these steps will help you advocate for a fairer valuation of your vehicle. Good luck!