Seeking Assistance with Insurance Claim
Hello Everyone,
I’m reaching out for some help regarding a recent incident. My BMW X3 M40I was stolen from my home in Union, NJ. The thieves broke in during the night and took our keys, and thankfully, it was all captured on video.
The insurance adjuster has provided three comp vehicles, but one of them has inaccurate mileage—off by 30,000 miles. Is there a way to get them to correct this?
Currently, they’re offering $25k post-tax, but after factoring in my $2k deductible, I would receive $23k. I’m feeling really down about it, especially since my car was in immaculate condition. 🙁
If anyone has advice or knows if this payout is reasonable, I’d really appreciate it. I can share more detailed paperwork if needed. Should I negotiate for a higher amount?
Here’s the list of comparable vehicles: https://imgur.com/a/w4GZYrz
Thank you for any guidance you can provide!
I’m really sorry to hear about your car being stolen, and it must be incredibly frustrating dealing with the insurance claim. Here are a few steps you can take to potentially negotiate a better payout:
Check the Comps: If one of the comps used has incorrect mileage, that could definitely affect the value. Make note of this and mention it to your adjuster. Comp listings should ideally reflect vehicles in similar condition, mileage, and with comparable features.
Gather Evidence: Document everything related to the theft and your car’s condition before it was stolen. If you have maintenance records, recent service receipts, or pictures that highlight your car’s condition, gather these. This can help support your case for a higher payout.
Market Value Research: Look up the current market value for your specific model, taking into account its condition and mileage. Websites like Kelley Blue Book and Edmunds can provide good benchmarks.
Consider an Appraisal: If you believe the payout is significantly undervalued, you may want to consider hiring a third-party appraiser who can provide an independent assessment of your car’s value.
Negotiate: Contact your insurance adjuster and present your findings. Politely explain your concerns about the comp with incorrect mileage and your documentation supporting a higher value. Be clear about your expectations for the payout.
Be Persistent: If you’re not getting the response you want, don’t hesitate to escalate the matter. Ask to speak to a supervisor or the claims manager for further review.
Community and Resources: Sharing your paperwork with fellow community members or forums can also sometimes yield useful feedback or support.
Remember, insurance negotiations can take time, so be patient but persistent. Good luck, and I hope you receive a fair settlement that reflects the true value of your vehicle.