Need Assistance with Insurance Claim
Hi Everyone,
I recently had my BMW X3 M40I stolen from my home in Union, NJ. The thieves broke in during the night and took our keys, and we have video footage of the incident.
The insurance claim adjuster used three comparable vehicles for the assessment, but one of them has mileage discrepancies—it’s off by 30,000 miles. Is there a way to get them to correct this?
Currently, they’re offering $25,000 after taxes. With my $2,000 deductible, that leaves me with $23,000. I’m feeling really down about this since the car was in pristine condition.
I could use some help! I’m wondering if this payout is fair or if I should try to negotiate for a better offer. If you need to see any paperwork, I’m happy to share.
Here’s the list of comparables: https://imgur.com/a/w4GZYrz.
Thanks in advance for your advice!
I’m really sorry to hear about your situation; that must be incredibly frustrating and stressful. When it comes to dealing with insurance claims for stolen vehicles, it’s important to ensure that you get a fair settlement. Here are a few steps you can take:
Review Your Policy: Look closely at your insurance policy to understand its terms regarding total loss and how they determine the value of your car. This can set the groundwork for your negotiations.
Gather Evidence: Since the adjuster used comps to determine your payout, collect any documentation you have showing that the mileage on the comp is incorrect. You might also want to gather additional comps that better reflect your car’s condition and mileage.
Get Your Own Appraisal: Consider getting a professional appraisal of your vehicle’s value, especially one that takes into account your car’s condition, mileage, and unique features. This can provide you with leverage in negotiations.
Negotiate: Reach out to your insurance adjuster with your findings, including any additional comps or your appraisal. Present your case clearly about why the initial offer doesn’t reflect the true value of your vehicle.
Ask for Clarification: If you’re unsure why the adjuster chose specific comps or how they reached the $25k figure, don’t hesitate to ask for detailed explanations.
Document Everything: Keep thorough records of all communications with your insurance company, including dates, times, and the names of people you spoke with, as well as any paperwork related to your claim.
Consider Filing a Complaint: If negotiations stall and you feel the insurer is not acting in good faith, look into filing a complaint with your state’s department of insurance.
Consult with a Professional: If negotiations become more complicated, it may be beneficial to consult with an attorney who specializes in insurance claims.
As for whether the $23k payout after your deductible is fair, it really depends on the market value of similar vehicles in your area, their mileage, and condition. Having those accurate comps will be crucial in determining if you should push for a higher amount.
Feel free to share any paperwork or details if you’d like specific advice on negotiating! Good luck, and I hope you can resolve this soon.