Idris S asked:
I went and got 4 estimates average price came around 3000$. The appraiser from progresive came and saw my car yesterday and wrote a estimate for 1280!!! I have a 2007 toyota matrix with 45000miles on it..He is putting after markets parts on in cuz its high miles,along with a used Rim from a junkyard for 95$…I called the manager and told him that your estimate is too low he said to take the car to a repair facility and have them fix it…My question is that I dont want to fix my car right now but i want to be paid fair price for the damages the it has caused. So how should I go about doing this. should I get a appraiser from my insurance company and have him appraise it…I basically want to keep the money that i deserve and fix the damages at some other time…
I went and got 4 estimates average price came around 3000$. The appraiser from progresive came and saw my car yesterday and wrote a estimate for 1280!!! I have a 2007 toyota matrix with 45000miles on it..He is putting after markets parts on in cuz its high miles,along with a used Rim from a junkyard for 95$…I called the manager and told him that your estimate is too low he said to take the car to a repair facility and have them fix it…My question is that I dont want to fix my car right now but i want to be paid fair price for the damages the it has caused. So how should I go about doing this. should I get a appraiser from my insurance company and have him appraise it…I basically want to keep the money that i deserve and fix the damages at some other time…
Tags: Accident Insurance, Car Accident, Insurance Company, Money, Toyota
You are flirting with problems that you are not aware of.
That is the banks car, and pocketing the money that is meant for repairs could get you into legal problems that you can’t even imagine.
But do got through you insurance on the settlement.
If it is your car, no finance company involved, you can do what you are suggesting. If there is a finance company you can’t. It is to their best interest to have it repaired.
Be careful with your demands, they are likely to decide it’s a write off, pay the bank the fair market value and take the car.
The mileage on your car is very high for it’s age. Most cars average about 12,000-15,000 miles per year. Your car is already where cars 2-3 years old are.
The rims on your car are used. They have been driving around for 45,000 miles. They are replacing a used rim with a used rim.
Progressive does not owe you all new parts. They do not owe you OEM parts. Aftermarket and quality recycled parts are acceptable for your car.
Most likely your own insurance company would not put all new OEM parts on this car.
If you don’t want to fix the car – that’s your choice. You do have the right to pocket the money and live with the damage. But Progressive is not going to pay for all new oem parts on your car.
If you don’t like their estimate – you can file against your collision coverage and see what your insurance company comes up with. They will pay you the amount of their estimate less your deductible. They will then subrogate back against Progressive for re-payment. Once they get paid back by Progressive – they forward your deductible to you.
Keep in mind – your auto policy says that your company has the right to use after market and quality recycled parts too.
However, if your car is financed – you will not be able to pocket the money -b/c your finance company will have to be on the check and they will not endorse the check until the car is fixed.
With out seeing your car and the estimates involved – there is not much more I can tell you. But from what I can tell – you are being paid a fair price.
let your insurance company deal with the problem, If you don’t own the car fully, you really don’t want to take and use the money without getting it fixed. Usually they will make it out to the financier anyway.
If you don’t like the offer that Progressive has made, then start a claim with your own insurance company. They will subtract out the collision deductible before paying you and then they will attemp to get that money back from Progressive.
With this being a 2007 vehicle, I assume you have a full coverage. If so, and you are so concerned about the conditions you are being given, go through your own insurance company. Yes, they will charge you your deductible but they will go after the responsible party and try to get that reimbursed to you. Regarding your main concern on the price difference, as a previous user told you, they are offering OEM parts, which is all they owe. Especially being the liability carrier, not your own. What they are telling you to do is take your estimate to a shop of your choice (as you are legally owed to take it to a shop of your own choosing) and have them work off of the estimate. If the shop doesn’t agree, they will contact the appraiser and work it out. By the way, it is in your best interested to do the repairs right away. If you wait too long and additional damage occurs (from another impact or even just rust) they won’t cover it and you’ll be stuck with that bill. As a liability carrier, they owe you a rental for the time your vehicle is in the shop. If you still have questions, call your agent or the claims department of your own insurance company and have them help you.
I would recommend just getting the car fixed. If you don’t own your car outright then you are really getting into trouble if you just take their money and don’t get your car fixed. If you have that car repo’d you run the risk of having your lienholder hit you big time on that vehicle. Say the car is worth 20000 (and that is what you still owe on the loan). The initial amount progressive is offering is 1200. Say with supplements if you got the car fixed progressive may end up paying….2500. Now if the car gets repo’d and sold at auction there is a good possibility that it will sell not just 2500 less than the acv, but possiblity thousands more. say they only get 15000 for the car cause it is damaged when they sell it. Now you owe 5000 bucks on a vehicle because you decided you wanted to pocket the 1200 bucks. Do you really want to risk it? And everyone else is correct here. If you have your company fix it they will likely use the same parts Progressive is using. And if you go through your own company there is no chance of you pocketing the money as it is your companies duty to protect your lienholder, so they will issue the check either to you and your lienholder or you and your body shop. I wouldn’t play around with this too much. If progressive is going to fix your car just get it fixed, unless you own the car outright and really feel like pocketing the 1200.