Totaled Vehicle? Tips on How to Negotiate the Insurance Payout

hey and welcome to PN wreckage I'm

Christian and we're here because you

found yourself and in fortunate position

of having a total loss vehicle

first of all I'm really sorry that

genuinely sucks the goal of this video

is pretty basically for me to give you

some information about how to not get

screwed by your insurance company

tagline and a lot of my videos has been

trust no one and absolutely that applies

to what we're talking about today the

total loss process is something that

I've gone through twice in two years

I've been a good run to be like my stuff

so I totaled my wife's car as a 2009

Scion tC

a couple years ago so I've been 2015 and

I totaled truck very similar to this one

for anyone who does not already know in

December of 2016

oh it's not not a pleasant process but I

think there are some things that you can

know going in to make it sort of less

uncomfortable and I think more lucrative

for you

because the goal in this is for you to

get as much money out of your vehicle as

you can in order to buy a replacement or

whatever the case is like that's an

asset that you own or at least own

partially and hopefully this helps with

my wife's car I was contacted by the

total loss adjuster about a day after

the crash her car again at Scion tC

it was a released Series 5.0 one of two

thousand Bay something like that it had

a ton of miles on it because my wife

drives a ton of miles every day to work

and it was you know six years old

basically or seven years old at that

point with probably close closing in on

a hundred eighty thousand miles

the total loss adjuster reviewed like

the like the VIN number and what the

options were on the car and there's a an

auto valuating company that many

insurance companies pay to sort of

provide a a ballpark figure of what a

vehicle is worth and the initial figure

that this lady called me with was six

thousand dollars at that point I'm like

alright I can probably pick up a used

Scion tC for about this much money like

there's something for sale kind of

closing in on that and we were about six

months away from paying that car off so

that really sucked I said no and you

should say no - and I think that if you

do nothing else that we talked about

today other than just saying no to that

initial offer that's really important

because that is absolutely not their

final and best offer the insurance

company and their adjusters are out to

protect the insurance company's bottom

line not your best interest and if

assuming like in giving you a fair and

balanced payout for your crash or for

whatever happened to your vehicle that

resulted in a total loss in the first

place so I said no I told her that I've

done my research I know what this car is

worth and the only cops I could find for

this for like identical cars we're

actually on the East Coast I am in

Oregon and so that's generally a no-no

in terms of finding comparison vehicles

because the market is so different I'm

sure whatever the case is I couldn't

find any locally I said no we were back

and forth a couple times she ended up

coming back with an offer of $11,000

basically my wife and I got paid an

additional five grand because I said no

and was just and I wasn't rude about it

and don't be rude about it because

people don't to work with you if you're

rude about it

but that's important with this like

equivalent sort of truck it was a not

like as drastic and increase but it was

still an increase and you know the

higher the value of your vehicle the

more attention they're going to pay to

it and the generally speaking more

seasoned a total loss adjuster you're

going to be talking to I was contacted

by the total loss adjuster following the

crash of my 2016 ram 2500 again really

similar to this and the initial offer

wasn't far off of the price that I'd

actually paid for it don't feel bad

about that though because it's not about

what you paid for it it's about what

your vehicle is worth right now

there might have been fantastic

incentives when you buy your car two

years ago or a year ago or six months

ago those incentives might not exist now

so it's not about what you pay and your

insurance company does not need to know

what you'd paid for your vehicle it's

again about maximizing your payout so

that you are not sort of forever

punished for whatever it was that

happened to you after I said no and she

asked me excuse me before I said nope

she asked me well what do you think your

truck is worth and just fun fact in any

kind of negotiation the general rule of

thumb is the first person to say a price

loses so the first person to say an

actual dollar amount loses you know and

you don't want to insult somebody you

like $80,000 because then they want to

work with you again like don't mock them

this is obviously what they do every day

for a living don't be a jerk and they

have some wiggle room and you want to

make sure that you're an appealing

person for them to be able to provide

you with that extra cash that you I

think really can get if you just are

willing to say no so I said you know

when she asked me what I thought the

vehicle was worth I said you know I've

done my research I know what my truck is

worth and I'm really curious what you're

gonna come back to me with again she

came back to me with a price near what I

had paid for the truck thirteen months

and twenty seven thousand miles prior

I again said no and again you should too

it's uncomfortable and I totally get

that I think a lot of people here that

figure and it's like yeah I don't want

to push this push it because again that

is absolutely not the final offer

I talked to this woman about the amount

of money I put into maintenance of this

truck that it was an absolutely

immaculate condition that I couldn't

find any used once for sale in my area

and that wasn't because the crystal

granite metallic or whatever color this

is was an unpopular color and this was

an unpopular trim level because people

weren't selling them I know your results

may vary this truck may not hold its

value at all in other parts of the

United States but it did in my area

I know depreciation is the thing that

happens and it is what it is

but in terms of just your actual

situation maximizing your payout so that

you're not forever punished for what

happened you can get in back into

something that's equivalent or hopefully

close say no and said no I talked about

the maintenance she came back with an

offer greater than a thousand dollars

more then I had actually paid for my

truck back in November of 2015 when I

bought it

incentives weren't as good again don't

feel bad about that but it's an

uncomfortable process it doesn't have to

be super uncomfortable you don't just

stretch it out and on that note if you

can't agree on a price if you can't

agree on a price if you feel like you're

not getting the value of your vehicle

that you're seeing on Craigslist and

various other private party postings you

do have the option of having your

vehicle actually appraised and going

through a hearing process to determine

what the actual value of your vehicle is

my personal opinion is it's worth 500

bucks or maybe even a thousand bucks to

avoid having to go to court and there's

a couple reasons for that number one

going to court really sucks

number two

I don't really want people who don't

necessarily know vehicles that well

getting they're sort of getting to weigh

in on what they feel the value of my car

or truck is which may be lower than what

that person that offered me after the

first time I said no so again I'm sorry

that you're in this position I hope this

helps I found a lot of success with it

over the last two years and you know

hopefully that's the last time I'll ever

have to go through it but I know other

people will and I wish you the absolute

best if you have any questions about it

any kind of like you're missing any

details about the process that you'd

like me to expand on please let me know

you can either leave an email in the

comments section or leave a excuse me

leave a like a question in the comment

section or shoot me an email which is PN

wreckage at gmail.com if you don't want

to like post your question publicly and

I totally get that so I'm again thanks

for watching hope you guys have a great

day and I will see you next time take