Process of Insurance Company to Total a Vehicle (San Antonio, Austin: for sale, how much)

[wellguy]

Good Evening,
I am seeking answers, advice, etc., just in case one of our vehicles is totaled by State Farm. I'll do my best to ask the questions without drawing them out.
Mid to late September our 2001 Siverado, Extended Cab was a victim of an attempted vehicle theft. In the process the truck was pushed down the driveway into the street where as far as we can tell, the *******s lost control of it resulting in it crashing into our neighbor's Suburban. This resulted in severe bumper damage. For whatever reason and I'm still at a loss, the cloth interior (front 60 /40 seat) was sliced up. The entire front seat including heatrests will have to be replaced since they are beyond repair. As far as I know the repair bill is just over $4000.00 (it could go up after the bumper is removed)
Today I called Gunn Collision (for parts status) and their Advisor told me that the State Farm Adjuster needed better numbers $$$ for repair. He made it sound like they are considering the pickup to be a total loss.
Although this makes no difference to State Farm (or maybe it does) the pickup was bought brand new, has 97,455 miles on it, Maintained as necessary, the body and two tone paint (seriously) are like brand new. I am always getting compliments on the appearance of the pickup. I have aftermarket wheels, a spray in bedliner (Line X) etc. Again the truck looks brand new, I sometimes cover it, park it under shade when possible, and it's in a Parking Garage (work) M-F sometimes M-S .
If I look it up on Edmonds.com or KBB I come up with prices from $6000.00 to over $ 10000.00 . As you know there are different prices for trade ins, selling to the public, and retail (from a dealer) and also condition.
Is there a rule of thumb when it comes to totaling a vehicle? Although it's in great condition how much of a factor does the year play in the equation? Is there a magic formula in figuring out a price for the vehicle? Is there a formula when it comes to damage costs verses value of a vehicle? I have heard of Owner Retention and if I understand it right I'll take what they give me and if I select I can have it repaired (which I will do) and the truck remains mine. I would think I would have to buy my own truck back. It also sounds like it can no longer carry full coverage again (which it currently has only due to the great, well once great condition of it)
Are there any "secrets" for me as a consmuer to insure I am not raked over the coals?
I greatly appreciate any advice or suggestions so that I am treated fairly. Although they (State Farm) wants better $$$$ there is still no certainty that they will total it. I just want to be prepared for the worst.
If there is any good (right now) the truck has long been paid for. There has never been a claim on it and I'm certain the fact that I'm 50 and State Farm has been my Insurance Company since I was 16 is of no plus. I guess there is no special treatment for loyalty.

THANK YOU

[RGJ]

USAA totalled a '96 Tahoe I had. In the report, the adjuster actually listed 3 or 4 similar Tahoes that have sold recently in San Antonio and Austin area. Adjustments were made for mileage, condition, etc. Then they offered me an amount based on this. When I said I wanted to buy it back, the drawback was that the title would have to be changed to a salvage vehicle title. This must be something new insurance companies are doing and I'm not sure if it's the insurance company or the state requiring vehicles that are totalled to be reissued with a salvage title.

[ShaneSA]

State Farm is looking at what is cheaper. fix the truck or give you "total" value. they will come up with the value, then the cost to fix. if it costs more to fix than they say it is worth, it's totaled.
You can take the value they want to give you, or attempt to negotiate the price up to what you think it is worth. If it is a close call on the value verses cost to repair, it could go either way.
Another thing you can do is to ask for title to the vehicle plus the value. That way you can keep the truck, have the truck repaired or remove the aftermarket parts and put them on a new or newer truck.
you really need to see which way SF is leaning when all the $$$$s are crunched.

[ged_782]

I'm not in the insurance business, but I can tell you that generally, an insurance company will pay the lesser of:

1. The cost to restore the vehicle to its pre-claim condition.

-or-

2. The fair market value of the vehicle. If they do this, the vehicle will be considered a "total loss".

If the damages exceed the current value of the vehicle, the insurance company might allow you to keep the vehicle, if that's what you want to do, but only pay the fair market value of the vehicle.

Also, in my experience, insurance companies consider the NADA book to be their "bible", and may not consider other pricing guides, like Kelly Blue Book, or Edmunds. They may also consider current advertised vehicles for sale in the local market that are the same year, make, and model as yours, and also similarly equipped, about the same number of miles and in similar condition. Sometimes, they can't find anything currently for sale that is similar enough to compare, so they may just go with NADA.

I would at least try to negotiate a better settlement with the insurance company, if you don't feel their offer is fair. Be prepared to provide some proof that your vehicle is worth more than their offer, if you can they might up their offer.

Is State Farm not sending their own adjusters out anymore to assess damages?