Car Stolen - Insurance Advice?

[Mike]

My (former ) '02 Lexus was stolen two nights ago. It was likely a professional operation and, according to the cop who took the report, the car is likely on its way to Eastern Europe or God-knows-where.

 

My insurer is USAA and I've been with them for 30-plus years. They're an excellent company and I've always had good experiences, but I want to ensure that the settlement--assuming the car isn't recovered--is fair. I don't have any reason to think USAA won't be reasonable, but I have heard plenty of stories of claimants being low-balled.

 

I'd appreciate any practical advice that anyone could offer. The car was a Lexus Certified used car, still under warranty and in absolutely perfect condition mechanically and cosmetically. Not too many add-ons: spoiler, nav, upgraded wheels.

[MikeB60]

I had a total loss with USAA in 2005. More than fair, they did a market survey and I ended up with more than retail for the vehicle. I also had a hit and run covered by USAA and used their recommended shop for the repair. The repair was delayed two days and out of the blue USAA refunded my deductable. I wouldn’t expect any antics out of USAA.

[Firefight911]

Once they declare it a loss, typically 30 days, they will offer you fair market value. An insurance company will typically look at Kelley Blue, Edmunds, etc. an give some number related to the lower end of the listed scale.

 

Your job is to do comparatives for your area from local dealer inventories, Auto Trader, etc. to gain a true picture of your local fair market value for your vehicle.

 

If you have any current photos, receipts showing your upkeep, additional permanently installed accessories, etc. you need to provide these. For permanently installed items, do a comparative for these as well. An example would be an after market stereo.

 

Be reasonable with your adjuster and do not go into it with the attitude that they are going to automatically low ball you but be prepared to discuss how they come about their number. After this, compare to yours and discuss/provide every bit of back up you can to justify why you feel your number is more representative then theirs of local fair market value.

 

When I worked for an attorney as an investigator, this was one of my jobs in resolving our clients personal property losses. The key is do your homework, have written documentation, be reasonable but firm, and be able to back up all your arguments for more money.

 

One of the keys to gaining more value is the term "local." For example, Folsom, CA has a higher market value than Placerville, CA even though they are only 25 miles apart. Do your comparatives for your as local as possible area. If it shows up vehicles that are not representative of yours due to condition, options, age, etc. still get those in writing but widen the net to capture more representative cars. When doing this, it is only prudent to look in Folsom before you would look in Placerville. Hope that makes sense.

 

One of the important things in capturing cars that are valued less than your but not representative is to show your adjuster that you are exercising due diligence and are not hiding anything. The conversation will giving something to the effect of, "I found this car, X, only it comes in low due to X, Y, Z. I still captured it and am showing you as I want you to know that I am trying to be reasonable and look at all vehicles in my area, etc., etc . . ."

 

Hope this helps. Sorry for your loss. I had a motorcycle stolen from within a gated community, within a locked garage, etc. when I lived in S. California. They left my race bike un touched but stole my GSXR-1100 along with all my helmets and a good portion of my tools. The bike was recovered 2 weeks later, completely un touched, un started, and un molested except for the fact that all the fairings and gas tank were missing. Horrible feeling!

[chrisolson]

Not much to add to what Phil has said except to re-emphasize the roll that vehicle condition plays. Its not just physical condition (paint, tires, eng/trans, interior, but mileage as well.

 

There are many people that might streeeeeeeetch the truth a tad about how "perfect" and "low miles" their auto was. Adjusters are human too and are aware of this ... so, anthing that you can provide (like service records/tire receipts etc) that substantiates the reasonableness of claim to perfection could be important.