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Model S Total Loss Valuation
- Thread starter nakedsushi
- Start date
Todd Burch
14-Year Member
Curious: How old was your car at the time of the accident, and how much did they depreciate for age and mileage?
Todd Burch
14-Year Member
Wow, you got lucky. My car was almost the same age, almost the same mileage, and I got replacement value minus about $12k! And that's AFTER I made a big stink.
Wow, that IS very lucky. My car was delivered May 2014, so not very old at all and the value they're quoting me is replacement value minus 20k! I'm still trying to bargain with them.
Todd Burch
14-Year Member
Definitely bargian. If your company is Geico, they should have my payoff in their system. It wasn't great, but better than they're offering you right now!
I don't see how the $7500US max Federal deduction enters into these equations. That is between you and the IRS. And it logically only has to do with that tax year, likely history by now. State credits however might be in the purchase contract thus reducing your initial cost.
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Gratz! Some people would love to pay $2400 to get an upgraded Tech package in their current vehicles.
I received my P85D on April 11th, 2015 and last Thursday someone decided to pull a U Turn in front of me from a parked position against the curb. Needless to say he took out the front passenger side of my car and it's sounding like a total write off from what the tow truck driver and guys at the body shop said. After reading the thread above I began to worry about what I'll get if they write it off. I leased the vehicle after putting $17,5000 down on a 3 year lease. I had just over 5000 miles on it and not one mark. I'm crazy anal about it and take great pride in maintaining her. Total price for the car was $128,000 and I'm insured through State Farm. It's bad enough that I have to continue paying my $1600 a month lease payment plus $250 a month insurance but they're telling me it could be at least 2 months before its settled and possibly longer. If the payout value is depreciated am I still on the hook for the balance of the lease?
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rxlawdude
Active Member
Unless your leasing company takes responsibility for your accident, yes, you are on the hook. This is where a good consumer attorney can talk "bad faith" with the insurance company's attorney. Bad faith is looked upon dimly by courts, and there are treble damages if a payout is unreasonably low. As this accident wasn't your fault, you might want to consult an attorney to ensure you are not the victim of a greedy insurance company that's fast to take your premium but tighter than a ducks a$$ when paying a claim.
TaoJones
Beyond Driven
Tangentially and from well upthread, 2 companies that will write replacement value policies (for the duration - not just for the first year or 12,000 miles) are Chubb and Allstate. Both quotes were about triple the standard quotes. Given the delta, I opted for FMV-D and figure I'd self-insure in part against a total loss.
I did decide to get aftermarket value coverage in excess of the default ś1500. Keeping in mind that the Reus upgrade is pretty safe unless the car is submerged or stolen, and can be moved from old Tesla to new, I opted for an amount exclusive of the Reus dollars. The aftermarket upgrades are insured for replacement value, while the policy is just a standard fair market value/depreciated policy. Iirc, $10K of coverage is $100 or so/year.
I did decide to get aftermarket value coverage in excess of the default ś1500. Keeping in mind that the Reus upgrade is pretty safe unless the car is submerged or stolen, and can be moved from old Tesla to new, I opted for an amount exclusive of the Reus dollars. The aftermarket upgrades are insured for replacement value, while the policy is just a standard fair market value/depreciated policy. Iirc, $10K of coverage is $100 or so/year.
Jaff
Active Member
Bad Faith?
How can you allege Bad Faith without first determining whether a "non-depreciation settlement endorsement" was offered by the agent / salesman, but refused by the insured?
How can you allege Bad Faith without first determining whether a "non-depreciation settlement endorsement" was offered by the agent / salesman, but refused by the insured?
rxlawdude
Active Member
I'm not alleging that at all. But in a case where the other party is at fault, you wouldn't be signing a "non-depreciation settlement endorsement." Given the facts described by the OP, it is clearly the other driver's fault. Now, if the at-fault driver doesn't have adequate coverage, that's an issue where the injured party's insurance company may get involved. But that's not what I was referring to. I was referring to the AT-FAULT party and his/her insurer.
But please, you're going to defend an industry that takes money from consumers with abandon, but doles it out like Scrooge? There are some good apples (insurance companies), but case law is brimming with situations where an insurer low-balled the injured party. As a matter of policy.
The principle behind tort law is to make an injured party whole. Not to make an injured party wholly inadequately reimbursed for loss.
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brucet999
Active Member
I wrecked my wife's LS450 (talk about subject for another post
) and State Farm paid the cost of identical model and condition as available on the used market. I did have to help them to understand the actual condition of our car to find a matching one. Tesla is of course not nearly as well known nor readily available on the used market as a Lexus, so you need to help them to understand what is an equivalent vehicle and its value on the used market.
ozweepay
Member
There is something called "new car replacement" insurance that is usually just a few dollars per month and guarantees that your car is replaced with a NEW one in the case it is totaled. You don't get a check for the new car, but you do get a new car. For Allstate, this is $8/mon.
For a lease this is covered instead by "gap insurance." On a Tesla lease, gap coverage is included in the lease. This means if you're underwater on the lease and the car is totaled, you are not responsible for the gap between its value and the amount still owed on the lease. You just have to pay the deductible.
From my lease:
For a lease this is covered instead by "gap insurance." On a Tesla lease, gap coverage is included in the lease. This means if you're underwater on the lease and the car is totaled, you are not responsible for the gap between its value and the amount still owed on the lease. You just have to pay the deductible.
From my lease:
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