Could I get some advice on my insurance claim on a stolen vehicle that was recovered?

Question

My vehicle was stolen one month ago. The insurance company said it would take around 30 days to settle the claim. When I called on Monday of this week (after 35 days) he hadn't finished the appraisel yet. He got it submitted to his manager and just needed my wife and I to sign the power of attorney (as of Thursday). That same day the vehicle was recovered.

My problem is that the vehicle (06 Highlander) has at least $3600 in damage, including a dented oil pan (which scares me) and they put 2000 miles on it that month. I was planning on selling the vehicle anyways and would rather not have it back. Also, they were going to give me NADA retail value which is about $4000 more than I can sell it for and $5000 more than I could trade it for. The vehicle will have a depreciated value due to the miles and the repair history on Carfax.

Bottom line is-do I have an argument that the claim should have been finalized earlier? Or am I just going to have to bite the bullet and deal with it?

Answer 1

Most insurance companies have a goal of settling a unrecovered theft within the 30 day window. It looks better for the agent who mangages your insurance. Now if the vehicle was recovered and the adjuster knows (im sure they do) and the damage is less than totalling the vehicle they may be making adjustments to just repair the vehicle. This is really not likely given the figures you gave. You can call the manager of the adjuster handling your claim and complain on how long it has taken. Usually the managers are the ones having to come down on the adjusters to adjust quickly and fairly. Just call and ask your agent too they like to get involved and put a fire under the adjusters.

Answer 2

You might check with the adjustor or talk to your agent and let them know that you're concerned because you don't know what the thief did to your car.  You have no idea where it was driven, who was driving, what kind of adventures they took in it.  The insurance company's job is to "indemnify" you. That is to put it back the way it was and since you don't know what it has been thru how can they put it back properly.  Most usually insurance companies will make it a total loss when it's a theft even if it is recovered because they don't know what the vehicle has been thru.

Answer 3

Insurers usually wait ABOUT 30 days to see if the vehicle is recovered.  It was, and the appraiser went out as soon as practical to inspect the vehicle.  If you do not want the vehicle, get it repaired and sell it.  

Why can't you sell the vehicle for the NADA retail price?   Even if you were entitled to a Diminished Value claim, it would not be $4000/$5000.  How do you know that the vehicle cannot be repaired to pre-loss condition?  You are not entitled to a DV claim since your making a first party claim.

If you disagree with their decision, check your policy and refer to the appraisal arbitration clause.  You could possibly arbitrate the claim.

Answer 4

no- you have absolutely no argument.   30 days was an estimate- NOT a guarantee.  Thefts (even recovered) are always a lengthy process- it doesnt sound like there was a huge unnecessary delay.

Furthermore- lets say you did have an argument... that wouldnt magically get them to pay the value of your car as opposed to the repair cost?  That is not your choice.. that is theres and they will do (and are legally allowed to do) whichever is cheaper.

There is absolutely way on the planet they would pay the value of your vehicle when it only has that much damage.