Insurnace peeps inside. (my truck rolled)

[STANMAN]

Hello all. This morning my fiance rolled my truck going to work, it's an 06 F150 FX4, totally loaded, and I owe 28K on it. Just wondering how the insurance people come up with what the truck is worth, as I don't want to be upside down on top of having to look for a new vehicle. She has the same insurance company that I do (American Family), so what happens from here? If they value the truck at less than what I owe do I sue her insurance for the difference? Who's responsible for the accident (will it go against her insurance, or mine?) I mean they are the same company, lol. Any answers would be appreciated. The fiance is fine BTW, the truck is totalled obviously.

[lordairgtar]

Ouch!

[michelle]

Very sorry to hear about this Bob! I just left you a voicemail too.

[Rocket Power]

I would think it would go against her since she was driving. Not exactly the same situation but my wife got rearended in our truck by someone with the same insurance co., because it was a rear ending they took full responsibility and nothing counted against us.
They will probably offer you just enough to keep you from punching them in the face:goof and you'll have to argue up from there. Just my guess

[Holeshot]

Damn!! If she has insurance she is covered for anything she drives. If your upside down on the loan and they total it you may me able to roll the settlement and the balance in to one new replacement loan. When I got rear ended in November I thought for sure my 2000 Grand Am with 161 k would be totaled. Progressive wrote me a check for 3100.00 to have it fixed. The rear rail was bent as was the trunk pan folded up.

IIRC their is an insurance institute pricing guide line they must use for determining value loss.

Hope she wasn't hurt to badly. The truck is worth nothing compared to your GF life.

[Bobby "Big Daddy" Flay]

GAP coverage. Most policies only charge $5-$10 every 6 months. This is what it was intended for.

[GRNDNL]

Your Insurance is liable unless she signed a waver (like you would with a rental car). You should get retail value minus your deductible, the amount of your loan doesn't make any difference, they need to put you back to where you were before the accident. You are also owed the sales tax, make sure you ask for it, sometimes they won't pay it untill you prove you bought another vehicle.

Price guides are just that, a "guide", pick up any local flyers with trucks for sale and try and find some comparable vehicles for sale, if they try and low ball you you'll have proof of the actual retail value of a replacement vehicle.

[domokun]

I thought insurance companies go off "black box value"

this is why its a wise idea to get gap...then you have nothing to worry about. :-/

[SSDude]

Gap insurance. If the cost of a comparable replacement vehicle is less that what you owe on it you kinda up shmit creek for the difference.

[wrath]

Hope your other half is OK. A rollover, at any speed, hurts for weeks after the fact.

You're kind of fucked if you don't have GAP. They'll offer you wholesale for it and you can probably badger them up to somewhere between private party and retail. So you're still going to be ~$10,000 in the hole.

At this point your best bet is one of these things:
Get them to fix it
Badger them to giving you a check for the most you can, badger them into letting you buy the vehicle back for cheap (so you can part it out), and get an unsecured loan to cover the difference until you can buy something else to roll the unsecured loan into minus whatever you got from selling the parts.

Honestly, this sucks. I wouldn't wish this on anyone, it's a giant expensive mess that is going to haunt you for years to come unless you've got the coin laying around to make up the difference (which I doubt would be the case since you're WAY in the hole).

[Waver]

Bob, this is what my experience has been....If someone is driving your vehicle, and they get into an accident, it could go to your insurance company, unless her policy states in it that she is covered for any vehicle that she drives, not just the one that she is directally insured on. Also, insurance companies value the vehicle by either the auction or whole sale value, or by what is called "area market value".....I have had it go both ways. With that being said, I did a search on what 06 fx4's are selling for, and you are looking at 15-24,000 depending on the mileage and options....If you want to find out what the auction value would be go to www.kelybluebook.com and look at the trade in value of the vehicle....that is usually close to what they are going through auction at. I hope this helps you out a little bit, and I am glad that your future wife is allright.....Be mad now, just remember, trucks can be replaced loved ones cant

[88Nightmare]

bob, I called and left you a message about this

[Mr Twigbert]

I still think you're an #&$*(@^&#* but I hope she is OK..

Upload some photos.. I love to see vehicle carnage..

[Prince Valiant]

My general experience with AMFAM is that they offer the retail market value in the area...though they will say what they offered is what the vehicles actually SOLD for (perhaps by looking up taxing data if it's available). It doesn't help that the market on trucks has bottomed out significantly, as they'll pay the banks the first, likely eating up the entire amount of the check they'll cut, leaving you in the hole with nothing to show for it.

Your insurance is liable since the determination will be that YOU let her drive you're vehicle, and thus is the action that led to the claim. You can sue, but what's the point? You'd only be entitled to the amount they were going to pay anyways.

I've heard (but am not certain) that you can negotiate a replacement vehicle...the insurance company goes out and finds a similar truck, purchases it, and then you still owe the bank on the new vehicle...the bank will likely balk, since they'll still be in a position in which you're upside down, a position THEY don't like as it's riskier for them. It works for the insurance company because they'll probably find a better deal than the amount they'd otherwise cut you. At least it's worth asking if it's indeed a possibility...though I can say I don't know anyone that this has happened for in WI.

[STANMAN]

Thanks for the replies so far. I am unsure if I have GAP. I sure hope so, but I have a sinking feeling that I don't, as I am a very good driver I probably would have turned it down:mad:


And she's fine. I went to the vehicle to get some stuff out, it's a complete loss for sure. I mean it's bad.

[mrz28M6]

i hope this doesnt happen to you, but your insurance company can actually drop you after the claim for letting her drive your vehicle and her not being on your policy. i can guarantee you your rates will definitely go up after this. i'm crossing my fingers for ya though man.

[GRNDNL]

Heres something to think about......

If the repairs exceed 70% of the value of the vehicle it will be a total loss, so in theory if its worth what you owe on it they can go up to 19600 to fix it.....:wooo

[Red97GTP]

Gap insurance is definately a must but I'm sure you're tired of hearing that. Anyways, look to see what your truck is worth. Go to autotrader or whatever and look for a vehicle that is similarly equipped with similar miles. Find the average price and make that your target. The technically should be paying for a replacement vehicle, not trade-in or anything like that. You may not get the full 28k but it at least puts you in a better position. Good luck!

Brian

[Crawlin]

it's amazing how many people choose not to get it when financing a vehicle.

Hmmm, let's see, you put $0 down and financed sales tax and dmv fees. So you are already at bare minimum $1500 upside down the minute you drive off the lot.

I can understand the person who puts $20,000 down in cash or trade equity on a $30,000 car, but it's almost laughable.

In some cases, without gap, let's say Bob doesn't have it.... If they total it out and only give you $20,000 and you owe $28,000, you would be rolling in $8,000 into your next vehicle purchase. Ok so now that $28,000 replacement truck you are financing $36,000, and the CHANCES of you actually getting approved on that, even with an 800 fico score, are slim to none because of the over advance. So now you arent even able to get a replacement vehicle because of that negative equity putting ANY kind of loan to value ratio, WAAAY above the 120% max most banks have right now.

I truly hope this doesn't become the case. There are ways around it sometimes, like finding a BRAND new truck and hope that there are more than $8000 in rebates in that above scenario. But then again, what's that gonna do to your payments and could you afford that truck at that point.

EDIT - this is just a hypothetical situation, not saying this is gonna happen to him

Good luck Bob.... And I'm, most importantly, glad to hear that she is ok! Get her to a doctor just to get a check up. She probably will be sore later tonight/tomorrow.

[Yooformula]

Glad she is ok..gotta ask, how did she roll an F150? was this in a ditch or something?

[Greg@GLD]

it's amazing how many people choose not to get it when financing a vehicle.

Hmmm, let's see, you put $0 down and financed sales tax and dmv fees. So you are already at bare minimum $1500 upside down the minute you drive off the lot.

I can understand the person who puts $20,000 down in cash or trade equity on a $30,000 car, but it's almost laughable.

In some cases, without gap, let's say Bob doesn't have it.... If they total it out and only give you $20,000 and you owe $28,000, you would be rolling in $8,000 into your next vehicle purchase. Ok so now that $28,000 replacement truck you are financing $36,000, and the CHANCES of you actually getting approved on that, even with an 800 fico score, are slim to none because of the over advance. So now you arent even able to get a replacement vehicle because of that negative equity putting ANY kind of loan to value ratio, WAAAY above the 120% max most banks have right now.

I truly hope this doesn't become the case. There are ways around it sometimes, like finding a BRAND new truck and hope that there are more than $8000 in rebates in that above scenario. But then again, what's that gonna do to your payments and could you afford that truck at that point.

EDIT - this is just a hypothetical situation, not saying this is gonna happen to him

Good luck Bob.... And I'm, most importantly, glad to hear that she is ok! Get her to a doctor just to get a check up. She probably will be sore later tonight/tomorrow.

Yes, Gap coverage is essential. But the last thing anyone should do is let the stealership "closer" goad them or pressure them into getting it as part of the dealing. The last two vehicles we bought from Scafiddi, I practically had to yell at the dude in the closing office that I have it as part of my policy with AmFam. The price thru the dealership is an incredible ripoff. Plus they want to try to tack ino on as additional payment amount.
As mentioned you can get it very cheap from your own insurance company.
NEVER negotiate this with the dealership!!

And Bob, "I didn't get it because I'm a good driver" is um.... you know...
Not the most rational conclusion... Glad your gal is ok though...

[Yooformula]

ooh good point Greg and Chris. Sentry insurance covers our home and autos and have gap protection. I thought at one point GM incld gap protection on any lease but have since changed that.

[03CVLX]

Glad your Girlfriend is ok Bob.

Are you guys that have your Gap thru your insurance company buying the cars new or used. My insurance company won't do Gap on a used vehicle so I had to get the dealers Gap Ins. I think it added 4 bucks a month to my payment.

[STANMAN]

Glad she is ok..gotta ask, how did she roll an F150? was this in a ditch or something?

I wish I could tell ya, but yeah, she was southbound on 45 this AM, around 6, so it was already shitty, and she went off around HWY 60. Rolled "more than once" according to her. Already been to the doc, got Xrays, everything is fine with her. Just probably not my pocketbook. Ouch.

[STANMAN]

Yes, Gap coverage is essential. But the last thing anyone should do is let the stealership "closer" goad them or pressure them into getting it as part of the dealing. The last two vehicles we bought from Scafiddi, I practically had to yell at the dude in the closing office that I have it as part of my policy with AmFam. The price thru the dealership is an incredible ripoff. Plus they want to try to tack ino on as additional payment amount.
As mentioned you can get it very cheap from your own insurance company.
NEVER negotiate this with the dealership!!

And Bob, "I didn't get it because I'm a good driver" is um.... you know...
Not the most rational conclusion... Glad your gal is ok though...

I know what you mean Greg, the more I think about it, the more I am wondering if I do have it. I mean I may not be the smartest, but I think I am at least THAT smart. Maybe. Well, let's just face it, I'm not. But I hope this time I am wrong:rolf

[Yooformula]

I wish I could tell ya, but yeah, she was southbound on 45 this AM, around 6, so it was already shitty, and she went off around HWY 60. Rolled "more than once" according to her. Already been to the doc, got Xrays, everything is fine with her. Just probably not my pocketbook. Ouch.

holy shit glad she is ok. dave and i passed a wreck around 6-615am on 45 and it looked like a bad car wreck there too.

[BoosTT]

Usually the loan officer almost forces you to get gap coverage. They'll blah blah on about it till you agree to get gap coverage.

I have always turned down all of the extra little insurance options (in case of death, gap, unemployment, ect). I'm always way ahead of my payments though. The loan officers really don't like it when you turn it down, they have always questioned me to why I wouldnt want it.

Don't stress out over it. I bet you have gap coverage and now you can get a new truck!

btw, were did you finance the truck at?

[letsrunem]

Pics?

[Al]

To find the value of the truck, search both KBB and NADA. Go with the one that is worth more.

Also, don't be afraid to ask for more from the adjuster. This might add a few days to the claims process, but it could make a difference in thousands of dollars in the end.

[STANMAN]

Loan through Ford Credit, I called them today, don't have the GAP through them. I had an extended warrenty with this truck, I wonder if that's worth anything:goof

[88Nightmare]

Usually the loan officer almost forces you to get gap coverage. They'll blah blah on about it till you agree to get gap coverage.

I have always turned down all of the extra little insurance options (in case of death, gap, unemployment, ect). I'm always way ahead of my payments though. The loan officers really don't like it when you turn it down, they have always questioned me to why I wouldnt want it.

Don't stress out over it. I bet you have gap coverage and now you can get a new truck!

btw, were did you finance the truck at?

I don't have gap on the SS loan, however the amount that was financed didn't put the vehicle upside down.

[Crawlin]

Yes, Gap coverage is essential. But the last thing anyone should do is let the stealership "closer" goad them or pressure them into getting it as part of the dealing. The last two vehicles we bought from Scafiddi, I practically had to yell at the dude in the closing office that I have it as part of my policy with AmFam. The price thru the dealership is an incredible ripoff. Plus they want to try to tack ino on as additional payment amount.
As mentioned you can get it very cheap from your own insurance company.
NEVER negotiate this with the dealership!!

And Bob, "I didn't get it because I'm a good driver" is um.... you know...
Not the most rational conclusion... Glad your gal is ok though...

I can completely agree with you... to a point.

Your insurance company(or SOME I should say) do 120% of trade value for GAP.

The dealership closer(which would be me ;) ), our product does 150% of RETAIL

SO let's say $28,000 left to be paid. Truck is worth $20g's on trade and $22g's on retail.

YOUR INSURANCE - 120% of $20,000 = $24,000 max paid amount and you still have to pay your deductible.

OUR PRODUCT - 150% of $22,000 = $33,000 max paid amount and THEY pay your deductible.

So in your insurance company, you'd still owe $4000(just because it's GAP insurance doesn't mean 100% without a doubt it'll pay EVERYTHING off) AND you still owe your deduct.

Dealership offering pays off everything and the deduct which most people is $500.

Your insurance is $5/month additional for it, our product is $10. Hell it could even be as low as $8.

Now, I'm sure EVERYONE here that is reading this has been smart enough to ask these questions of their insurance company about MAX payouts for that gap insurance, since like I said it doesn't mean they will ALWAYS pay out that full amount. Or have you?

Greg... if it's $5 for 60 months, that's $300, vs. out $10/month which part of it is yes finance charge and sales tax, but obviously you still have to take that into account. So it's DOUBLE the cost let's say. But...

If this were the situation, if pitting the two against each other, if these were Bob's two options, I don't think he'd care the dealership made $200 in profit on a gap policy charging $600, when he realizes he wouldn't have to pay a dime out of pocket.

And yes, the scenario I put up in my first post, I've run into through AmFam and the guy couldn't buy a new car because the payment was too high, and when going to a used Focus, didn't allow him to roll in all that negative equity.

Bob, go visit your selling dealer and cancel the warranty. That pro rated amount will be taken off of your payoff amount. In fact your insurance company SHOULD even ask if you have any additional policies like that in order to reduce their payoff.

Greg, in no way am I trying to knock your choice. Just PLEASE please ask these questions of your insurance company if that is the path you choose. EVERYONE should. Doing this for the past 5 years, I've seen some SHITTY things, not because of what we SOLD the customer, but because of what the customer refused to pick.

I really hate to do it, but if you think disability coverage is stupid.... well I could point to one person who DOESN'T think that.

[STANMAN]

I don't have gap on the SS loan, however the amount that was financed didn't put the vehicle upside down.

That's what I thought about this truck, that I had put enough down that I woudln't have to worry about shite like this. BUT, with a sticker at 43K (I bought it under Ford A plan, so what I paid wasn't anywhere near that), and the way trucks have crashed since I bought it, even with a nice down payment and buying it right, I still find myself in this situation. It sucks.

[Yooformula]

hahahahaha Chris! I was under the impression I had disability insurance, had I known it wasnt included I would have bought it especially since my other car loan has it.

I will admit that I always passed on in case of death and unemployment but in recent years I bet more people are taking this benefits. We were fortunate enough to have a great insurance rep that explained alot and taught us alot about our policies and options. Even with maxed out gap coverage, full custom coverage of my car and certain other perks our rates were very competitive to any other company if not better plus the service we get has been unmatched.

[88Nightmare]

That's what I thought about this truck, that I had put enough down that I woudln't have to worry about shite like this. BUT, with a sticker at 43K (I bought it under Ford A plan, so what I paid wasn't anywhere near that), and the way trucks have crashed since I bought it, even with a nice down payment and buying it right, I still find myself in this situation. It sucks.

I may have this added now that you put it that way....

[BAD LS1]

IS there affordable gap ins coverage avail after you bought it that covers up to 150%?? Its not just avail only on new vehicle purchase? Im wanting to get the monte covered with gap since when i bought it i was going for a payment and that drove the payment up. I got it on the TBSS and made the payment go up $10 a month IIRC.but it covers up to 13K in negative equity.

[88Nightmare]

Tom, I'm pretty sure you can add it after. Check with the lending firm that your Monte is through.

[Breecher_7]

I have gap through my insurance agency and through the lender. Better safe then sorry.

Rolled by hwy 60 and 45 huh? Right by me... No photos of the carnage?

[Yooformula]

I didnt think you could get it through dealer after you made the purchase. Tom might want to call your insurance company.

[1siksrt]

shitty bob!!! good thing she is ok because thats what is important mang....

[Reverend Cooper]

if you have your bill of sale i believe it would say you have it or not. otherwise call where you have the loan from,they will know

[Crawlin]

Have to call your insurance company and ask for specifics. Once the car/financing is done through us, we cannot add it at a later date.

[u_say_go]

I saw the accident myself, looked pretty nasty. I didn't stop because a squad was already there. She had to have been clipping along pretty good to get on the roof AND up that hill, AND up against the sign. Glad she's alright.

[STANMAN]

I saw the accident myself, looked pretty nasty. I didn't stop because a squad was already there. She had to have been clipping along pretty good to get on the roof AND up that hill, AND up against the sign. Glad she's alright.

She said she missed the sign. Was it that bad???? She said she never even hit the brakes because then she knew she was a gonner.

[Bobby "Big Daddy" Flay]

pics of carnage?

[STANMAN]

pics of carnage?

I have some, but the pics don't do it justice, as it was pretty dark when I took them. I will take more when I go to get my stuff out of it.

[michelle]

Here are some quick pictures I took of Bob's truck at the auto auction. It just happened to go to the place where I used to work. (: Okay, not that big of a coincidence, but whatever.

http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0506.jpg
http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0507.jpg
http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0508.jpg
http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0509.jpg
http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0510.jpg
http://i58.photobucket.com/albums/g244/reupertm/Truck/DSCF0511.jpg

[STANMAN]

:(


The STANMAN is sad to see his immaculate truck in this type of condition.

[wrath]

Can you buy it back for cheap?

[Bobby "Big Daddy" Flay]

Holy hell Bob. Gald she is okay.

[STANMAN]

Can you buy it back for cheap?

Didn't ask. The interior is just as trashed, and it was upside down and running, probably not the best combo for the drivetrain.

[Car Guy]

http://i44.photobucket.com/albums/f3/KarGuy/comment-friday-damn.jpg

[1320PNY]

1.) Glad your fiance is ok.
2.) They have more "Navy Blue" F150s (09 has a six speed auto)
3.) There's a 5.4 Liter donor motor for an S197 in there somewhere!

[88Nightmare]

in rebuttle to point 2, you should probably adjust your monitor. his truck is navy blue :D