Possible total loss?

[gnr3312]

Verdict is in. Total loss. But the valuation of the car is laughable. Gonna have to send them the window sticker and comparable taycans in the area. CCC is the valuation company my insurance is using. I got brand new tires less than a month old and somehow they measured it at 5/32. What a joke

Did you have gap?

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[MrStak]

Did you have gap?

No gap. But I am compiling a long email refuting some of the appraiser's notes. They noted 2 of the comparable vehicles have fog lights and one has positraction. Should I just ask for a new person to value the car?

 

[gnr3312]

Technically the Taycan has a single fog light but I wouldn’t trust an appraiser unless they demonstrated to me that they know about this market.

 

[FlyingPoint]

No gap. But I am compiling a long email refuting some of the appraiser's notes. They noted 2 of the comparable vehicles have fog lights and one has positraction. Should I just ask for a new person to value the car?

I don't want to throw salt in an open wound, but I have expressed more than once on this forum-
Put down as little as possible on any leased car. Never enter a lease without GAP insurance.
This is a PSA.

 

[DerekS]

Verdict is in. Total loss. But the valuation of the car is laughable. Gonna have to send them the window sticker and comparable taycans in the area. CCC is the valuation company my insurance is using. I got brand new tires less than a month old and somehow they measured it at 5/32. What a joke

All insurance companies will try to pay out as little as they can. Sounds like you’re doing the right thing, best wishes and keep us posted!

 

[pbmorrow]

I don't want to throw salt in an open wound, but I have expressed more than once on this forum-
Put down as little as possible on any leased car. Never enter a lease without GAP insurance.
This is a PSA.

100%, on a lease either put down nothing or do a single pay.

 

[MrStak]

wasn't a lease guys. i owned the car. still waiting for the updated valuation.

 

[gnr3312]

wasn't a lease guys. i owned the car. still waiting for the updated valuation.

Was going to say that leases force you to have a gap, but with a purchase it is optional, and I always recommend it as well. In fact I just went from a lease (with forced gap) to a purchase and included the optional gap.

 

[FlyingPoint]

wasn't a lease guys. i owned the car. still waiting for the updated valuation.

While this does not help you now, perhaps in the future is a different type of insurance policy.
Another option is to purchase an "agreed value" insurance policy. While I have never purchased for my Taycan's, I did for my GT3. The cost was higher but not onerours when comparing to a total loss incident.

 

[MrStak]

Was going to say that leases force you to have a gap, but with a purchase it is optional, and I always recommend it as well. In fact I just went from a lease (with forced gap) to a purchase and included the optional gap.

thanks for the advice. will look into now

 

[snstevens]

In a circumstance where you can’t get satisfaction from an insurance company there really is no better alternative than to get a lawyer involved who specializes in diminished value. What you have here may essentially be a diminished value situation. The car had a residual value before the accident, and after the accident they are valuing it less.

What I would expect in your shoes is a true residual value based on mileage and the condition of the car (pre-accident).

 

[DerekS]

In a circumstance where you can’t get satisfaction from an insurance company there really is no better alternative than to get a lawyer involved who specializes in diminished value. What you have here may essentially be a diminished value situation. The car had a residual value before the accident, and after the accident they are valuing it less.

What I would expect in your shoes is a true residual value based on mileage and the condition of the car.

This is good advice. I bet what ends up happening, once you have counsel, is a settlement offer.

Litigation costs money. It costs them nothing to offer a lowball and see if you roll over.

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