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Help - S isn't repairable so a total loss. How does insurance decide cash value?

Discussion in 'Model S' started by bakchod87, Jun 19, 2018.

  1. bakchod87

    bakchod87 Member

    Joined:
    Sep 25, 2016
    Messages:
    76
    Location:
    Chicago
    So someone hit my car while it was legally parked this past weekend. I know, heartbreaking and upsetting :mad:! The car was unoccupied while this happened. So I towed the car to the best shop in the Chicago area, Gold Coast Auto Body for repairs. They took a look and after a day, told my insurance (when the adjuster called for a visit) that the car is unrepairable due to structural damages. My insurance told me that since it is not repairable, it will be a total loss. Now, my car was damaged for NO fault of mine, the police report supports this. Can someone tell me how will insurance decide my car's value? I have a Model S 90D 2017 with Premium Package with 22,900 miles. KBB tells me market value at only about $81,000. What should I expect from my insurance and how should I negotiate to get a fair value? Any insight will be GREATLY appreciated.
     
  2. UberEV1

    UberEV1 Member

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    Location:
    San Jose, CA
    @bakchod87 - very sorry for your loss! I am facing a similar set of questions and posted this thread. Market value will likely be determined based on similar cars for sale in your area, with $ adds and subtractions for differences in configuration. I am trying to convince the appraiser to include Tesla CPO cars as comps, but so far they have only used 3rd party dealers. Any receipts you have for recent improvements, upgrades or even new tires could prove helpful in bumping the value higher. In any case, it sucks (I had mine for almost 5 years and it looked completely brand new). All the best of luck to you!
     
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  3. Az_Rael

    Az_Rael Supporting Member

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    Location:
    Palmdale, CA
    Unless you have a new car replacement rider on your insurance, they are going to pay fair market value. That may or may not be anywhere close to KBB, so don’t take too much stock in those estimates. You can also ask for sales tax and registration if your state doesn’t make them do that automatically.

    Get the valuation report and make triple sure they have every option correct for your car and the comps. They are really bad at Teslas. They wrote mine up as an 85 when I had a P85(!)
     
  4. FlatSix911

    FlatSix911 918 Hybrid

    Joined:
    Jun 15, 2015
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    5,090
    Location:
    Silicon Valley
    Get a second opinion from another collision repair shop... they often report a total loss and then purchase the car for resale :cool:
     
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  5. bakchod87

    bakchod87 Member

    Joined:
    Sep 25, 2016
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    Location:
    Chicago
    So sorry for your loss as well. My post with my car damaged is here Chicago area body shop recommendation? My baby got hit while parked!

    I see you have AAA, so do I. How has been your experience working with the AAA adjusters so far? Are they offering you an amount that you are happy with? I have read in many posts that you can ask for title and sales tax amounts as well. But some folks vehemently say you can't. Do you know? I will be sure to have the original sticker ready to show them when the time comes. And good luck you as well, sir! I hope you come out happy (or happier) from this.
     
  6. PhilDavid

    PhilDavid Member

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    May 22, 2018
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    Location:
    Philadelphia
    You are absolutely owed any sales tax on the car because the point is to make you whole. When you buy a replacement car you have to pay sales tax so they need to reimburse you for that.
     
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    • Like x 1
  7. Yaro

    Yaro Member

    Joined:
    Aug 17, 2016
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    220
    Location:
    Sacramento
    Find out about the buyback of your car. I may be interested in purchasing it off of you with some cash on top of the buy back price.
     
    • Like x 3
  8. JKBRAND

    JKBRAND Member

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    Jan 2, 2018
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    Location:
    Colorado
    // but so far they have only used 3rd party dealers.

    Keep in mind the inherent value of being able to purchase an extended warranty, which might not be the case with some third-party sales.
     
  9. UberEV1

    UberEV1 Member

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    Location:
    San Jose, CA
    I am not yet happy with the market valuation since they are not including Tesla CPO vehicles in the comps, but I'm still working on that. My offer included the following: Market value for car + Tax + DMV Refund - deductible (which should be removed once police report confirms not my fault and discloses other party's insurance details).
     
    • Helpful x 1
  10. Lasttoy

    Lasttoy Member

    Joined:
    Mar 24, 2017
    Messages:
    618
    Location:
    St Augustine, Fl
    Good luck. My buddy, an insurance adjuster, said you will be low balled to the max. The total must be more than 50%. But, 50% of what? I pray you have replacement policy. I have a plus 20% above total price with usaa.
    There is a S in a body shop in Dallas, for a year awaiting parts. Not sure i wouldn't want a total buy out.
     
  11. CapeOne

    CapeOne Member

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    Jun 14, 2016
    Messages:
    158
    Location:
    New England
    As others have mentioned, your payout is supposed to be based on what other comparable cars in your area are going for. Do a search on Autotrader, cars.com, etc. to see what is available right now. In the Chicago region for example, Mercedes-Benz of Westmont shows a 2017 Model S 90D with 13K miles for $78,433. You would also get sales tax and potentially title, tags, registration fees depending on state laws.
     
    • Informative x 1
  12. Snowstorm

    Snowstorm Member

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    Dec 8, 2016
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    893
    Location:
    Ontario Canada
    Since it is someone else fault who hit you (which seems very likely the case here), they are liable to make your 100% whole. Their insurance is there to help them, but if they are unwilling to make you 100% whole, it is still the responsibility of the person who hit you to make up the difference. You should ask your insurance if they can help first as it is easier, but if you are not satisfied, then you should have the right to sue to make yourself whole.
     
    • Informative x 1
    • Like x 1
  13. demundus

    demundus Member

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    Jul 5, 2015
    Messages:
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    Location:
    Oceanside, CA
    Its a very detailed process. There is a call center style team (for most insurance companies and loss adjustment centers) that do research to find you the closest comparable car... just like if you lost things in your home to fire or flood. For example, they will do everything they can to completely duplicate your car within a major metro area (for pricing purposes). They are required to find a certain number of comparables and find the median of that, document it, and present it to the insurance company for validation and payout. You can influence this process by ensuring that the vehicles they select are indeed like yours. Check out this site and read their product brochure Audatex - Total Loss Management
     

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