Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

USAA Totaled Our Model X100D But No Payout Figure Yet.

This site may earn commission on affiliate links.
UPDATE.

So the big day was today. USAA called, and the valuation on my vehicle, a November 2017 build Model X100D with 5,400 miles on it came to - wait for it, $110,659.00 including tax.

The cost of the vehicle brand new was $128,870, to include referral discount, sales tax, license and registration.

The sum above was more than enough to pay me out of my current USBank loan with almost $10,000 left over to put towards a downpayment on a new X100D. I must hasten to add that I did put down a rather substantial downpayment so I'm still out also about $10,000, plus license and registration. That's money I'll never get back.

A few years ago, USAA shifted their market valuations for totaled vehicles from in house to an independent outfit called CCC One. I did google CCC One, and the several reports I read online were not promising. Several individuals had complained that CCC One had undervalued their vehicles by as much as 30%, and these much reduced valuations would then be presented by USAA to their hapless customers.

In carefully perusing the thirteen pages of CCC One's Market Valuation Report, I can confidently say that they did mostly right by me, even getting the trim level and various and typically confusing Tesla option packages completely right. My only quibble was that they rated the condition of my vehicle as "Average." Owner prejudice aside, I'd declare that the condition of our totaled vehicle was "Pristine."

They had also used six vehicles as comparable with mileages ranging from 1,498 miles to 6,325 miles, and ranging in price from $107,500 to $110,000. All comparables were taken from dealerships all over the great state of Texas, since apparently none were to had right here in California.

So, US Bank has just been paid, a Power Of Attorney form is being sent to me which, upon my returning it, will relinquish my ownership of the vehicle to USAA. The last step will be a direct deposit to my account of any remaining funds after the loan payout.

From the date of the accident to claim resolution over the phone, 40 days. Just like forty days of Lent, forty days of Jesus wandering in the desert, and forty days of rain during the Great Flood in the Bible, at least according to Genesis.
 
Last edited:
UPDATE.

So the big day was today. USAA called, and the valuation on my vehicle, a November 2017 build Model X100D with 5,400 miles on it came to - wait for it, $110,659.00 including tax.

The cost of the vehicle brand new was $128,870, to include referral discount, sales tax, license and registration.
Wow! That seems really generous to me. They are counting what you paid in tax? They aren't taking into account tax incentives and such?
 
Thanks for all the details.
Aannnddd what happens to your insurance premium?

The car had not been towed from the auto body shop to the salvage yard yet when I got the notice that my premiums for two Teslas had risen from $2400 a year to $3700 a year, insuring myself and both my elderly parents. I imagine I could experience some savings when I remove my dad.

That part of this whole ordeal was resolved very quickly.
 
Ouch 10k hit in 6 months. You are so nice to let them off so easily

That's right, and believe me, that thought had crossed my mind. I then made the snap decision that I didn't want to spend any money hiring a lawyer to advocate on my behalf for a higher settlement. Basically I just wanted this whole matter wrapped up so I could order a new car and worry about financing it.

Another way to look at it is that the car depreciated by $18,000 in five months, six if you include the month that we were without it, before the car was officially written off.
 
Another way to look at it is that the car depreciated by $18,000 in five months, six if you include the month that we were without it, before the car was officially written off.
I don't see that at all. The sales tax and registration aren't part of the value of the car. So it's more like $115K. Given California's $2500 in rebate added to the federal $7500 tax incentive, it sounds to me like the cost of your car new was about $106K. And the gave you over $110K for it. I'm surprised. I think that outside of taking the hit for tax and registration, you made a profit.

Do you think the resale value of your car was much over $100K? Why would an insurer pay out more than the resale value?
 
Last edited:
It sounds like a good deal to me. Insurance only covers replacement value for a similar (used) car. That's why gap insurance is available for new cars because the instant depreciation of driving the car off the lot puts you underwater for a while if you've financed the whole cost.
 
  • Like
Reactions: avesraggiana
I suspect "unused" registration fees should be refundable. This is the case in IN, but I don't know for sure about CA. Just in case, when you get your new vehicle, you should have proof for the DMV that the registration and plate were not used for the period after the accident (proof that it was totaled and not on the road). You might even want to swing by the DMV earlier just in case they won't pro-rate a refund based on a date in the past. Best case you get as much credit toward your next registration as possible, worst case you wasted some time.
 
Considering the typical "rule of thumb" that a vehicle loses 10% of it's value the moment it is driven off of the lot - plus another 10% in year one - it sounds like USAA did right by you.

My only argument would be over the "condition". I'm a little surprised by that, as when USAA totaled my previous vehicle (not my fault though so maybe this had something to do with it since they ended up going after State Farm for the $$$) they gave me mint condition on my 6 year old car....

Either way, realistically, it seems like you did OK - glad to hear it.
 
  • Like
Reactions: avesraggiana
Hi,

Does your vehicle have autopilot?
Are you able to obtain and share the CCC One report they ran?
I am interested in how they find the comparable vehicles and how they depreciate the options.

Hello.

The totalled car did have autopilot or, as it was called at the time, Enhanced Autopilot. I did NOT purchase Full Self Driving (FSD).

The CCC One report shows three comparables, all found through "Dealer Ads" in of all places, Texas. I'm out in California. Two of the comparables were within 1000 miles of my totalled vehicle's mileage (5000 miles), and one had only 1500 miles.

My car's condition was rated, "Average," which is inaccurate since it was still brand new, garaged and in immaculate condition, but standard procedure for CCC One.

A casual glance at the paperwork indicates that options were depreciated at anywhere from 10% to 50%, with no rhyme or reason. Adjustments for options were taken on the other comparables and not on mine. For example, my car did not come with 22" wheels but the three others did, so they deducted $4950 from each of the three comparables' valuations just for that.

My car was ordered with the 6-seater option at $6000, one of the comparables was not, so that comparable took a credit of $5400. On the other hand, another comparable came with the 7-seat option and that comparable took a deduction of $2700.

My car did NOT come with FSD, but one of the comparables did, and that comparable took a deduction of $2700.

My car came with the Premium Upgrades Package which at the time ordering, included the Winter Subzero package and the Ultra-High Fidelity Sound which cost $6000 at ordering. On the other hand, one of the comparables came with the Subzero package and the Ultra-High Fidelity Sound listed as separate items and for that, that particular unit took a $3100 deduction. I don't know why but I would guess this confusion in pricing on the part of CCC One has more to do with their lack of familiarity with Tesla's habit of frequently and randomly adding and removing and "simplifying" options and option packages.

The car with the lowest mileage of 1500 miles took a deduction of $3300.

Other minor options were listed, of amounts too inconsequential and too tedious to list here.

My car's base value before taxes, deductions and credits, $102,225. For the three comparables, theirs were listed at $102,350, $102,367, and $101,957.

Given the recent and drastic price reductions of brand new Teslas, I'm a little shocked at how much I and these other owners were willing to pay for a Model X, at the time. Makes me feel like a sucker right now, but several months ago I happily and willingly turned right around and ordered a brand new Model X, configured exactly the same way as the one that was totalled.
 
  • Informative
  • Like
Reactions: jboy210 and MP3Mike
...
Given the recent and drastic price reductions of brand new Teslas, I'm a little shocked at how much I and these other owners were willing to pay for a Model X, at the time. Makes me feel like a sucker right now, but several months ago I happily and willingly turned right around and ordered a brand new Model X, configured exactly the same way as the one that was totalled.

I did the same thing, except I decided not to by the upgraded package to save $5k on my X75 in May 2018. Now I could have got the upgrade and 100KW battery for nearly the same money.

Tesla are largely an exercise in technology. Think back to that computer you paid $2500 for 10 years ago and is outperformed by your $200 watch. Or for me, that original Mac I bought for $2,495 in 1984 which had 128K (not MB, not GB, Kilobytes) of memory. In the same year I bought a new Pickup for $3,995.
 
  • Like
Reactions: avesraggiana
It seems like your comparable vehicles are indeed comparable.

Thank you for the sharing.

In my case, I just totaled my 2016 Tesla Model S 60 beginning of this year, and I bought FSD before delivery.

However, CCC One used three 2016 S60 which none of them has AP 2.0.
Not to mention that neither of them has EAP/FSD.
The average price of them is around $48000.

The adjustment they made are $5000 for EAP and $3000 for FSD; however, with depreciation of 70%,

The actual cash value ended up being around $48000 + 70% * ( $5000 + $3000 ) = $53000.

I believe the value is underestimated because
1. they should use vehicle with AP 2.0 to start with
2. If the comparable vehicle does not come with EAP/FSD, the adjustment should be $4k and $7k as Tesla has increased the cost of the options.
3. 70% depreciation on a Tesla? I believe the percentage is too low.


While fighting with my insurance company, I'm trying to find cases which the cars are with EAP/FSD and totaled.
I wonder how other companies are treating the software values.