Quote:
Originally Posted by emti
Thanks for the responses guys, I appreciate it. I have shared some of your suggestions with my brother.
For some context, its a 2014 GC Overland, however it has 190,000 km because him and his gf drove the #### out of it which doesn't help the value of the car obviously. So the value being around 18k might be pretty close due to the high km.
It was strictly from hail damage, it was the hail storm just outside of Stately over the July 27-29 weekend.
Thanks again guys, appreciate it!
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I've had 3 vehicle settlements - 1 due to theft, 1 due to irreparable damage, and 1 due to hail damage. Additionally I've had insurance settlements for home hail damage. In EVERY case I did my homework and came out as much as 50% higher settlement than initial offering. The key is to work WITH the broker/analyst and understand what drives their evaluation. As many have pointed out, you MUST look at current market values of similar vehicles. In my case I created a spreadsheet of same year, make/model, and similar km's. Also pulled info on blue/black book values. All this went into spreadsheet complete with links, graph of values and excel-derived formula of the best-fit line. Sheeesh... I know, OCD. My point being that it worked, every time. Since I was doing their work.
For the hail damaged vehicle it was not a writeoff and instead I took the cash payment. It worked out well for me. Similarly the father-in-law's older BMW X5 was written off, but he had it fixed and recertified after getting the cash payout.
The other life lesson here is not to over extend onself financially, or convince yourself that wants are actually needs. Sh*t does happen of course, but if your life is 1-payment away from major loss then you really gotta look at all your life choices which may include certain TV packages, phone packages, buying new goods/clothes, latest electronica/toys, and blowing your wad on impulse Amazon nickle-n-dime cr@p.
Yeah I know some of my comments aren't popular.