Flooded G! Help!

[erikill]

I've had a lot of experience with DV. One way is to use the formula, which usually is 10% of the car's value. I think the formula is BS, but below is another way I've done it.

Here's the easiest way:

Goto Carmax, they will give you a fair market estimate of you vehicle (and have them do a carfax check etc).

Now check against KBB what the vehicle should be worth prior to the flood.

The difference is diminished value. Send via certified letter demanding payment of DV and covering all future repairs in writing. Keep sending it in until you have proof of receipt and they confirm they will cover any future damages (you may not get this one but you can try anyways).

Don't do arbitration, that costs $$$$. Ask for mediation which is generally free if you can get a neutral party. Worst case take them to small claims court. I believe FL is less than $15k. They will settle outside of court, but be prepared to be dropped post settlement :-)

[adren77]

Try to get a total loss.

You may not experience it yet, but with all the electronics in the car you may be having lots of problems down the road, especially with crap like VDC and ABS... and diagnosing those problems is expensive.

[csguy0]

I've had a lot of experience with DV. One way is to use the formula, which usually is 10% of the car's value. I think the formula is BS, but below is another way I've done it.

Here's the easiest way:

Goto Carmax, they will give you a fair market estimate of you vehicle (and have them do a carfax check etc).

Now check against KBB what the vehicle should be worth prior to the flood.

The difference is diminished value. Send via certified letter demanding payment of DV and covering all future repairs in writing. Keep sending it in until you have proof of receipt and they confirm they will cover any future damages (you may not get this one but you can try anyways).

Don't do arbitration, that costs $$$$. Ask for mediation which is generally free if you can get a neutral party. Worst case take them to small claims court. I believe FL is less than $15k. They will settle outside of court, but be prepared to be dropped post settlement :-)

I spoke to a lawyer today... It seems in this case I cannot go after my insurance company for DV. DV can only be applied to cases where my vehicle was struck by another vehicle... I would then be suing their insurance company to recover value lost. So, the way it was explained to me: the only person I could sue is mother nature because she is the one that cause the flood.

If you are able to help me out any further I'd really appreciate it.

If I were to get rid of my car today, I'd be about $5,000 upside-down on my loan. Should I go back to my loan corporation and ask for a lower rate/reduced principal? Should I threaten that I will default?

[telcoman]

I spoke to a lawyer today... It seems in this case I cannot go after my insurance company for DV. DV can only be applied to cases where my vehicle was struck by another vehicle... I would then be suing their insurance company to recover value lost. So, the way it was explained to me: the only person I could sue is mother nature because she is the one that cause the flood.

If you are able to help me out any further I'd really appreciate it.

If I were to get rid of my car today, I'd be about $5,000 upside-down on my loan. Should I go back to my loan corporation and ask for a lower rate/reduced principal? Should I threaten that I will default?

Price new vehicles. Perhaps a dealer that wants a sale in these economic times can help you out?

Telcoman

[kmech_7]

y i get gap insurance on all my vehicles.....so i dont go upsidown on my loans....real bummer though....junk the car.... I would part it out. or turn it into a race car....sorry, i have no other ideas for you