So here's the deal.

We have a 2000 F-450 work truck. It was hit from behind and has 25k worth of damage.

Our insurance policy is for replacement value which is 52k. Well the insurance won't total it out because it cheaper to dump 25k into a truck that the vale is only about 7k. And the person who hit it only wants to pay 7k.

Well the body shop quote does not include inspection the drive line. It's shifted forward 1-2". The car that hit it hit the rear axle and cracked the housing.

How many hours does the book show for removing and inspecting the drive shafts, transfer case, transmission, engine?

We are trying to get closer to the replacement value.

 

I think you might be misunderstanding "replacement value" when applied to vehicles. Its not the same as full replacement on your homeowners' policy.
Replacement value on a nearly 12 year old truck means they will, at thier option, either put yours back together or replace it with a "like" vehicle, not a brand new one. Sign me up if that's how your policy is written.
Are you saying they'll fix yours for 25k? or is it 7k? If it's 25 take the money and run.

 

Agree...If they give you 52K for an eleven year old truck, I want the name of your insurance company!! I would take 25k and run, sounds like a good settlement. Buy the truck back from them and part out the rest if you want more dough.

 

Yeah, what insurance company is this?

 

If you were rearended by someone else, the payment should be coming from that person's insurance company. You are not going to recieve anything more than what the truck is worth. If it has $25k in damage it will be totalled for "fair market value" based on NADA and the pricing for that type of truck in your area with the same mileage and condition.

 

You need to file a lawsuit against the private party that hit you and their insurance company. Don't ever accept their offer always counter and retain a lawyer if you want any kind of decent settlement.

 

Unless the offer is fair. Otherwise you spend weeks, months in a court room paying lawyers a percentage in the meanwhile you go weeks, months etc. without a vehicle. If the offer is out of line yes, but otherwise it is senseless.

 

Not really I went to court twice then to arbitration and it took about 6 weeks total. In the meanwhile my insurance company got me a replacement vehicle and they went after her insurance company for the costs. I went after her in civil court and was awarded a little over 37K and my lawer got about 5K of that. Plus she pays for any future surgeries or treatment i might need as a result of the injury she caused. You know what she was doing? Texting and messing with her radio!! He insurance company even allowed me to buy back the vehicle for $400 and I did with it what i wanted.

 

I smell something fishy.

 

They do offer policies with replacement cost value but you have to pay for them. The other insurance company will only pay actual cash value so you'll need to get your 7k from them and file against your insurance for the difference, which I'm sure you're doing.

Instead of asking us here, find a local driveline shop and get a written estimate from them to tow the vehicle to their place and do the inspection. Possibly have them drive by and give it a quick look and come up with a ballpark estimate that you can turn in. Worst case your body shop should be able to call someone and get you book time on what you're looking for if they can't look it up themselves.

 

So here is the real deal as I see it. You have full coverage with a specified deductable, with a replacement value clause. The catastrophe happens due to no fault of you. Simply turn the claim into your insurance company and they appraise the damage and get it either repaired or get a check less the deductable amount. Simple as that. Your insurance company then goes after the other partys insurance company, and when they settle, you get the deductable check back mailed to you. Pretty simple Huh?

Case in point. Recently my wife was on her way to work when she was rear ended by a lady who lost control driving a Mazda suv. The Suv bounced off my wifes vehicle and went 1/2 a block before hitting 5 more vehicles stacked up at a stop sign.

I am not sure if I am allowed to mention insurance companys, so I wont so far. My wife got the police report, and called me. I turned it in to my insurance company. My insurance company had an adjuster come to my wifes work, and estimated the vehicle on sight , and after I found out it was written for $3256.00 I requested a check.
They deducted the $250 deductable we carry and mailed a check to me. I sourced the parts needed, and did half the work, and farmed out the other half to a local shop, and the vehicle is repaired presently, and my wife has a considerable bonus to boot, Since its her car, and she has a full time job, and she paid for it 100% with her money. Eventually she should get the deductable back after my insurance co. sticks their lawyers on it.

The part I am confused about is replacement value. I have never heard that written into a vehicle policy, only homeowners.

 

They are typically restricted to vehicles less than 2 years old, but are available for older vehicles for what is usually a substantial premium. There's a chance the OP has a policy that covers RCV for vehicles less than 2 years old only and the agent misinformed him of coverage. Guess we'll have to wait to hear how this one turns out.

 

The OP probably has a rider of some sort that insures the vehicle for full replacement value or stated value.

 

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It would be good to hear from the OP again since we've put forth some effort to solve his "problem".
After searching ad nauseum, it would appear it is NOT possible to even purchase full replacement insurance on a 12 year old vehicle that is not considered a "classic". As I stated earlier.

 

Most companies require the vehicle to be 20 years old or older to get an antique or classic policy. A work truck that is 11 Years old is not going to be insured that way. He will only be able to recover fair market value for the truck. If there is an injury that is a different part of the equation as F250CCowner remarked on. The medical also is debateable depending on what state you are in. I am in MN and we are a no-fault state which effects how the mediacl gets handles in an accident. And yes I do sell insurance for a living. (I know all insurance companies suck LOL)