1) Progressive is not the "best" insurance company. They pay fast BUT that is a tact they use to get you to settle. This figure, be it for repair or for a total loss may not be the full amount you could get. Be careful, informed, and confident before accepting any monies or settlements.
Fact is, nothing really matters what anyone has to say about a particular Ins. Co, good or bad . All that should matter to you is the disposition and settlement of this, your claim.,
2) Be careful taking well intentioned advice from folks here on Prime as Gospel. Very few have more than their own personal experience or here-say in claims settlement but, they still post with great confidence and conviction.
3) Posting the intimate details of your loss or settlement here in public is not advised.
4) In the event your vehicle is deemed a "total loss" by your adjuster ask for a written offer before you accept.
A) This offer should include a ACV(Actual Cash Value) appraisal of your vehicle. This breaks down and explains the method of arriving at the value and any additions or subtractions. This is especially important if you have any aftermarket parts or upgrades on your car. They should be listed and a schedule should be included as to how such affects the ACV.
B) Play your cards close to your chest. Do not indicate to the company that you are contemplating retaining the salvage or not. That is something you still can do before you accept the settlement.
C) AFTER you have a settlement offer that you are comfortable with THEN ask what they would deduct if you decide to retain the salvage.
This is how you can establish what is a credible third party offer. Again, they should also list the name(s) of parties that have or would make a offer for their stated salvage value so you know it is a true or at least verifiable amount offered. You can call these companies to verify their offers,and, if you wish, possibly, privately negotiate a higher figure with them as well.
D) It is a common practice that if you decide to keep the salvage to sell to a private party to add a premium over and above that offer to cover your inconvenience and time to do so. 10% additional is the minimum number that I've seen and experienced for this.
E) Gather together the title, lien release(if any applies) and keys in anticipation of the final settlement.
F) Be prepared for the Ins. company to want to deduct or exclude for the aftermarket parts, telling you to remove them and put the originals back on at your own cost. Depending on how your policy reads they may have the right to deny the value for these additional parts IE., wheel exhaust etc.
On this point if they try to categorically exclude any "after market" because they are such, you would do well to remind them that since they use them on their own estimates, as fit replacement parts so they can save in the cost of repairs, so can you, regardless if they decrease or, as in this case, ADD value.
G) Do not make cavalier statements or threats about calling a lawyer.
Once you do so they may stop negotiating with you and then only with your attorney which may not be in your best interests unless he/she is expert in settling vehicle property damage claims. For the most part attorney's handle personal injury settlements and may not have the vehicle knowledge or savvy to settle a property loss on a NSX.
H) Keep cool when talking to claims. Write down the date, time and names involved in each conversation as well as a outline as too what was offered or discussed.
I am not a expert in Florida claims settlement but would be available if you want to call or talk about this event.
Pm me if you wish to.
