I received an email from Allstate today with a payout offer for my stolen 2019 Dodge Charger R/T Scat Pack. They offered $32,000 flat. The car had 36,000 miles, new $700 tires, no damage, no accidents, and regular maintenance. It also had the Harmon Kardon system, heated seats, heated steering wheel, Stars and Stripes package, and other good options.
I still owe $13,000 on the car. Am I wrong to think $32,000 is a lowball offer? Any advice would be appreciated.
Keep in mind that insurance companies pay based on the actual cash value (ACV), not replacement cost. New tires typically don’t add much, as they assume the car should have good tires. Check out this link for more info on ACV: https://www.kbb.com/car-advice/insurance/actual-cash-value/.
Based on the comps I’ve seen, $32k seems reasonable for a 2019 Dodge Charger Scat Pack. Check out this for a comparison: https://www.carfax.com/Used-2019-Dodge-Charger_z36971.
Why do you think they lowballed you? Do you have evidence to support a higher valuation? We sold an 18 Charger during the car shortage for $34k, which was similar to yours and had fewer miles.
Did you check the comps they provided? Go over their valuation report to ensure all the details match your car’s specs. If they missed something important, it could affect the payout. You’ll need evidence to prove your car is worth more.
Tires are considered a wear item, so new tires don’t typically add value to a payout.
That does seem like a low payout. Unfortunately, getting a clear answer from insurance adjusters is tough. They tend to stick closely to their valuation methods.
Briley said:
That does seem like a low payout. Unfortunately, getting a clear answer from insurance adjusters is tough. They tend to stick closely to their valuation methods.
Do you have any evidence to support that it’s a lowball offer? What’s your proof?
Briley said:
That does seem like a low payout. Unfortunately, getting a clear answer from insurance adjusters is tough. They tend to stick closely to their valuation methods.
Adjusters are required to act in good faith. Lowballing a claim would be considered bad faith and could lead to lawsuits. There’s no incentive for them to undervalue your car intentionally.