Actual Cash Value of Totaled R1T?

[rivianUGA]

Per the other thread, my truck was totaled by a drunk driver this week. I’ve been scouring the forum, but I haven’t found any posts where others have a totaled R1T and had to deal with insurance company cutting you a check. Obviously, I’m so thankful the truck protected us from being killed. But now that things are settling down, the next part is hearing what progressive has to say about the size of the check.

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[zipzag]

The truck is valuable enough that it may be worth to look around for a Georgia attorney you can consult if the offer is low.

Getting an insurance company to increase a payout is close to impossible without an attorney involved. Many attorney don't make much money, and paying a lot for the service you may need is simply hiring the wrong person.

 

[COdogman]

I don’t recall anyone here in the forum having gone through anything similar and having to get paid out for their truck, but we know in general it has happened because there are totaled Rivians showing up on the salvage auction websites. Some of those are going for $40k+ but that still doesn’t reflect what those owners might have been paid.

If it happens to me I would probably take my payout and buy a used R1T since having early pricing means a payout would not allow me to replace it with a truck at the current price.

 

[Dark-Fx]

Per the other thread, my truck was totaled by a drunk driver this week. I’ve been scouring the forum, but I haven’t found any posts where others have a totaled R1T and had to deal with insurance company cutting you a check. Obviously, I’m so thankful the truck protected us from being killed. But now that things are settling down, the next part is hearing what progressive has to say about the size of the check.

Even if you opted for the extra coverage from Rivian for situations where the MSRP on a like replacement has gone up, it's still only good for 10% of what you paid. Not enough to replace if you had a price advantaged order.

 

[Christopher]

I had progressive with my family and my sisters FJ cruiser on it. It was totalled, not at fault. Sitting at a red light and a 18 wheeler plowed into her.

Progressive came back with their offer. We went online to find another to buy and couldn't find one with equivalent year and milage for the price they offered. We asked for them to show us some vehicles for sale that we could purchase with the offer the provided, and we also provided them a few listings and said they need to increase their offer. They came back and increased their offer to one we were satisfied with. Offer was more than MSRP. They don't care what you paid for the car, it's about the replacement value. Was an easy process, no attorney involved.

 

[rivianUGA]

I had progressive with my family and my sisters FJ cruiser on it. It was totalled, not at fault. Sitting at a red light and a 18 wheeler plowed into her.

Progressive came back with their offer. We went online to find another to buy and couldn't find one with equivalent year and milage for the price they offered. We asked for them to show us some vehicles for sale that we could purchase with the offer the provided, and we also provided them a few listings and said they need to increase their offer. They came back and increased their offer to one we were satisfied with. Offer was more than MSRP. They don't care what you paid for the car, it's about the replacement value. Was an easy process, no attorney involved.

thanks! This is exactly the sort of real world info I was hoping for.

 

[Deleted member 11292]

I had progressive with my family and my sisters FJ cruiser on it. It was totalled, not at fault. Sitting at a red light and a 18 wheeler plowed into her.

Progressive came back with their offer. We went online and couldn't find another with equivalent year and milage for the price they offered. We provided them a few listings and said they need to increase their offer. They came back and increased their offer to one we were satisfied with. Offer was more than MSRP. They don't care what you paid for the car, it's about the replacement value. Was an easy process, no attorney involved.

That's good to hear. We have USAA (who I trust) for all of our cars and our home, but Progressive for our RV and I've always been skeptical that they would come through in a pinch.

 

[Christopher]

That's good to hear. We have USAA (who I trust) for all of our cars and our home, but Progressive for our RV and I've always been skeptical that they would come through in a pinch.

I'm not loyal to any insurance company, but I'll say Progressive has been coming in cheaper than others and I check every year. I'm on my longest streak yet. I think 5 years without having to jump around!

Just a few months ago I got into an accident with a Rivian R1T loaner and they handled it quite well. The person at fault hired an attorney and tried to come after me for "injuries". Progressive came in strong and fought it and didn't raise my rates.

thanks! This is exactly the sort of real world info I was hoping for.

You're welcome!

 

[mkennedy1996]

Per the other thread, my truck was totaled by a drunk driver this week. I’ve been scouring the forum, but I haven’t found any posts where others have a totaled R1T and had to deal with insurance company cutting you a check. Obviously, I’m so thankful the truck protected us from being killed. But now that things are settling down, the next part is hearing what progressive has to say about the size of the check.

My Tesla was totaled here in Georgia. The Actual Cash Value (ACV) includes the GA TAVT, license and title fees. The ACV is based upon third party sales of your make and model adjusted for mileage and options. So start finding third party sales with price / vin etc. and be proactive to present these to Progressive. Current resale could be more than your purchase price.

 

[rivianUGA]

My Tesla was totaled here in Georgia. The Actual Cash Value (ACV) includes the GA TAVT, license and title fees. The ACV is based upon third party sales of your make and model adjusted for mileage and options. So start finding third party sales with price / vin etc. and be proactive to present these to Progressive. Current resale could be more than your purchase price.

Thanks! I’ve been looking and I can’t find a R1T for sale anywhere in America below $82k. Most are well above that.

 

[SANZC02]

I had progressive with my family and my sisters FJ cruiser on it. It was totalled, not at fault. Sitting at a red light and a 18 wheeler plowed into her.

Progressive came back with their offer. We went online to find another to buy and couldn't find one with equivalent year and milage for the price they offered. We asked for them to show us some vehicles for sale that we could purchase with the offer the provided, and we also provided them a few listings and said they need to increase their offer. They came back and increased their offer to one we were satisfied with. Offer was more than MSRP. They don't care what you paid for the car, it's about the replacement value. Was an easy process, no attorney involved.

Correct, current value is what one and the same year, condition and mileage on it. The issue here though might be trying to find comps to present. I had my insurance company increase the offer as well when my daughter’s Mini was totaled based on comps in the area.

 

[sillygoose]

Even if you opted for the extra coverage from Rivian for situations where the MSRP on a like replacement has gone up, it's still only good for 10% of what you paid. Not enough to replace if you had a price advantaged order.

That is not what the Rivian Insurance agent told me last week (currently in the 8 steps). He said they will cover the full replacement cost and get you at the head of the line for the replacement in the event of a totaled vehicle. He did say that other insurance companies will only cover 110% of the purchase price when you add the new car replacement option so this was a reason to go with Rivian if you are price advantaged.

I'll have to bring this up when we speak again, the Nationwide quote only shows 'New Car Replacement Plus' being added, will ask where this will be spelled out if I go with them.

 

[Dark-Fx]

That is not what the Rivian Insurance agent told me last week (currently in the 8 steps). He said they will cover the full replacement cost and get you at the head of the line for the replacement in the event of a totaled vehicle. He did say that other insurance companies will only cover 110% of the purchase price when you add the new car replacement option so this was a reason to go with Rivian if you are price advantaged.

I'll have to bring this up when we speak again, the Nationwide quote only shows 'New Car Replacement Plus' being added, will ask where this will be spelled out if I go with them.

That's where I pulled the numbers from. Get it in writing that it's not just an additional 10%. I opted not to go with Rivian insurance over that discrepancy.

 

[EVTrukHog]

That is not what the Rivian Insurance agent told me last week (currently in the 8 steps). He said they will cover the full replacement cost and get you at the head of the line for the replacement in the event of a totaled vehicle. He did say that other insurance companies will only cover 110% of the purchase price when you add the new car replacement option so this was a reason to go with Rivian if you are price advantaged.

I'll have to bring this up when we speak again, the Nationwide quote only shows 'New Car Replacement Plus' being added, will ask where this will be spelled out if I go with them.

I was also told that the Rivian Insurance (Nationwide) had full glass replacement coverage with $0 deductible... this seemed important for the R1T. Has anyone been through a claim with their Rivian policy on glass?

 

[COdogman]

That is not what the Rivian Insurance agent told me last week (currently in the 8 steps). He said they will cover the full replacement cost and get you at the head of the line for the replacement in the event of a totaled vehicle. He did say that other insurance companies will only cover 110% of the purchase price when you add the new car replacement option so this was a reason to go with Rivian if you are price advantaged.

I'll have to bring this up when we speak again, the Nationwide quote only shows 'New Car Replacement Plus' being added, will ask where this will be spelled out if I go with them.

There have been a couple people post the language of that policy benefit and it didn't say exactly the same thing in writing. So definitely get a look at that before you make a switch.

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