Salvage Branding of New York State Registered Vehicles
DMV Commissioner's Regulations require the DMV to mark or "brand" a title certificate if:
-a vehicle is eight model years old or newer, and
-the owner indicated that the vehicle was destroyed or received damage of 75% or more of the retail value of the vehicle at the time the damage occurred.
The owner must mark the box next to the statement on the back of the title certificate to certify the damage. The statement appears on NYS title certificates that display a print date of "12/94" or later. If the title certificate displays a print date earlier than "12/94", the owner must complete form MV-103 (Odometer and Damage Disclosure Statement) and mark the box in the section labeled "Damage Disclosure Statement".
If you fail to disclose damage, you can pay a maximum fine of $2000, and any additional penalties according to the NYS Penal Law.
The DMV must examine the vehicle. If the DMV issues a title certificate, the certificate receives a brand that displays: "REBUILT SALVAGE:NY". Get more information about the Salvage Vehicle Examination Program.
When form MV-907A (Salvage Certificate) is the proof of ownership for a vehicle, the applicant must apply for a title certificate only (see above). The title certificate will display "REBUILT SALVAGE:NY".
Per the DMV website it indicates a vehicle 8 years old or newer, also with the damage at 75% or more the retail value of the car.
Allstate is offering you 50% of what??? The estimated cost of the damages, replacement cost, the retail value of your car (or book value), or ACV/ fair market value?
I would not take settlement until you have come to an agreement with Allstate. Try to look up on http://www.NADA.com what the Actual cash value or fair market value would be. This should get you pretty close to what the insurance company should pay if it is a total loss. It won't be exact, but a guesstimate.
Good Luck!
EDIT:
It sounds like Allstate only wants to offer 50% b/c they feel that their insured is only 1/2 liable for the accident. But your insurance company feels you are not liable at all.
I would go after Allstate full force!!! Take these steps:
Call Allstate again and find out if they have accepted FULL liability for their insured… if so, why are they only offering 50%? If you don't get anywhere with that call, ask to talk to a supervisor. If you are not getting anywhere with the supervisor, let the supervisor know that you will be turing them into the Insurance commissioner for unfair claims handling…. see if that helps. If not…. follow through and report them!! Don't just make the threat w/o following through with your actions. Here's a link for NY insurance commissioner: http://www.ins.state.ny.us/complhow.htm
You can visit New York's insurance website. However, the specific payout coverages will be based on your insurance coverage and provisions. Therefore, I recommend that you review your Insurance policy's declaration page and attachments for that information. And, of course, you can also contact your agent or carrier but they will want to know why you are questioning the payout information.
The real question would be which is best and cheapest for you with your circumstances. If there was one insurance company anyone could point to as absolute best and cheapest, the others would eventually go away.
What is best for me, and my circumstances, might be the highest for you.
Call an independent agent not connected with just one big company, give him your information, ZIP, type of vehicle, and what coverage you want, he will then look up your driving record and credit rating and the other things they rate you on, and suggest the best for YOU from his data base of available companies in your state.
I believe you can find this information on your state's insurance site. http://www.insurance.ny.gov or something similar to that.
Since insurance is state governed- you should be able to get help via this site.
Hope this helps.
it is completely illegal to do this. The salesman knows he has you by the b///s. They may decide not to give you the loan if you dont buy the stufrf – so I guess I would just buy it but just so you know it is illegal to require this in order to obtain the loan. That I am sure of. In fact – the GAP contract will state the same thing oin the actual contract you recieve. I actually sell GAP insurance in every state except New yourk because it is so cheap to buy there (I think it should cost you about $100)
all of the aftermarket products that they sell you can be cancelled.
http://www.ins.state.ny.us/lic-pc1.htm
Your local http://www.iiaa.org office is the best source. You can do in person classes there, or online self study courses.
Yes. Even if they didn't the finance company would require it. In NY, you need a $500 deductible or lower.
Salvage Branding of New York State Registered Vehicles
DMV Commissioner's Regulations require the DMV to mark or "brand" a title certificate if:
-a vehicle is eight model years old or newer, and
-the owner indicated that the vehicle was destroyed or received damage of 75% or more of the retail value of the vehicle at the time the damage occurred.
The owner must mark the box next to the statement on the back of the title certificate to certify the damage. The statement appears on NYS title certificates that display a print date of "12/94" or later. If the title certificate displays a print date earlier than "12/94", the owner must complete form MV-103 (Odometer and Damage Disclosure Statement) and mark the box in the section labeled "Damage Disclosure Statement".
If you fail to disclose damage, you can pay a maximum fine of $2000, and any additional penalties according to the NYS Penal Law.
The DMV must examine the vehicle. If the DMV issues a title certificate, the certificate receives a brand that displays: "REBUILT SALVAGE:NY". Get more information about the Salvage Vehicle Examination Program.
When form MV-907A (Salvage Certificate) is the proof of ownership for a vehicle, the applicant must apply for a title certificate only (see above). The title certificate will display "REBUILT SALVAGE:NY".
http://www.nysdmv.com/salvage.htm
Per the DMV website it indicates a vehicle 8 years old or newer, also with the damage at 75% or more the retail value of the car.
Allstate is offering you 50% of what??? The estimated cost of the damages, replacement cost, the retail value of your car (or book value), or ACV/ fair market value?
I would not take settlement until you have come to an agreement with Allstate. Try to look up on http://www.NADA.com what the Actual cash value or fair market value would be. This should get you pretty close to what the insurance company should pay if it is a total loss. It won't be exact, but a guesstimate.
Good Luck!
EDIT:
It sounds like Allstate only wants to offer 50% b/c they feel that their insured is only 1/2 liable for the accident. But your insurance company feels you are not liable at all.
I would go after Allstate full force!!! Take these steps:
Call Allstate again and find out if they have accepted FULL liability for their insured… if so, why are they only offering 50%? If you don't get anywhere with that call, ask to talk to a supervisor. If you are not getting anywhere with the supervisor, let the supervisor know that you will be turing them into the Insurance commissioner for unfair claims handling…. see if that helps. If not…. follow through and report them!! Don't just make the threat w/o following through with your actions. Here's a link for NY insurance commissioner:
http://www.ins.state.ny.us/complhow.htm
You can visit New York's insurance website. However, the specific payout coverages will be based on your insurance coverage and provisions. Therefore, I recommend that you review your Insurance policy's declaration page and attachments for that information. And, of course, you can also contact your agent or carrier but they will want to know why you are questioning the payout information.
The real question would be which is best and cheapest for you with your circumstances. If there was one insurance company anyone could point to as absolute best and cheapest, the others would eventually go away.
What is best for me, and my circumstances, might be the highest for you.
Call an independent agent not connected with just one big company, give him your information, ZIP, type of vehicle, and what coverage you want, he will then look up your driving record and credit rating and the other things they rate you on, and suggest the best for YOU from his data base of available companies in your state.
I believe you can find this information on your state's insurance site. http://www.insurance.ny.gov or something similar to that.
Since insurance is state governed- you should be able to get help via this site.
Hope this helps.
It is a Common situation many people have met,calm down,and check the resource i found pretty useful http://www.AutoInsuranceFree.info/free-auto-insurance.htm
it is completely illegal to do this. The salesman knows he has you by the b///s. They may decide not to give you the loan if you dont buy the stufrf – so I guess I would just buy it but just so you know it is illegal to require this in order to obtain the loan. That I am sure of. In fact – the GAP contract will state the same thing oin the actual contract you recieve. I actually sell GAP insurance in every state except New yourk because it is so cheap to buy there (I think it should cost you about $100)
all of the aftermarket products that they sell you can be cancelled.