Front end damage - Totalled!

[ajroxstar]

So my 2023 Lucid Touring has front end colliison damage and considered totalled by insurnace company.... 8K miles and a year old.
The total settlement amount is quite low in my opinion. Has anyone had some luck on how to get a better settlement check and how to go about negotiating with the insurance carrier? My first experience with something like this.

 

[Steveinarizona]

So my 2023 Lucid Touring has front end colliison damage and considered totalled by insurnace company.... 8K miles and a year old.
The total settlement amount is quite low in my opinion. Has anyone had some luck on how to get a better settlement check and how to go about negotiating with the insurance carrier? My first experience with something like this.

what was the settlement proposal by the insurance company? Are you negotiating with your insurance company or another party's? I don't see how to respond without knowing the offer.

 

[rking0122]

This is what I happen to do for a living (in part). Which insurance company are you dealing with? Most all of them use third-party companies that provide reports on the ACV of other cars on the market/prior sales...have they provided you with any such reports? I am particularly interested because I am also a 23 Touring driver, and I have less than 5K miles on mine.

Back when I insurance shopped a few months ago, one of the carriers offered "agreed value" coverage in the event of a total loss, and the proposed (initial) amount suggested by the company was something like 48K for my car. I did not choose that option, but, I was surprised--it just seemed low.

 

[knewman]

I actually just went through this with my other car (a GMC pickup), totaled after a deer strike. Only three months old.

Not sure if you leased your Air, but the lease agreement states that GAP coverage is included so even if your ACV is low you won't end up underwater. Not sure about finance deals.

 

[ajroxstar]

So i purchased the vehicle cash down (not leased or financed) in Jan 2024. It got totalled in Dec 2024 with 8k miles on it. It was the touring version with DD pro and SS Pro and glass canopy roof upgrades. the msrp was well over 100k. the estimate i got was 63k which seemed really low to me. i am in process of negotiating this with my insurance company because I think this is ridiculously low. should i lawyer up or just fight myself? i have seem cars with similar features and similar miles for much more on the used car market. so i sent my insurance company these listings for comps... so will see how they respond. wondering if i can do something else?? Thanks for the responses.

 

[knewman]

Negotiating is always worth a shot, although I don't know if a lawyer will help much. Looking at the insurance auction yards I see ACVs for Tourings around the 60-65k mark. EVs depreciate like bricks in water unfortunately. Best of luck to you.

 

[Steveinarizona]

Back when I insurance shopped a few months ago, one of the carriers offered "agreed value" coverage in the event of a total loss, and the proposed (initial) amount suggested by the company was something like 48K for my car. I did not choose that option, but, I was surprised--it just seemed low.

Agreed value coverage is great. Eliminates all the arguments about depreciation and comps and the two major carriers doing that are both excellent. BUT, isn't there always a but, this type of insurance is much more expensive than traditional insurance.