Topic: My Mazda 2008.5 is wracked

[DCS]

 
Hi guys,

This is my first time in this site. All the information has in this site was wonderful must say very helpful. I need your help. 10 days a go I got in to an accident on my brand new Mazda 3 it is 2008.5 Mazda GT.I am ok. The insurance company told me the car is totaled. I purchased the car in March 2008 and paid the following, 35000 on the road. I do have the OPCF 43 on my policy. What I like to know is I purchased an extended warranty from the dealer ship for 1479 and 295 security package. Do I get these funds back from the dealership? I also installed few accessories on the car such as tinted widows, remote starter, wheel lock, hood deflector, side markers and mud guards all these things was included in to the bill of sale. How about PDF amount. Please help me out. My MSRP was 27000.

Thank you so much

[Leowin]

Sorry to hear about it.

I am not sure if you will get back the cost of the accessories, but since you have OPCF 43 on your policy, you will atleast get back the fully paid price of your car.

For anybody buying brand new car, ask your insurance provider to put OPCF 43 on your coverage. It is also called Depreciation Protection. If you dont have it and if the car is stolen or totalled, you will get back the market price of the car from the insurance company. (The market price might be thousands lower than the paid price) This coverage is valid only for the first 2 years of the new car and costs $40 per year.

[Schmengie]

 Sorry to hear about your crash. I don't know about Ontario, but the provincial car insurance company here in BC (ICBC) requires specific coverage for aftermarket equipment AND proof of purchase when you make a claim. Otherwise they'll reimburse only up to a specified limit based on the car's OEM equipment.

 As for extended warranties and such, I don't think the dealer is required to give those funds back unless it's specified in the contract or by law.

 This is from ICBCs FAQ page:

"Excess Special Equipment Endorsement

For most passenger and light commercial vehicles, you can buy extra insurance for non-manufacturer's equipment that you have permanently installed in the vehicle.

With this endorsement, you can insure non-manufacturer's equipment worth more than $5,000, or sound and communication equipment worth more than $1,000.
Keep your receipts!

For any special coverage, keep your receipts or bills of sale as proof of the value of your equipment. Photos can also be helpful to prove that it was installed in the vehicle.
Declaring the value of equipment

Please be aware that the Excess Special Equipment Endorsement is not a replacement cost policy. What the policy does do is increase the underlying $1,000/$5,000 limits for stereo and other non-manufacturer's equipment to the limit that you declare.

Unless you have a Replacement Cost or Limited Depreciation policy in place, ICBC will pay out any total loss or theft claim based on the market value of the vehicle with its attached equipment. Adding an expensive stereo, custom paint finish or other equipment may increase the market value of the vehicle to some degree, but not necessarily by the original cost of the equipment. Equipment value also depreciates over time. Please review your declared limits each time you renew your Excess Special Equipment Endorsement to ensure the value you've declared is realistic."


 

[ArticSteve]

I also installed few accessories on the car such as tinted widows, remote starter, wheel lock, hood deflector, side markers and mud guards all these things was included in to the bill of sale.

On your Vehicle Purchase Agreement, lower right side, you will see Total Vehicle Price and below that you will see Total Purchase Price.  You get whatever number is written to the right of "Total Purchase Price".

If there is a lien holder and I assume there is, the balance owning on the car will go directly to them and you get the rest. 

[DCS]

Thanks guys.

There are 3 options I have to live with. I spoke to Mazda canada and they want to see the MAP certificate and amouunt for the extended warranty. I have to wait for a while for that.

as per my insurence company in ontario,

Removing Depreciation Deduction (OPCF 43): This
coverage removes the insurer’s right to deduct depreciation
from the value of your vehicle when settling a claim for loss
or damage caused by a peril for which you are insured.

I do have loan for this car. Just wondering how they going to payme under what option.

thank you.

[ArticSteve]

What's Mazda Canada got to do with anything?

[DCS]

I got an extended warranty and pain 1479 for it. Insurence will not pay this.

[ArticSteve]

Mazda will not refund the extended warranty because the selling dealer got a part of the price as a selling commission unless you bought afterwards.  Maybe they will apply it to another new Mazda as good will.

I'm surprised that your insurance company is not paying for the extended warranty because it's part of the "Total Purchase Price", or did you buy it separately?

[DCS]

I paid for everything on the time of the purchase. It's very sad that insurence don't cover the full amout. They came down with a number whish is $3500 lower them what I paid. I have to put extra money to pay for my loan. They offer me 31000 with tax for all the part I put plus the 2008.5 mazda, But I told her I have to think about it. With out tax, FPDI 26000.

[DCS]

OPCF have 3 options of paying for the car and the cheapest so they ask autto mall net work to find the car prices. But on the mazda site it 26700 with lux Pac but the extra things I put.

[ArticSteve]

What is this insurance companies name?

I'd go back to the selling dealer that you bought it and ask them to give you a number that it would cost to replace your Mazda exactly as it was.  Say to them your looking to buy again even if your not.  Then I'd tell the insurance lady to call them.  I'd also tell the insurance lady that if they try and beat you down you are going to file a complaint to the Superintendent of Financial Services for Ontario alleging fraud.  No insurance company likes to hear the word fraud and even though technically they might not be doing so, they are in essence.

You need to talk tough to them, but also mention names that are meaningful to them. 

Go here:   http://www.fsco.gov.on.ca/english/insurance/resolvecomplaint-insurance.asp

Just keep remembering Insurance Companies are blood suckers.  They love collecting premiums and hate paying and every year it gets worse.

[DCS]

I am looking at my bill of sale.

34650 is the total purchase price and if I take out the things that insurence is not paying such as extended warranty, security package, license fee and the registration fees that total comes up to 2085.58 with tax. that means insurence company should pay me 32564.42 and they orfered me 31150. I loose another 1415 and the total of 3500 in total.

Is it fair or I certainley don't think so. I can live with not getting paid for 2085 but the 1415 I loose in the car. Again they said my car can be replace with same item I installed on the original date for the 31150. I have to make a decision today.

[ovr50]

DCS - you will not get insurance to pay you the amount you paid as the car that was wrecked is considered a "used car". It became a used car the moment you drove it off the lot.

I don't know if you will get more than the offer, but it doesn't seem too bad to me, given your purchase price. I gather you did not have "replacement value" insurance which I always take on new cars and covers the first 3 years. If car is totalled insurance-wise, you get a new one identical to the wrecked one, regardless of the current price.

Good luck.

[DCS]

Thanks, I have the OPCF43. This policy have 3 options to pay for totaled car and they can use the cheapest method. What I got is the cheapest price.

[dorin]

DCS, tell them that you do not accept their offer and that you demand they pay for the entire cost of your vehicle.  It's irrelevant what they think a similar vehicle is worth now.  That's how OPCF 43 is supposed to protect you.

Did you read Artic's link?  From http://www.fsco.gov.on.ca/English/insurance/auto/undautoins.asp :

Removing Depreciation Deduction (OPCF 43):
This coverage removes the insurer's right to deduct depreciation from the value of your vehicle when settling a claim for loss or damage caused by a peril for which you are insured.

[Cortina]

Regardless as long as you are alright that is what matter the most. Sorry to hear about you wrecked car. But I do feel I have to say this. Even if it is in poor tasted.


 

[DCS]

I got the third option


2. What We Will Pay
2.1 In return for the premium charged, we remove our right under section 7.7 of your policy, “What We Will Pay,” to deduct depreciation from the value of your automobile for loss or damage caused by peril for which you are insured under section 7, “Loss or Damage Coverages.” This coverage is subject to the deductable shown on your Certificate of Automobile Insurance.
2.2 The most we will pay is the lowest of the following amounts:

The actual purchase price of the automobile and its equipment

The manufacturer’s suggested list price of the automobile and its equipment on the original date of purchase, or

The cost of replacing the automobile with a new automobile of the same make and model, similarly equipped.
These amounts include all applicable taxes.

[johngenx]

So, can you replace your car exactly with the money they have offered?  If so, then what's the problem?  Take the cheque and buy a new 3.  If not, then ask them to do so...

[quadzilla]

I believe the bank owned the car so the loan needs to be paid first.

[ArticSteve]

The cost of replacing the automobile with a new automobile of the same make and model, similarly equipped.
These amounts include all applicable taxes.

So what your company is saying is that they do not insure intangibles like the Protector Plus (which is mandatory at most stores without a fight) and the Extended Warranty. 

Consequently, if you have a "non at fault" accident, lose the car under this endorsement, the insurance company is not going to reimburse you for the loss of these two products, because it really is sold as a "product" (Protector Plus and the Extended Warranty).  That is really sniveling.

My advise again is to fax the insurance company a letter indicating that you will be filing an official complaint with the Superintendent and you are not signing any waiver that precludes you from doing so.  In the meantime, you''ll just half to pay the difference of the lien and get the loan settled so you can go out and buy something else.

It's not technically relevant, but did you get assigned some portion of the fault over the accident?  Because if you did, you just might want to stay with the same insurer even if they're horrible.  They can't raise your rates until your policy renewal.

Again, who are they if you don't mind?  Always good to know who the crappy companies are.