Tundra Stolen. Waiting on Insurance.....

Hate to hear that. Hope you can find a replacement

 

That's terrible. How did they steal it? I don't hear of new vehicles being stolen that often without the keys

 

Sorry you are having to go through this.

Simply put - you are getting ALOT of mis information and wrong thinking on this thread.

If you have an agent - talk to them. No one is going to know your policy and how it applies to you and this loss better....certainly going to be better than a bunch of internet posters who have no idea what your policy covers.

If no agent, contact your insurance claims department...again, these are people who deal with their policies daily and will be able to explain what is covered.

One key piece of info that is correct here is GAP (guaranteed asset protection) - just like the name suggest - it "guarantees" the asset - in this case your truck, is protected for the LENDER. If someone steals or totals your truck - the bank is concerned that they are protected....after all its hard getting money on a car note when there's no threat of repo. It only pays the difference between the value paid by insurance and the balance owed on the note. It does NOT pay off the note - allowing you to gain a "free" truck (after all - if the GAP paid off the loan and insurance paid you the value of the truck - you could simply buy a replacement truck and have no loan...gaining a free and clear truck).

Mods - receipts are key, especially on a theft. Anyone can SAY their truck had XYZ...proving it is the key...after all its not like the truck can be inspected to confirm.

Most policies have customization limits (for a reason) - if you put 20k into a 12k truck - this protects both you and the insurer. The insurer collects the right premium for risk - and you are getting the right value if you sustain a loss. Just because insurance is "aware" of a mod - does not mean they automatically amend your coverages to include it....part of this is on the customer to make sure they maintain proper coverage - after all...I can add a 5k stereo to my truck...it doesn't mean it's a permanently installed mod...things can be removed.

Good luck.

Standard disclaimer - opinions presented here are my personal opinions and not mwant to be professional or legal advice.

 

Not a good number to use. They offer you trade-in value. OP needs retail value, which will be several thousand more than trade-in.
Shop around for similar trucks for sale and use that for fair price. Then when you get the money you can go negotiate a lower price at that dealer.

 

Or (if it gets you cheaper deals) go with Toyota's financing, and then simply refinance it after you get it. When I purchased last March, that's what I did - bought the truck and got better rebates than the lower APR would have offered (it was like 4.49% at the time), then refinanced for something silly like 1.49% with Navy Federal.

 

That does suck.

As mentioned, Insurance first offers are seldom their best offer. They are just trying to save their company money. List mods, show pics of truck with mods, have NADA/KBB info, show retail comparison prices for replacement.
Hopefully you are in a supplied rental. They should want to discontinue that ASAP.

Good Luck!

 

I have USAA and after talking to them my comprehensive is what will cover my MODs. I can increase my amounts based on what I’ve done.

 

sorry for the loss, that stinks bad! Most insurance companies wait at least two weeks when your vehicle is stolen to se if it will be recovered, and honestly probably to do a little investigative work.

If you have a loan on the truck ans listed the bank as the lien holder the insurance company will likely send them the check and the bank will send you a check for the balance once the loan is paid in full.
Good luck with everything!

I only know some of this info because my close friend has his carolla stolen and there was a two week minimum waiting time for him, but lucky for him the idiots who stole it were driving out of the woods, after they took the Corolla “mudding” just as a cop was driving by. Of course said cop called in the plate since he thought it odd someone would take there little sedan through the woods and obviously it came back stolen. Long story short the insurance totaled it because it had so much damage from their joy ride through the trees etc. lesson here is do not take a Corolla mudding, it just isn’t made for that. Lol.

-t

 

yes... what he said.

GAP only pays the difference between what you owe and what the car is worth, if you owe more than the car is worth. If your last payment was scheduled for Sept of this year, GAP would likely not help anyways since your car is probably worth more than you owe.

Regardless, insurance will always pay the bank first and you get the rest.

Does anyone have GPS installed or CarLink (I think that’s what it’s called) so they can track where the car is if it’s gets stolen? I’ve been considering that and looking for opinions.

 

Man, that really sucks to hear. Hope you get something back from it!

 

I am unsure of how it was stolen. This is what happened.
I parked the truck sunday night in front of my neighbors (right next to my drive way. I cannot park truck in driveway due to my driveway being too small and truck partially blocking sidewalk.) On wednesday I went to the gym at 5:45am, saw the truck still parked as I pulled out of the driveway. I can home from the gym at 7:15am and the truck was gone. Missing. Stolen. Both sets of keys were inside the house still, so no family member borrowed the truck. I inspected the area where the truck was parked and no evidence. No broken glass. No broken door handles. Alarm on the truck was armed. Unsure if it went off. I talked to me neighbors and no one heard anything that morning. No one, including myself have Cameras pointed toward the street or anything.
So I am not sure how they were able to take the truck. I know the alarm was working because I had set the alarm off on Tuesday (day prior to it being stolen) when I opened the hood. I had also just out a new battery in the truck because the other one was already done.

 

Spoke to insurance yesterday, It's offically been 2 weeks as I write this.
Insurance said they take 2 1/2 - 3 weeks to try to recover the vehicle and then they begin the payout process.
Currently also looking around and shopping for a new replacement truck. Tundra Crewmax SR5 4x4, if in stock are starting at $46,000.
When i bought my truck in August 2016, I paid $47,000 out the door. For myself I want to buy new due to the fact that on this trundra that was stolen I had to replace the transmission at 65K miles. I had the extended coverage on the truck so the replacement was covered or else it would have been about $6,000 in parts and labor, and because of this I will only buy new or Used IF low mileage with coverage on the extended warrenty.

 

This sucks. Best of luck.

Anyone see the apple event yesterday? I'm tempted to buy a 4 pack of those AirTags and just throw one in my truck. Anyone with bluetooth and find my enabled nearby will post an updated location to "the cloud". Better than nothing perhaps.

 

Idatalink/Compustar has a module for phone app control of start/alarm. GPS is an available option with it. About 20 yrs ago I got rear ended on the interstate. My lowered 1990 Toyota p/u was HEAVILY modified. All work done by me. Truck was totaled. Essentially I went and got quotes from custom shops and was around 11 grand in mods/custom work. Overall the 1st offer of like $1500 was turned down. After showing them the quotes from local businesses I got the truck back and about $7000 ish. Just my experience.

 

I did; and I'm thinking of buying those:

1 - for my truck
1 - for my wife's keys
1 - for my wife's phone
1 - for my wife's remote control for the TV

LOL

 

Maybe, maybe not! My very next post below the one you commented on said exactly what your saying here. It’s all good though!

 

Did you leave your truck parked for 3 days in the same spot? Your neighbor didn't get pissy and have it towed for parking in front of his place did he? Just a thought. I've had neighbor cars towed before when they wouldn't move it and city says no parking for more than 24hrs in one spot. I asked them to move it. It limited my visibility when leaving my driveway onto a busy street. Not sure if tow company has to notify owner they have it or not. Just a thought.

 

Sounds like a roll away was used to get the truck. Flatbed truck. I assume they got the catalytic converters also.........

 

No it was not towed. LAPD Checked impound lots when i reported it stolen. Truck was parked in the same spot for less than 60 hours and they have to ticket it for "not moving after 72hrs" within the city limits.

Truck was also parked uphill. Boxed in with a car in front and behind. Wouldn't have been an easy hook but also it would have woke up the nieghbors with the noise and because my residential streets are narrow, it would have blocked traffic if they did try to tow.


Spoke to insurance 04/21 in the afternoon, they are requesting receipts of modifications and receipts from the new transmission that the dealer installed (done under warranty work) to better asses the value of the truck for payout purposes.

I also asked my adjuster how they come to a $ value of the payout and they say they "do market research for similar vehicles, (trim, mileage, condition) advertised for sale within the past 90 days to obtain a market value for the vehicle. We do not use KellyBlueBook for value."

I have AAA insurance.

So now I'm gathering my documents and receipts for the insurance at their request.

 

That’s horrible

 

In the hands of a cartel in Mexico by now. Friend in Atlanta had a z71 stolen years ago and was found in Mexico few years later.

 

"market research for similar vehicles. . ." That is SCARY! They will consider Dodge, Ford, GM, etc. trucks to be "similar vehicles" which will hurt the value.

 

Not true they can only use comparable vehicles to the one involved in the loss same year/make/model

 

Yea they told me they will look for Same model/year and around same mileage

 

Gotta love car thieves!

 

Spoke with insurance and this is the payout breakdown they have provided me:
Once the actual cash value was determined, the following adjustments were made to determine the settlement amount of $37,256.19.
Actual Cash Value: $ 36,727.00
Less Salvage Value: $ 0.00
Sales Tax: $ 3,764.52
Unused License Fees: $ 500.00
Less Deductible: $ 250.00

Sub Total: $ 40,741.52

Less Lienholder Payoff: $ 3,485.33
Less Other: $ 0.00
Net Settlement Amount: $ 37,256.19


I also provided them with about $11K in receipts for all the after market parts.
They are going to now reevaluate the settlement amount to reflect the receipts of parts.

 

I live in Chandler, AZ. That's roughly 4 hours from the Mexico border. Vehicles get stolen every day in our area and driven by mules across the border. Once in Mexico our law enforcement does not have jurisdiction so their hands are tied.
I have Lo-Jack Early Warning on my Tundra. If it is stolen we'll get it back. It cost me about $800 one time for the install.
I'm insured by State Farm and they do not give a discount for having Lo-Jack. I have peace (not piece) of mind.
I hope this helps.

 

Yep, I had a F150 that was totalled. It had a new motor plus mods like grille guard, roll bar, custom tonneau cover, and KC daylighters. Other then the engine the mods were obvious. The other person's insurance company told me they could not find a comparable truck. I turned down 3 offers before they settled. They wanted me out of the rental.

 

Next Truck will have low jack.
When thee insurance comes back with the next offer, I am going to ask them to find me a "comparable truck" for the amount of their payout.

 

^^^This
You don’t want what you would get to sell it, you want what it would take to repurchase the same truck.