Unneeded Assurance
You know the Hyundai assurance program where the company will give you your money back if you lose your job? Well, looks like no one has taken them up on it yet: “On Friday, Hyundai spokesman Dan Bedore confirmed that so far no one has used the program. It’s still early in the plan’s lifecycle and final March figures have not come in, but the fact that no buyer has taken advantage of it says that at least the 55,133 people who bought a Hyundai this year probably still have their jobs.”
As Consumerist points out, it’s easy to conclude no buyers have lost their jobs, “But perhaps it just means people who are financially secure enough to be in a position to buy a new car got there by making secure bets, so they would gravitate towards a program that provides buyer protection.” Fair point. Either way, the strategy seems to be working pretty well.
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The only real way to figure out if the strategy is working is to see Hyundai’s sales figures cross-referencing to previous quarters/years and to other brands during the same time.
Pretty interesting, nonetheless.
…or Hyundai spokesman Dan Bedore is a spinmaster and/or an idiot– it takes at least five months to be eligible to receive the benefits of the program–
http://consumerist.com/5194063/people-havent-returned-hyundais-bc-they-werent-yet-eligible
Most insurance companies use NADA to detmine the RETAIL value of your car, not Kelley Blue Book. This is because NADA is based on the actual selling prices of vehs, KBB is based on the ASKING prices of dealers for the same veh. KBB will therefore show a higher "value" for your veh. The value will take into account mileage on the veh, and the insurance company may adjust for prior dmg/condition. Most companies will give you more the veh if you have recently put in a new engine, transmission, or possible new paint job on entire veh. (You will need receipts for the same–and you will only recoup part of the cost of the refurbishments.) Also, the insurace company will take into account the salvage value of your veh–what a salvage yard would buy it for for parts–in deciding if the veh it totaled or not. They will calculate how much repairs are vs the "book" value (less salv value). You may be able to keep the veh (if you want, and depending on the laws in your state) & pay the add’l to have it repaired, but keep in mind that estimates may not include any "hidden" dmg to your veh, and the cost to repair may be higher than what’s on the estimate. Also, the ins co would also reduce what they pay you by the salvage value if you keep the car, as the ins co would not be able to recoup the salvage amt by selling the car–you would be able to. The ins co will also ck to see if your veh previously had a salvage title issued on your veh–if it has, your settlement will be reduced…(and you got taken when you bought it…)You should not have a deductible taken from the settlement either if the other company is paying for the dmgs…Pls feel free to contact me personally if you would like further info…I am an auto claims adjuster for one of the top national insurance companies in the US.