re: High Mileage trucks

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If someone hits you who gets to decide whether the vehicle gets totaled or repaired? I have a 98 in great shape due to the fact I drive a company vehicle and spent a load of cash to refurbish the paint and interior from sun damage. i would hate for someone to hit me and I only recoup a couple thousand on my investment.

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Insurance company decides. My wifes 99 escort was just totaled by someone bumping it in a driveway. Now i'm out 30k for a new Honda.

quote:

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If someone hits you who gets to decide whether the vehicle gets totaled or repaired? I have a 98 in great shape due to the fact I drive a company vehicle and spent a load of cash to refurbish the paint and interior from sun damage. i would hate for someone to hit me and I only recoup a couple thousand on my investment.

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the insurance company can't decide. You're getting bad info here. The law in Louisiana is if repairs meet or exceed 75% of NADA value then the vehicle is a total loss. It varies by state. Some states it's 100% and some states have an automatic total loss if the frame is damaged.

Another law in Louisiana that insurance companies and drivers don't know about is that the restraint systems (airbags, modules, impact sensors, seat belts, occupancy sensors) can not be included in the 75% without consent of the customer (in writing) unless the total cost for repairs including the restraint systems meets or exceeds 100% of the NADA value.

ETA: you can't consider anything that depreciates as quickly as a vehicle to be an investment.

But if you can produce receipts for work you've done to the vehicle and present them to the insurance company then the value (from experience) is usually NADA + 50% of you invested restoration costs.

BUT you can always get more. I once got $8500 for a $4800 truck because I argued and didn't except their first offer.