OT Car Insurance Claim Question

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My daughter the back of a pick up last week they will pay me $8,490.00

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i say go for it. she probably will be worth half that in a couple years

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so if I want to buy it from them at salvage

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You would essentially never be able to sell this car.

They would put a salvage title on it so you would be screwed.

However that salvage value cannot be correct. You may want to check on that again. No way that car has a salvage value of near 70% of it book value with 7500 in damage.

But the salvage title blows up the whole deal. Especially if there is a lien.

Especially if you plan to sale the vehicle some day.

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where do they come up with these salvage values?

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There's a formula to it based on what the car's normal blue book value would've been if it was in good condition.

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Any recommendations from insurance pros on how you would handle?

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Take the check for the total loss and use that money to go find your daughter another car. The cost to repair could end up being a lot higher than the original $7200 estimate once the shop starts taking the car apart, and when you try to sell the vehicle in the future it won't be worth as much and could be more difficult to sell due to the salvage title.

I think you have the numbers backwards. Salvage value may be $1400 so after salvage and deductible you get $7050 and keep the wrecked car. You're "buying back" the car as it sits for the salvage amount of $1400.

There's no way the salvage value of a wrecked Hyundai is worth $7000.


$9490 vehicle value
-1000 deductible
$8490 paid to you and they take the car

$8490 payment to you
-1400 salvage value of wrecked car (aka buying it back)
$7090 paid to you and you keep the wrecked car


ETA Once it is repaired it'll still you'll get a reconstructed title. It'll be worth a lot less should it be totaled again. Personally I'd take the $8490 and not deal with the salvage.

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where do they come up with these salvage values?

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COPart makes a bid

I'm in an eerily similar spot, I was going to start a thread on the Money Talk thread, but never did.

My wife has a 2006 Commander that took some hail damage, so I filed a claim. They said it was a total loss, which was surprising to us. There's obvious damage, but it's only obvious at certain angles, you don't even really notice it unless you're actually looking for it.

They gave us 2 offers:

- Option A - $7600 check, and they pick up the Commander
- Option B - $4400 check($7600-$2800 salvage value) check and we can keep it


Going to roll with Option B likely and either keep it for a couple more years and save up, or just sell it out and take that amount plus the $4400 for a down payment on the next vehicle. Basically, if I can sell it for more than $3200, Option B is better, and I'm certain we'll get wayy more than $3200 for it.

if damages exceeds 75% of value, car must be totalled. Maybe fight the power on the valuation, which is frequently low.