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Started By
Message
Hail damage on my car, what happens if the insurance company totals it?
Posted on 3/29/17 at 10:48 pm
Posted on 3/29/17 at 10:48 pm
Ok, I have an 8 year old pretty crappy Kia that has less than 100k miles...been paid off forever, no issues and no interest in replacing it at this time. It has moderate damage from a recent hail storm...hood, roof molding of a door etc. I just want to keep the insurance money vs having it fixed. The car will have negligible value by the time I'm ready to replace it so fixing it makes little sense to me.
My fear is if the insurance company totals it...
How does that process work? Can I negotiate with the insurance company if I want to keep my car or do I have to pull my claim?
My fear is if the insurance company totals it...
How does that process work? Can I negotiate with the insurance company if I want to keep my car or do I have to pull my claim?
3
Posted on 3/30/17 at 5:45 am to thekid
If they total it, they will pay fair market value & they take it.
Or fair market value less salvage value & you retain it.
Or fair market value less salvage value & you retain it.
Posted on 3/30/17 at 6:10 am to thekid
Honestly, you'll probably get more from the insurance company than you would for selling or trading it. In my experience they tend to overpay a little bit. I know you're not looking to buy but that's probably where you are headed. That or you can pull the claim and drive around in a damaged car. But if that's the case you might as well just stop carrying insurance and save money on premiums.
This post was edited on 3/30/17 at 7:19 am
Posted on 3/30/17 at 8:40 am to mule74
quote:
But if that's the case you might as well just stop carrying insurance and save money on premiums.
I wonder why one would carry full coverage on an 8 year old Kia in the first place, seems like waste to me.
This post was edited on 3/30/17 at 9:02 am
Posted on 3/30/17 at 12:27 pm to cave canem
quote:
I wonder why one would carry full coverage on an 8 year old Kia in the first place, seems like waste to me.
clearly this thread is a self explanation of why one carries "full coverage". dumbass.
Posted on 3/30/17 at 1:11 pm to cave canem
Comprehensive coverage isn't all that much. It was like $3 a month several years ago when I had just it a liability.
Posted on 3/30/17 at 3:45 pm to thekid
I had a 4 year old car with severe hail damage back in 2000. State Farm cut me a significant check.
Then a salvage guy bought it from me afterwards "as is". In the end, I got about $2k more than it was worth before the hail storm.
Then a salvage guy bought it from me afterwards "as is". In the end, I got about $2k more than it was worth before the hail storm.
Posted on 3/30/17 at 9:09 pm to LSU
quote:
I had a 4 year old car with severe hail damage back in 2000. State Farm cut me a significant check.
Then a salvage guy bought it from me afterwards "as is". In the end, I got about $2k more than it was worth before the hail storm.
Was that the New Orleans hail storm?
My black Lab was ducking her head and running around the house.
Posted on 3/31/17 at 6:28 am to Chad504boy
quote:
clearly this thread is a self explanation of why one carries "full coverage".
True story. Folks in my hometown were so poor that kids would brag if their parents had a car with "full coverage."
Posted on 3/31/17 at 7:05 am to Chad504boy
quote:
clearly this thread is a self explanation of why one carries "full coverage". dumbass.
Interpreting "has been paid off forever" to mean bought new, the OP has paid many times what he is about to receive over the last 8 years.
Insurance on most anything is normally a suckers bet, they are in business to make money, not operate as a charity.
Posted on 3/31/17 at 8:57 am to Bestbank Tiger
quote:
Was that the New Orleans hail storm?
No, I was sitting on the interstate between Birmingham & Tuscaloosa.
Posted on 3/31/17 at 9:50 am to cave canem
quote:
Interpreting "has been paid off forever" to mean bought new, the OP has paid many times what he is about to receive over the last 8 years.
clearly, the car has lets assume been paid off for maybe 3 years.
Strictly talking comprehensive payments, he's about to receive probably 20 fold what he's paid on comprehensive coverage.
Collision coverage goes down with depreciation of vehicle. Your savings isn't as big on older vehicles as what you may assume.
quote:
Insurance on most anything is normally a suckers bet, they are in business to make money, not operate as a charity.
so wise, OP has coverage and is in a much better position for it right now.
Posted on 3/31/17 at 10:10 pm to Chad504boy
quote:
so wise, OP has coverage and is in a much better position for it right now.
Roughly 96 month X payment amount says otherwise, the insurance company wins on this one, just as it does on the majority of vehicles.
It is how they remain in business, sorry simple math is so difficult for you.
Posted on 4/1/17 at 9:09 am to Laryngitis
quote:
If they total it, they will pay fair market value & they take it.
Or fair market value less salvage value & you retain it.
Just went through this. This answer is correct. They said I could take fair market value or fair market value minus salvage value. The salvage value was about $1000 in my case.
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