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Started By
Message
wife's car was struck by another...am afraid her vehicle will be totaled, which
Posted on 6/29/15 at 11:08 am
Posted on 6/29/15 at 11:08 am
we prefer not to be the case. It is an older vehicle, runs like a champ, we have no debt on the vehicle, maintain comprehensive/collision on the vehicle...am afraid we will have the vehicle totaled and receive a nominal amount and will turn around and replace with another vehicle and a car note, which we would prefer not to do...is there a way to negotiate the repair of this vehicle, most of the damage is to the exterior of the vehicle...thank you
Posted on 6/29/15 at 11:19 am to wfallstiger
The insurance company isn't going to put a lot of money into a vehicle that isn't worth a lot (especially not more than it is worth). Why would they?
If the car is damaged enough to total it out, maybe it's time for a replacement anyway. About how much is the car worth? You could potentially found something solid for the same value.
If the car is damaged enough to total it out, maybe it's time for a replacement anyway. About how much is the car worth? You could potentially found something solid for the same value.
Posted on 6/29/15 at 11:20 am to wfallstiger
It really depends on how close the estimated repairs come to the actual cash value of the vehicle. It's been several years, but I used to work in insurance claims and handled these cases all the time.
Usually if the estimate repairs hit 80% of ACV, the insurance folks will try to total the vehicle. They will usually only negotiate that on newer vehicles, but I did see a few times where we did so on older vehicles in extraordinary shape(i.e a 12 year old car with very low miles, or lots of aftermakerket upgrades, etc.)
You may be able to take settlement for a specified amount, and register the vehicle with a salvaged title. Those cases went above my head and I'm not at all familiar with the process.
You'd probably be better trying to negotiate the settlement offer. That is usually negotiable, and a lot of times they'll lowball you with their first offer.
Usually if the estimate repairs hit 80% of ACV, the insurance folks will try to total the vehicle. They will usually only negotiate that on newer vehicles, but I did see a few times where we did so on older vehicles in extraordinary shape(i.e a 12 year old car with very low miles, or lots of aftermakerket upgrades, etc.)
You may be able to take settlement for a specified amount, and register the vehicle with a salvaged title. Those cases went above my head and I'm not at all familiar with the process.
You'd probably be better trying to negotiate the settlement offer. That is usually negotiable, and a lot of times they'll lowball you with their first offer.
Posted on 6/29/15 at 11:31 am to The Spleen
Thanks guys...I don't imagine the car to be worth more than 5 to 7K, tops...It is is 1998 BMW Z3 roadster with about 160,000 miles, was recently re-painted, was having the interior (little as it is) re-done - in fact, we picked up interior door panels from ups on the evening the vehicle was struck...we have taken pretty good care of the vehicle and has a pretty sterling maintenance record
Posted on 6/29/15 at 11:58 am to The Spleen
quote:
You may be able to take settlement for a specified amount, and register the vehicle with a salvaged title. Those cases went above my head and I'm not at all familiar with the process.
Just do this.
It's still your vehicle. The insurance doesn't have the right to take it away. However, you'll have a salvaged title and will have to pay for the repairs with the settlement.
Posted on 6/29/15 at 12:00 pm to wfallstiger
quote:
is there a way to negotiate the repair of this vehicle, most of the damage is to the exterior of the vehicle
If it is totaled, your only two viable options are to give up the car or to keep with salvage title. Salvage payout will be less than total loss and giving up the vehicle, but you could keep the car and you'd have money to repair.
will it be enough for repairs? that is the question
Posted on 6/29/15 at 12:03 pm to LSUtigerME
I don't pretend to understand all that entails but I'll learn pretty quickly. For me, you hit the nail on the head, the car belongs to us and the decisions we make belong to us and not an insurance company and I think that is where some of my struggle lies....it was their policy holder, in the midst of a temper tantrum, who has potentially altered our standard of living so why should we be penalized...I'm so naive'
Posted on 6/29/15 at 12:06 pm to wfallstiger
Mu uncle bought a Toyota truck in the mid 80s. Drives it every day. During Katrina, a tree fell the back of it, caused some fender damage and messed up the tailgate. They totaled it out and I want to say offered him something like $800 bucks for it (it was almost 20 years old at the time).
He negotiated (not sure of the exact specifics) but ended up getting a smaller amount, but got to keep the vehicle, with a salvage title. He can't carry comp or collision on it anymore because of the salvage title, but he can carry liability. He got the tailgate fixed and declined to fix the fender damage (it wasn't much).
To this day, he still drives that truck every day. I think the only original parts are the body... but he estimates he's driven it 340K miles (the odometer stopped workings at about 260K which was about 7 years ago.
He negotiated (not sure of the exact specifics) but ended up getting a smaller amount, but got to keep the vehicle, with a salvage title. He can't carry comp or collision on it anymore because of the salvage title, but he can carry liability. He got the tailgate fixed and declined to fix the fender damage (it wasn't much).
To this day, he still drives that truck every day. I think the only original parts are the body... but he estimates he's driven it 340K miles (the odometer stopped workings at about 260K which was about 7 years ago.
Posted on 6/29/15 at 12:40 pm to wfallstiger
quote:
decisions we make belong to us and not an insurance company
You're stretching it a bit there, yes you do have a lot of decision making power; however, you still signed a contract.
Posted on 6/29/15 at 12:59 pm to wfallstiger
just remember it will likely no longer "run like a champ"
sorry for the situation man
sorry for the situation man
Posted on 6/29/15 at 1:04 pm to wfallstiger
quote:
.it was their policy holder, in the midst of a temper tantrum, who has potentially altered our standard of living so why should we be penalized
Legally, the other insurance company is only liable to restore you to the condition you were in before the accident. The hardest thing for people to do in these situations is to detach themselves emotionally. You have a lot of effort and time put into the vehicle, but all they see is a 98 vehicle with a lot of miles on it. Trying to convince them it's worth more than they think it is is tough. Imagine you going out to buy the same vehicle with the same miles.
I mean it sucks for you because you may be losing a car you're very familiar with. You know its faults. You know its strengths. But in the end, as long as they offer you the ACV for your area, they've met their legal obligation.
The worst part, and I say this to prepare you, is the ACV is 9 times out of 10 lower than the retail prices in your area. It's usually somewhere between the trade-in value and the private seller retail price. Go ahead and do some research on Edmunds or TrueCar to get an idea what those prices are, so if they do total it you can counter their offer.
Posted on 6/29/15 at 1:10 pm to The Spleen
You all have been great...very much appreciate the insights and suggestions
Posted on 6/29/15 at 1:25 pm to wfallstiger
quote:
most of the damage is to the exterior of the vehicle.
Ahhhh, now I understand.
Posted on 6/29/15 at 1:40 pm to GeeOH
quote:
Ahhhh, now I understand.
you maintain comp and collision cause you get reimbursed for value, not just bc you rather keep it over being totaled.
Posted on 6/29/15 at 1:49 pm to wfallstiger
If it is totaled, you may be able to buy it back from the insurance company.
Posted on 6/29/15 at 2:55 pm to Jcorye1
quote:
You're stretching it a bit there, yes you do have a lot of decision making power; however, you still signed a contract.
Maybe. Not clear if he's talking about arguing with his insurer or the other guy's.
Posted on 6/29/15 at 3:44 pm to wfallstiger
quote:
was recently re-painted, was having the interior (little as it is) re-done - in fact, we picked up interior door panels from ups on the evening the vehicle was struck
Hate to say it but you were throwing money away with this car. That stuff costs major $ and brings little value to a 17 year old vehicle.
Posted on 6/29/15 at 8:07 pm to wfallstiger
Similar thing happened to me.
Fwiw, they cut me a check for at least a grand more than id be able to get on the open market - so it's not always a low ball offer. Although finding a new ride has been a pain.
Fwiw, they cut me a check for at least a grand more than id be able to get on the open market - so it's not always a low ball offer. Although finding a new ride has been a pain.
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