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?

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Posted by Laryngitis

SouthLA

Member since May 2010

362 posts

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.

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Posted by mule74

Watersound Beach

Member since Nov 2004

11309 posts

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

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Posted by LSU

Houston

Member since Oct 2003

8845 posts

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.

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