by Aeikuo » Tue Mar 31, 2009 07:32 pm
I just join today..... Hello Everybody !!!
My car was hit last sunday night by a drunk driver in my parking lot, the police came and the driver gave us his insurance policy number and his contact info !!!
The car has only 2 years and 27.500 miles, the hit was so bad that in the body shop they estimate the costs around 12.000 but possibly it will be more.... I checked the blue book and the ACV is 15.000, I know the insurance company do not take blue book prices, so I am guessing that the car price will be around 13.000...... (((just a guess)))... Now do you think my car will be totaled ??? Or it must be 100% or more than the price to be totaled ???
Also my deductible is 1.000.....
I am worried because the car won't be the same if they decided to fix it and it will be impossible to sale it later for a good price after the hit.... I haven't finish paying the car loan, but I do have gap coverage, what is good... anyways, if the insurance company decided to fix it ((what I really doubt)) it is any resource I can use to change their decision ???
My car was hit last sunday night by a drunk driver in my parking lot, the police came and the driver gave us his insurance policy number and his contact info !!!
The car has only 2 years and 27.500 miles, the hit was so bad that in the body shop they estimate the costs around 12.000 but possibly it will be more.... I checked the blue book and the ACV is 15.000, I know the insurance company do not take blue book prices, so I am guessing that the car price will be around 13.000...... (((just a guess)))... Now do you think my car will be totaled ??? Or it must be 100% or more than the price to be totaled ???
Also my deductible is 1.000.....
I am worried because the car won't be the same if they decided to fix it and it will be impossible to sale it later for a good price after the hit.... I haven't finish paying the car loan, but I do have gap coverage, what is good... anyways, if the insurance company decided to fix it ((what I really doubt)) it is any resource I can use to change their decision ???
Posted: Tue Mar 31, 2009 07:41 pm Post Subject:
Insurance companies usually consider a vehicle a total loss when the cost to repair it is 80% of it's value. I have little doubt that it will be considered a total loss.
If you are filing the claim under the other person's policy then you don't have a deductible that applies.
If you have GAP, notify your finance company and the GAP carrier that your vehicle was in an accident and it will most likely be considered a total loss.
Posted: Tue Mar 31, 2009 10:50 pm Post Subject:
Welcome Pikkupoikae
Tcope has already clued you in...drunks ins. no ded...and if there is 12k in damages to a 15k vehicle it's toast..one other thing, drunks company owes you a rental until they make an offer of settlement..let us know if we can assist in any way. and once again, welcome to the community.
Posted: Wed Apr 01, 2009 04:52 am Post Subject:
The total loss threshold varies between the states but approximately the repair cost should come around 80% of the market value of the car for its to be considered as totaled. And, $12 k repair cost constitutes 80% of the value of the car. IMO the insurer should adjudge the vehicle as total loss if the state level isn’t set at a higher value.
Posted: Wed Apr 01, 2009 07:43 am Post Subject:
i'll tell you straight: chances are high that your car will be totaled. a vehicle is totaled when the repair cost is more than 80% of the ACV (actual cash value) of your vehicle.
if your car is worth $15k and repair costs $12k, things aren't looking good. the percentage varies a little depending on the state you're in, but it is a good guide.
Posted: Wed Apr 01, 2009 10:43 am Post Subject:
It's not always or just percentages that total a vehicle...it's likely an economic total which is the ACV minus the salvage value (usually around 20%min.) equals how much can be spent to repair the vehicle...not one penny more or the vehicle is deemed a total loss..
Posted: Wed Apr 01, 2009 02:31 pm Post Subject:
Well, it's a 12k jolt to a 15k car..so there's not much to think about...also taking into consideration the 'risk factors' it would be a good deal to get it totaled.
I am worried because the car won't be the same if they decided to fix it and it will be impossible to sale it later for a good price after the hit...
It's not that a totaled car can't be repaired and resold...but then again it has just 2 years with 27.500 on it.
Add your comment