by Guest » Wed Nov 21, 2007 03:51 am
Hello,
I have a 2002 Dodge Stratus V6 with 77k miles which was severely damaged a week ago in an accident. The other driver was at fault, and their insurance company is paying for the damages. The adjuster that came out determined the cost to repair my car will be $5,337. The thing is, according to kbb.com, the private party blue book value of my car (before the accident) is only $5,345.
The car is still driveable, it just looks like crap now. Should I take the insurance money and fix the car back to new, or should I keep the insurance money and not fix the car at all and drive it as is? I love my car, I bought it brand new and have been religious about maintenance and care, but I'm just not sure about spending $5300 of insurance money on a car that is only worth $5300.
Any opinions would be appreciated.
Thank you.
I have a 2002 Dodge Stratus V6 with 77k miles which was severely damaged a week ago in an accident. The other driver was at fault, and their insurance company is paying for the damages. The adjuster that came out determined the cost to repair my car will be $5,337. The thing is, according to kbb.com, the private party blue book value of my car (before the accident) is only $5,345.
The car is still driveable, it just looks like crap now. Should I take the insurance money and fix the car back to new, or should I keep the insurance money and not fix the car at all and drive it as is? I love my car, I bought it brand new and have been religious about maintenance and care, but I'm just not sure about spending $5300 of insurance money on a car that is only worth $5300.
Any opinions would be appreciated.
Thank you.
Posted: Wed Nov 21, 2007 07:04 am Post Subject:
Well since you have a running car you have a choice to make. If you know a private mechanic that can fix it for cheaper and you trust them then maybe that is the way to go since the car is driveable. You did say the car was severely damaged so just make sure that if you aren't going to fix it or are not going to completely fix it, that it is road safe. Good luck.
Posted: Wed Nov 21, 2007 07:15 am Post Subject:
I'm just not sure about spending $5300 of insurance money on a car that is only worth $5300.
right buddy, its sounds like a waste to me also.
Posted: Wed Nov 21, 2007 07:36 am Post Subject:
Hi, you can do exactly what CVClaims has said. In fact, I too hold the same opinion. Since you love your car and its still drivable, tell the insurance company that you don't want to fix it immediately and get it mend by at lower cost later on. Thus you can also save some for yourself.
However, one thing I would like to know, have they made you the offer already? or only the adjuster had a look at it. As the repairing cost is pretty high and almost touching what they called the 'threshold', they may declare it as ‘totaled'.
Rupert
Posted: Wed Nov 21, 2007 11:39 am Post Subject:
Rupert,
Yes, they have mention the idea of the car being totaled. They said that the body shop will most likely find other things that need fixed that the adjustor didn't account for, which will push the repair cost up higher. However, if it was declared totaled, I think it might be worse for me than better. Correct me if I'm wrong, but wouldn't I just be getting close to the same amount of money, but then I would have to buy my car back from the insurance co. as a salvage?
The car is road worthy the way it is, I've been driving it like this for over a week. At this point, I think I might just spend a few hundred dollars of the insurance money to get some of the dents pulled out and repainted, and then just put the rest of the money in the bank.
Posted: Wed Nov 21, 2007 11:46 am Post Subject:
Good morning bumluck and welcome to the community...
A couple of things here,
The adjuster that came out determined the cost to repair my car will be $5,337
He has (I assume) only determined the cost of repair (prior to any tear down). He didn't say that was what they were paying right? In other words he has to determine the COR (cost of repair) then he will look at the vehicles ACV (actual cash value) and get a 'break even point) ACV minus Salvage value equals breakeven or amount he can spend to repair your vehicle...So the total loss may still be coming...Another thing, you don't say ''which'' stratus v6 you have 2D SE, R/T, or 4D EC, R/T, SE, or SE PLUS. Then need to know, alum wheels/leather seats/pwr seats/ pwr sunroof/ automatic/ cruise....all of those come into play on this vehicle...
value of my car (before the accident) is only $5,345.
I ran all of the models and without benefit of options, (on the system the company I work for uses) lowest I got was 6100.00 so I'd say your ''book'' is incorrect...FYI I don't know of any insurance company that uses the Kelly blue book...If you want to provide that information I'll run it again with all the info to get a value for you.Should I take the insurance money and fix the car back to new, or should I keep the insurance money and not fix the car at all and drive it as is?
If you vehicle doesn't total, (and they more than likely will total it yet), then it's up to you. If they do total it (in most states) your title will be branded (salvage title) which greatly reduces the value. Also it's important to note, that if the adjuster came to your home and looked at the vehicle there is more than likely ''hidden damage''. Also if you do decide to have partial repairs done and drive it, (which is probably exactly what I would do), be sure that you go to a body shop you trust. There more than likely are some safety items damaged that MUST be replaced. Without benefit of seeing the estimate or the vehicle I can't help with what those may be...It comes down to you and your opinion...does it bother you to drive a less than perfect vehicle? If not, fix it SAFELY then keep the rest of the money and go Christmas shopping!
Posted: Wed Nov 21, 2007 12:52 pm Post Subject:
Lori,
Thanks for the input, I appreciate it. By the way, the car is a Stratus SE 4D. I'll probably just get some minor repairs done and keep the rest of the money. Thanks.
Posted: Wed Nov 21, 2007 01:21 pm Post Subject:
Thanks for the input, I appreciate it.
You are welcome, it's my pleasure.I'm getting $6175.00 on value then add 125 for pwr seat..150 for alumn wheels, 300 leather seats, 375 power sunroof, ...... subtrack -475 if NOT auto tranny, -100 if NO cruise control... to get a pretty acurate ACV...Also worth mentioning, if there is any pre-existing damage a percentage of that is taken off of the ACV..
I'll probably just get some minor repairs done and keep the rest of the money.
That's probably what I would do as well.... :DAdd your comment