by Rubicon » Thu Oct 14, 2010 06:59 pm
My jeep is totaled out I am told and I want to buy it back, I am trying to figure out how much it will cost? Also I had it insured for 10k more for all the custumization and parts. I am trying to understand how the pay off will work. There was no other vehicle involved. I owe around 16000 on it and it has 51000 miles onit and it is a 2004 Rubicon.
Posted: Thu Oct 14, 2010 08:17 pm Post Subject:
This first issue you have is if the lien holder will allow you to retain the vehicle. They have the say so as they hold the title. The insurance company will deduct the salvage value of the Jeep from their offer. This amount needs to be able to pay off the lien otherwise there is little reason for the lien holder to allow this.
As far as the offer and salvage value, the insurance company will let you know these amounts.
Posted: Thu Oct 14, 2010 08:27 pm Post Subject: jeep totaled
SO I owe 15,500 on it I got a policy to cover an extra 10k on the lift kit wheels winch, etc. How will this factor in It's 2004 Jeep Wrangler Rubicon.
Posted: Thu Oct 14, 2010 09:03 pm Post Subject:
The insurance company obtains the value on the vehicle and then needs to add in the value of the added items to determine the correct value of the vehicle. They also need to determine it's current salvage value.
Posted: Thu Oct 14, 2010 09:07 pm Post Subject: jeep totaled
a buddy recommended swapping the things out before they get there. Is this ok to do or what should I do?
Posted: Thu Oct 14, 2010 09:16 pm Post Subject:
If you do that, it _may_ lower the value of the vehicle
It just depends. Do those items really add value over what you'd be putting back on the vehicle? Sometimes not. Are those items going to add more value to the vehicle then their value if you kept them? Usually not.
An example would be a nice aftermarket radio. You might have bought it for $600 but the value it adds to the vehicle is only $100. It's probably worth more to you then the $100. The difference is that the insurance company is considering what value the item added to the _entire_ vehicle... not the value of the item itself. Of course, this may change if there is a rider on the policy that gives specific coverage for aftermarket items (you mentioned this). This rider to the policy may consider the value of the aftermarket item on it's own... not what value it adds to the vehicle.
You do need to replace those items with something. For example, if you take the radio out and don't replace it, there will be a deduction in value for the missing radio.
Posted: Thu Oct 14, 2010 09:47 pm Post Subject: jeep total
No we are talking brand new off road 35 inch tires on Beadlock rims. I mean alot of it I will have to buy again everything was upgraded to the best off road gear there is All the extra stuff is pretty much reusable and maybe will need to put a little money to fully repair them. Only thing still factory is radio, engine and tranny. I know if I sell them on Craigs list I can get almost if not minimum 80% of what I paid for them. I have 15k in extra mods.
Posted: Fri Oct 15, 2010 05:30 am Post Subject:
Theoretically, if you have modified the vehicle and the insurer has provided coverage for those items, removing those items prior to turning the vehicle over to the insurance company diminishes the value of the vehicle as tcope has written, and you would have to replace them with other parts of "like kind and quality" as would be the insurer's responsibility to you if the vehicle was not totaled.
You need to speak to the insurance company about what your may or may not do, including retaining a salvage title to the vehicle, and at what cost. By totaling the vehicle, the insurer is purchasing the vehicle from you in exchange for the claims payment.
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