by Guest » Fri Jul 30, 2010 05:48 pm
Hi, my car was stolen and involved in an accident. The police recovered the vehicle and my insurance co has determined it to be a total loss. Their settlement offer seems low. I'm having a list made of the repair work done to the car this year and there was no prior damage. Any advice going into a situation like this? Is the offer usually lower when there isn't another insurance company involved (other driver)?
Thanks in advance,
John
Thanks in advance,
John
Posted: Fri Jul 30, 2010 08:35 pm Post Subject:
Is the offer usually lower when there isn't another insurance company involved (other driver)?
They are required to settle with on the value of the vehicle minus any deductions (wear and tear, mileage etc.) Do you know what the value of your vehicle is?
Posted: Sat Jul 31, 2010 01:07 am Post Subject: insurance
Hey, GUEST (JOHN)....you said, in the subject, 'stolen and totaled'. If your car was totaled, the damage would 'outweigh' the value of the vehicle. Of course, I don't know your situation (if you can afford to get another vehicle, etc..). But....I'm not sure how you can go about trying to repair a 'totaled' car. I know one of the Experts (on the Forum) will tell you. I DO know a few people who have had repairs done to 'totaled' vehicles.
Posted: Sat Jul 31, 2010 12:40 pm Post Subject:
the damage would 'outweigh' the value of the vehicle.
The threshold for total loss is usually 70%-80% of the "actual cash value" (market value less depreciation). That does not "outweigh" the value of the vehicle, it just prevents the insurer from being forced to pay more than that.
It is often possible to repair a "totaled" vehicle to roadworthy status. But if the insurer is paying for a total loss, the vehicle owner must pay the insurer to get the vehicle back in its damaged condition. Why? Because the insurer is exchanging the payment for the property.
To obtain the property by other means is usually called "theft".
Posted: Sat Jul 31, 2010 10:06 pm Post Subject: insurance
Here's a question,. for you, MAX. Can the same vehicle be repaired (safely) if it has been 'totaled' over and over again? I don't know anyone that has done this, but..I'm just curious.
Posted: Sun Aug 01, 2010 01:16 am Post Subject:
Can the same vehicle be repaired (safely) if it has been 'totaled' over and over again?
That's a question for an auto body mechanic, not an insurance agent. I am only the latter.
Posted: Sun Aug 01, 2010 12:52 pm Post Subject:
Here's a question,. for you, MAX. Can the same vehicle be repaired (safely) if it has been 'totaled' over and over again? I don't know anyone that has done this, but..I'm just curious.
yes, I've personally totaled the same vehicle three times. :roll:Posted: Sun Aug 01, 2010 01:06 pm Post Subject: insurance
Gosh, LORI!! You would think the more you 'total' the SAME vehicle, the MORE 'unsafe' it is becoming (hope you're understanding this comment). Is there a 'limit' (lack of a better word), how many times you can 'total' the SAME vehicle?
Posted: Sun Aug 01, 2010 05:03 pm Post Subject:
I'm having a list made of the repair work done to the car this year and there was no prior damage.
Keep in mind that maintenance repairs don't increase value, only maintain the value (rebuilt engine, repairs to exhaust, oil changes, etc). I'd recommend you start with determining how the insurance company determined the value. If you don't know this, how can you know the amount is too low.I've personally totaled the same vehicle three times.
Someone needed to turn in a Risk Report. No reason to allow comp/coll on a vehicle that has been totaled out (insurance company is collecting a premium based on a full value vehicle but claims should be paying around 25% less then value). It's also a bad risk (every additional loss is going to result in the insured collecting the ACV).Posted: Tue Aug 03, 2010 11:23 am Post Subject: insurance
I don't think I would feel safe, driving my vehicle, if my vehicle was 'totaled' more than a few times. I understand it would be 'fixable',...but, I think, everytime it WOULD be 'totaled', it would wear down more.
Posted: Wed Aug 04, 2010 03:56 pm Post Subject:
.
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Gosh, LORI!! You would think the more you 'total' the SAME vehicle, the MORE 'unsafe' it is becoming (hope you're understanding this comment). Is there a 'limit' (lack of a better word), how many times you can 'total' the SAME vehicle?
SD,
Usually when one thinks of a Totaled automobile they picture a smashed bent twisted pile of metal. Especially if they've spent most of their lives driving late model automobiles. (less that five years old)
But there are plenty of nice, clean, mid-mileage *Older* automobiles that get Totaled due to low resale value instead of severe structural damage.
Damage as little as a front bumper cover, Grille, A/C condenser, and maybe a headlamp or two will total them. Nothing un-safe about replacing those parts and putting the auto back on the road. Even 2, 5 heck 10 times or more. [although at ten times ya gotta wonder if that driver should even have a drivers license.]
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