by dadaniels7779 » Fri Nov 19, 2010 10:54 pm
I feel that I am getting the short end of the stick here. My van was considered totaled, and I don't believe it was that bad at all. Front bumper completely came off, slight leaking of fluids in the front- but NO air bags were deployed. Also, the amount they are offering me for my van seems really low and I feel I should be offered more?? Please help....First accident, never dealt with this type of situation before.
Posted: Fri Nov 19, 2010 11:50 pm Post Subject:
Your van had a pre-accident value the moment before the accident. It now has an unrepaired post-accident value (often referred to as salvage value). If the cost of repairing the vehicle is less than the pre-accident value minus the post-accident value, then they'll repair the vehicle.
Otherwise, they will, at your direction, either keep the vehicle and pay you the pre-accident value, or let you keep the vehicle and pay you the pre-accident value minus the post-accident value.
If you are concerned, you can ask for a written valuation of your pre-accident vehicle. You can also get a written estimate from the salvage company that is willing buy your vehicle (it usually sells in an online auction with a 30-day grace period or something similar). With those two numbers, you know how much in repairs the insurance company is willing to pay to repair the vehicle. You can get your own estimates, or try to get the insurance company's estimate in writing.
Sometimes it's more of a judgment call by a body shop, so if you press the issue, you may be able to fine-tune the costs, although no shop is going to want to commit to a price they don't think they can meet. You might be surprised at the cost of repairs these days! Matching paint alone can get very expensive.
I had over $7000 in repairs on a car that was rear-ended with no air bags deployed, and there were no leaking fluids on that one. Get the numbers and then you can see what you're looking at.
Good luck, and let us know what you find out if you need any more help!
Posted: Sat Nov 20, 2010 12:46 am Post Subject:
Your van had a pre-accident value the moment before the accident. It now has an unrepaired post-accident value (often referred to as salvage value). If the cost of repairing the vehicle is less than the pre-accident value minus the post-accident value, then they'll repair the vehicle.
Otherwise, they will, at your direction, either keep the vehicle and pay you the pre-accident value, or let you keep the vehicle and pay you the pre-accident value minus the post-accident value.
Excellent explanation, Dave!
And the rest of your advice is excellent, too.
Posted: Sat Nov 20, 2010 05:31 am Post Subject:
Excellent explanation, Dave!
Thanks a lot! Someone totaled our car last year and the owner's insurance company would not give us a fair valuation. While I never want to go through the experience again, on the plus side, I really feel like I got a great education about the whole process.
It's amazing how parts of it are very objective, scientific and mathematical, and other parts are very subjective and sometimes based on nothing more than opinion.
Thanks again. I like sharing what I've learned because I remember when the whole thing began, it felt like such a mystery. I was lucky to get some good advice along the way, so I'm just hoping to pass that along to someone else who could use the help.
Posted: Sat Nov 20, 2010 08:15 am Post Subject: the totaled 2001 Honda Odyssey
Thanks guys for all of the input and explanations- it is helpful. Now on to my next topic regarding the settlement amount we were offered. Thanks again.
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