Car crashed, total loss, What to do now?

Posted: Sun Dec 19, 2010 04:35 pm Post Subject:

How much will the insurance rate go up after they think the car is total crashed

I looked it up, my car's market value is about 10K, how much you think I can get out of it?

Is the insurance company going to cover my rental car? Or I have to pay it myself?

Posted: Sun Dec 19, 2010 06:12 pm Post Subject:

thanks for the reply. It was raining, and i was slipped and crashed into the wall on the freeway. I didn't hit anybody, but the car suffer a heavy damage.

1. How much will the rates be adjusted then if i am at fault?

2. generally, what percentage will the insurance pay? What can I do to get the most out from insurance company, so they are not cheating me?

3. It was my fault, and only me was involved in an accident. I have comprehensive collision coverage, so the insurance company will pay for my damage, but don't know they will cover my rental cost tho.

Posted: Sun Dec 19, 2010 06:21 pm Post Subject:

[quote]Differs carrier to carrier, state to state. No way to tell. I ran my truck into a wall, $6k in damages and my rates went down $3/month.

generally, what percentage will the insurance pay?

What can I do to get the most out from insurance company, so they are not cheating me?

I have comprehensive collision coverage, so the insurance company will pay for my damage

but don't know they will cover my rental cost tho

Posted: Sun Dec 19, 2010 07:09 pm Post Subject:

tcope, thanks for the reply. I really appreciate it.

1. How long does this process take? Since I didnt get the rental cost, most likely I will be renting a car, so it doesn't stall my life.

2. I was thinking collision coverage, don't know why I typed comprehensive. Do you have any tips or guides after the accident? How to be smart about the actions I take.

Posted: Sun Dec 19, 2010 09:11 pm Post Subject:

How long does this process take?

Do you have any tips or guides after the accident?

Posted: Wed Dec 22, 2010 01:05 am Post Subject:

Updates: The insurance company called, and i told them the detail, and they said most likely the title will be claim as total loss, it takes them 5 to 7 business days to make an offer to me. tcope, is it possible for you or somebody to run an estimation on how much the insurance company going to offer me ? I been read up on the forum, i draw down a couple of guide lines i need to do when i am dealing with them.

1. never accept the offer initially.
2. ask for evaluation report, and check if the data they input is correct or not. such as mileage, upgrades, cars they comparing to.
3. check for other cars on autotrader.com, and see if the value is actually close to their offer.
4. sales tax should be included base on the sale amount minus salvage amount.

Is there anything I should watch for?

Posted: Wed Dec 22, 2010 06:41 pm Post Subject:

After you find the cars online, call to see if they have been sold or are still for sale. If sold try to find out the price they were sold for, if still for sale, ask for the price they would sale the car for that day. Write these figures down, the time, the date, and the person you spoke with.

You will also want to make sure you are comparing like kind and quality with regard to mileage, options, etc. You can also do a true value appraisal of your vehicle online at edmunds.com. Make sure you are using the TMV appraisal tools. Enter the accurate mileage and zip code and options. You can do the same at Nada.com. If you search for comps and find out they are selling for considerably less than these prices or more, you'll need to determine where the discrepencies are. There will be automatic mileage deductions in the online evaluators.

With at least two values in the retail market, and several comps in your area that actually exist or sold recently, you should be able to make a reasonable argument for your loss . When the insurer gives you a copy of the value source or ccc values they came up with, call those dealers and inquire as to the values and if they sold for more or less than the insurers figures. These evaluating companies ask for the take price of these vehicles but never research back to find out the true sales values. Compare their comps to make sure you are comparing apples to apples.

Posted: Wed Dec 22, 2010 08:09 pm Post Subject:

thanks for the heads up Mike. I just did a appraisal for my car on edmund and nada.com, edmund gives $10352 for retail, and nada gives $13650 for retail and $10550 for trade- in. Which one should i look at? Trade-in , retail or private party value?

1.would the adjuster be cheating and say my car is not in a good condition, even though it is?

2. I have done some modifications or improvements on the car, but I bought the parts from private owner and i installed it myself, does it increase the value of the car? How can i prove it if they ask?

Posted: Wed Dec 22, 2010 09:24 pm Post Subject:

Most times modifications do not increase the value. The insurer owes you for actual cash value or fair market value. They do not owe you only for trade in or a private party value. You should be able to take the settlement, theoretically and find a vehicle comparable to what you had for the amount they are offering. I have seldom seen an insurer that ever thought a vehicle was in excellent condition, most times they consider most cars in average or good condition which really hurts your value. You have to consider if your car was in as good of condition as the car you are looking to purchase.

Vehicles are rated excellent if they are ready to set on a dealer lot with little or no flaws in the body, and clean interior (no cigarette burns or smokers aroma). Carpets are clean and no tears, all the glass is good, the windows work, and the motor needs no reconditioning and the tires are at least 50 to 65 percent of original tread depth. You have to look at your vehicle in this manner and consider what it may cost to bring yours up to dealer ready. Nice paint, matches? Waxed? Door handles all function, power window function?

In reality, most dealers spend about 150 to 200 dollars to detail a vehicle before they put it on a lot. Consider these factors when comparing yours to those for sale online. Things not to consider when evaluating your vehicle. Sentimental value does not make it worth more, what you gave for it does not factor in whether you got a bargain or paid too much, nor does any celebrity previously owning your car increase the value. It's difficult to be honest with yourself sometimes when trying to value your own property.

Posted: Wed Dec 22, 2010 10:07 pm Post Subject:

I spent around 1000 to tune up my car, and they don't take that into consideration? Those will actually increase the value of my car.

So the insurer owes me the suggested retail value on websites. which is higer than trade in or private party, correct?

from the specification you provided, the car i have is probably in good condition, no major defects, but at the sametime, it's not perfectly maintained with waxed, shining paint and all that.