by Guest » Wed Dec 29, 2010 06:44 pm
I was involved in a car accident in VA and it proved to be my fault. Insurance company is GEICO. It turned out that the damage to the other party's car was more then the cost of vehicle (in VA if it's > 70% the deem it totaled as per GEICO) and they totaled her car and paid her about 6K for her car. For my car (it's 1998 Toyota camry) I have the rear bumper damaged and the quarter panel need to be replaced. I took opinion from 2 different body shops. One gave an estimate of about 1500$ and the other suggested that the car is totaled from insurance perspective and if I am ok with driving as is, there should not be any issues. There are is no mechanical damage as such to the car, cosmetic damages.
I have comprehensive/collision coverage in my policy with 500$ deductible. I am just wondering if I should go through the claim process with GEICO. I have a strong feeling that they will deem my car as totaled as well. I want to understand little more what happens if they do.
1) Can I pull the claim back once the adjuster looks at the car and declare that the car is totaled
2) I believe I have an option to keep my car even if it's declared totaled. Since car is in perfectly drivable condition I would like to keep the car. But once they declare it totaled, they reduce the payout by the deductible amount and the salvage cost. DO I and can I buy insurance on the car which is deemed totaled? What are the other side effects of this though?
I am trying to understand the process and amount of hassle. Is it really worth to go through all this or should I just not file any claim, keep driving the car?
TIA
I have comprehensive/collision coverage in my policy with 500$ deductible. I am just wondering if I should go through the claim process with GEICO. I have a strong feeling that they will deem my car as totaled as well. I want to understand little more what happens if they do.
1) Can I pull the claim back once the adjuster looks at the car and declare that the car is totaled
2) I believe I have an option to keep my car even if it's declared totaled. Since car is in perfectly drivable condition I would like to keep the car. But once they declare it totaled, they reduce the payout by the deductible amount and the salvage cost. DO I and can I buy insurance on the car which is deemed totaled? What are the other side effects of this though?
I am trying to understand the process and amount of hassle. Is it really worth to go through all this or should I just not file any claim, keep driving the car?
TIA
Posted: Thu Dec 30, 2010 05:55 am Post Subject:
DO I and can I buy insurance on the car which is deemed totaled? What are the other side effects of this though?
You will still need to obtain liability insurance, at a minimum, in order to drive the vehicle on public streets. "Salvage" vehicles are not uninsurable. The down side, if there is one, is that the value of a salvage vehicle may be lower than that of a comparable vehicle without a salvage title.
Your vehicle is 12 years old. It has little remaining value to begin with. Paying for collision coverage is mostly money poured down the drain. Even on a Camry.
Posted: Thu Dec 30, 2010 07:05 pm Post Subject:
So once the car is declared salvaged, what happens to my car title? Do i need to have a new titled used? Do i need to repair the car before I can drive it? I am not sure how much value do they deduct as salvage cost? any ideas? Will I get some money like 1000-2000$ from insurance company after deducting salvage cost and deductible?
Posted: Fri Dec 31, 2010 03:10 am Post Subject:
If you retain ownership of the vehicle, the insurer will typically report its salvage status to the DMV, and the DMV will automatically reissue you a salvage title certificate.
You will only need to repair the vehicle to the extent required to lawfully drive on the public roadway (working lights, turn signals, unbroken windows).
You might get $1000 after the deductible and salvage value are deducted, but don't be surprised if the amount offered is less than that. It may not be enough to effect the minimum repairs needed to be able to drive the vehicle.
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