by k2jnk » Fri Aug 26, 2011 09:30 pm
Was hit by a driver who ran a stop sign and totaled my car. My car had a repaired title. What decides the amount of the deduction the insurance company can take when paying me for my car?
Posted: Sat Aug 27, 2011 12:15 pm Post Subject:
. “My car had a repaired Title”
By this statement I’m assuming your car as a Rebuilt/Salvaged car.
In case of a car with a Rebuilt title on it, the ACV of the car diminishes subsequently, because it had already been totaled previously.
Your insurance company would pay you the present value of your car based on the fair market values of similar cars, minus the deductibles.
Deductions for previous damages may be itemized with a specific amount. This is limited to the fact of how well the damages were covered by proper repairing and restoration of the previous condition.
The increased resale value after correcting the damages, is the amount which the insurance company may deduct from your total loss settlement.
Posted: Sat Aug 27, 2011 02:05 pm Post Subject:
As a general rule, the value is reduced by about 25% of a vehicle without a salvage title.
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