by nshri » Sun Mar 03, 2013 01:32 am
Hi,
I have a 2000 Honda Civic DX in a good condition with 124000 miles on it. The car was in a minor accident in the neighbourhood when someone hit the car on the passenger sid when moving out a parallely parkedd car. The car has a dented front door on the passenger side. and a lot of scratches on thee side.
The damage is more cosmetic and everything else is perfect. However, due to the wide area of scrarches and the dent on the front door the cost of repair might cross the value of the car.
During the accident I had my 1 year old son in car seat with 2 other adlults in the car.
Currently this is valued at $3500 by kbb but has a better market value. This car has a clean historry, title and all service records perfectly maintained.
I have had estimates ranging from $3100 to $4100 for this repair from 3 different body works.
Can I get some advise on is it best to make the car a salvage title and continue using it. I will have to sell the car in next 6 months as will be moving out of California.
At this point I am still waiting for the insurance company to either approve the repair or pay a fair value.
How much will the car be worth after making it salvage title?
What is the expected fair valur that I should expect from insurance?
Is it possible to take a settlement amount from the insurer instead of totalling the car?
Thanks all for your advise.
I have a 2000 Honda Civic DX in a good condition with 124000 miles on it. The car was in a minor accident in the neighbourhood when someone hit the car on the passenger sid when moving out a parallely parkedd car. The car has a dented front door on the passenger side. and a lot of scratches on thee side.
The damage is more cosmetic and everything else is perfect. However, due to the wide area of scrarches and the dent on the front door the cost of repair might cross the value of the car.
During the accident I had my 1 year old son in car seat with 2 other adlults in the car.
Currently this is valued at $3500 by kbb but has a better market value. This car has a clean historry, title and all service records perfectly maintained.
I have had estimates ranging from $3100 to $4100 for this repair from 3 different body works.
Can I get some advise on is it best to make the car a salvage title and continue using it. I will have to sell the car in next 6 months as will be moving out of California.
At this point I am still waiting for the insurance company to either approve the repair or pay a fair value.
How much will the car be worth after making it salvage title?
What is the expected fair valur that I should expect from insurance?
Is it possible to take a settlement amount from the insurer instead of totalling the car?
Thanks all for your advise.
Posted: Sun Mar 03, 2013 02:38 am Post Subject:
Is it possible to take a settlement amount from the insurer instead of totalling the car?
This is not your decision to make. Your contract provides for Actual Cash Value (= Replacement cost minus depreciation). Your vehicle is 13 years old and has 124000+ miles (the maintenance record is immaterial). The vehicle is already near its salvage value.is it best to make the car a salvage title and continue using it.
No one here can answer that question for you.What is the expected fair valur that I should expect from insurance?
Check NADA for comparables.I am still waiting for the insurance company to either approve the repair or pay a fair value.
When you get this, then come back with your questions.Add your comment