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Smart Shopper Replacement Cost by Insurance Company for Totaled Vehicle
196 messages, Last post on Nov 17, 2009 at 7:17 PM
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With an older car I assume that the magic number for being "totaled" can be reached with relatively minor damage. $1000 or $1500 of damage might be enough to exceed the wholesale value of say a 10 year old car. If your car is totaled by the insurance company do they simply pay you the low wholesale value and then take the car or do they let you keep it? If the damage is mainly cosmetic I could see putting some money into making it road worthy and forgetting about the appearance. However, if the insurance company takes the car you would be out the difference between wholesale and retail cost. What do the experts think?
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Replying to: oldfarmer50 (Apr 04, 2007 3:44 pm) No they don't let you keep it. They get salvage bids on the car and sell it to recoup part of the claim. Itis not uncommon for people to buy back there car though on the salvage bid. |
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Replying to: Mr_Shiftright (Mar 08, 2005 5:34 pm) My questions is, IF my truck is totalled, how much can I expect to get for it--is it used retail, private party or trade-in? The truck was brand new!! Also, is there any way I can get the kid to pay my deductibles and the difference that GAP would have paid? The police told me that even if I hired a lawyer, there was no way to "squeeze blood out of a turnip"! What if he has no money or assets? Am I just out of luck--as if he'd taken a few thousand dollars out of my pocket, set it on fire, and walked away?!? IF they do repair it, but it's just not the same and has repeated problems, is there anything I can do about it? Thanks! |
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Replying to: eviljoe (Apr 08, 2007 11:39 am) People who have assets or money don't drive on a suspended license without insurance so, yes, you're SOL. Sorry, life isn't fair. As for your last question, push hard to get the thing declared a total loss so as to avoid a variety of potential future issues.
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Replying to: cccompson (Apr 08, 2007 2:52 pm) -mike
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Replying to: paisan (Apr 08, 2007 4:37 pm) |
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Replying to: eviljoe (Apr 08, 2007 11:39 am) States where auto insurance policies can exclude diminished car-value payments Alaska Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Idaho Illinois Indiana Iowa Kentucky Michigan Minnesota Missouri Mississippi Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina Tennessee Utah Vermont Wisconsin Wyoming Also Massachusetts |
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Replying to: toyoman1 (Mar 19, 2007 6:16 am) Now for you damages, you did not mention any body damage so you must have really gotten lucky and did not hit anything on the curbs. My stab in the dark would be new or like new rims, possibly tires will have to be replaced, suspension parts more than likely suffered some damages and don't forget about Wheel bearings. Just be thankful you are alive to actually write about it. Good luck with the repairs.
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Replying to: mcgrawp1173 (Apr 04, 2007 8:06 am) |
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Replying to: eviljoe (Apr 08, 2007 11:39 am) You can sue him in small claims court. It costs about $15 to file, and you don't need a stinking lawyer. You should be able to get his address and maybe SS number from the police report. You can search local records as to what he has to his name. Or just spy on him, see if he has another car, house, trailer, motorcycle, ATV, boat. Once the judgement is entered in your favor, send him an official request to pay. He has 30 days to do so. If he fails, turn over all the information you gathered on him to the Sheriff. They will seize his assests, take their cut, and give you the rest. They can garnish his wages... I have done it a few times in NY. If he has 2 more outstanding judgements against him, you get to collect triple damages. Check with FL small claims laws before proceeding. |
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