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Replacement Cost by Insurance Company for Totaled Vehicle

272 messages,  Last post on Feb 12, 2013 at 4:55 PM

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Messages Page 28 of 28

#263 of 272 Hit a Deer and the insurance company claims my car is totaled by jess11170

May 13, 2012 (7:16 pm)

May 4th I hit a deer in my new 2011 Toyota 4Runner. I purchased the car end of Feb 2012 and drove it just about two months. Only had 1968 miles and there were no flaws in or on the truck (until I hit the deer). The air bags did not deploy. May 11th the insurance company called me to tell me it was totaled. I don't understand how there could be 25-30K worth of damage. I talked with the collision center manager and he didn't think that the frame was damaged. Not sure what to do. Does anyone have an idea about the type of hidden damage that would lead to a "total loss" decision by the insurance company.

#264 of 272 Re: Hit a Deer and the insurance company claims my car is totaled [jess11170] by sanjaysdca

May 14, 2012 (10:21 am)

Replying to: jess11170 (May 13, 2012 7:16 pm)
Try to negotiate and see if you can buy the car
However be aware that in some states it may be difficult to insure salvage title.
 
Also decision to total the car is based of the value of car plus overhead (car rental + fees) + how much can an insurance company get if you they part the car out.
 
Last two can be as high as 40% (this number is insurance co. dependent).
So if to fix the car > 60% of the value = Total the car.
IF your 4runner is valued at 25K ~ 30K
and if cost of fixing is >60% = 15K ~ 18K they may decide to total the car.
You may want to negotiate with the body shop to keep the cost below the "TOTAL VALUE"...They may be willing because bodyshop will not get any business if car gets totalled...unless body shop is in used parts business.
 
So choose your bodyshop carefully.

#265 of 272 Re: Hit a Deer and the insurance company claims my car is totaled [jess11170] by kyfdx HOST

May 14, 2012 (5:55 pm)

Replying to: jess11170 (May 13, 2012 7:16 pm)
Unless you are taking some sort of large financial loss on this deal, you should be glad they are declaring a total loss..
 
Who wants an almost new car with $10K of body work?

#266 of 272 Totaled Vehicle by mlamela21

Jul 18, 2012 (6:43 am)

Recently, my 6 month-old Jeep Grand Cherokee was rear-ended by a drunk driver while it was parked on the street. The Jeep was a lease, however I had the intentions of purchasing, as I used my previous vehicle as a downpayment for 7k. The car had a payoff balance of approximately 26k at the time of accident and an MSRP of about 35k.
 
While the front part of the Jeep appears untouched, the entire rear axel of the truck was broken and one of my tires was completely detached. There is significant damage to the back side and underneath the truck. Everyone who had seen the truck had told me it was beyond repairs and that I should insist on a new vehicle, as I would no longer want this one.
 
The driver who had hit the truck only had 25k worth of insurance to cover the damages to my car, another car and a fence which he had struck. For this reason, I had to go through my own insurance company, and after sending an assessor to look at my vehicle, they are telling me they can have it repaired.
 
Has anyone ever been involved in a similar situation? How was it handled? I really would like to insist on the vehicle being replaced by my insurance company, instead of being repaired, as I feel it would no longer be the same. Once the insurance company begins repairs, I'm afraid I'll be stuck with this vehicle which I do not want. Can anyone offer any advice?

#267 of 272 Re: Totaled Vehicle [mlamela21] by blueiedgod

Jul 18, 2012 (7:12 am)

Replying to: mlamela21 (Jul 18, 2012 6:43 am)
Sorry to hear about your Jeep. It sounds like a pretty severe damage to the vehicle. Luckily, no one was in it, and no one was injured.
 
Unfortunately, you have no say in this matter. Insurance companies have guidelines that they follow. And if the max threshhold is not reached, they will not total the vehicle.
 
Another consideration is that if they total the vehicle, depending on the type of policy you have, they may simply pay off the amount owed, and leave you with nothing. This is number 1 reason not to put large sums of money as a downpayment on a leased vehicle. Once it is totaled, you may get nothing.
 
If I were you, I would read the insurance coverage documents that they sent you in the mail when you signed up and read them very carefully. If you have the type of policy that only covers the amount owed on the vehicle, then you are SOL, since you will be without a car, and your $7,000 downpayment is down the drain.
 
If you do indeed have that type of coverage, it is in your best interest to have the vehicle repaired, drive it out the duration of the lease, and then simply walk away from it. And start saving money for a downpayment on the next vehicle now, since you will have nothing at the end of the lease.

#268 of 272 Re: Totaled Caddy- undervalued. What now? [luckymom] by daytoncarcare

Jul 25, 2012 (10:38 pm)

Replying to: luckymom (Jun 13, 2005 3:36 pm)
I had an old 77 Chevy 1/2 ton pick up that got sandwiched between a 90s Jeep Wrangler and the metal divider on the freeway. It was totally the other guys fault, because he changed lanes right into me and the tire marks of his rear wheel was clearly halfway on my doors.
Anyways, although the value was maybe $1000, I had many new parts, new carpet, and modified it to mount BMW Z3 leather seats. The damage I had was two dented in front fenders, bend front bumper, broken front lights, and a dented door. The adjuster cut me a check for $3500 and I got to keep my truck (not totaled).
It cost me maybe a couple hundred in parts both new and some from the wrecking yard.
So for now on I'm looking for the next idiot that is too preoccupied with their cell phone to look in a mirror to change lanes, screw up their insurance rating and throw me a few extra bucks. LoL

#269 of 272 Re: Total loss on '01 Accord? [01accordlx] by daytoncarcare

Jul 26, 2012 (9:36 am)

Replying to: 01accordlx (Jan 24, 2011 8:34 pm)
...and you don't have to go through the insurance agent or adjuster of the person that damaged your car. You should talk to your own agent to get the best numbers.
These "adjusters" are not your friend. They work for the insurance company and they want to save them money, or they may be out of a job. For example; if your car is worth $20k, they'll probably offer you $15.5k. Which you may see as more than fair. Your happy and the rep is happy for saving money for their employers.
Case in point (2000 BMW 528i): I recently had a friend that had someone run into his car, and they deemed it a total loss. The first rep offered about $9k, but then he went to his agent and got $800 more. Needless to say we found a replacement BMW a year newer (2001 530i), lower mileage, and very good condition. He's even happier with the colors vs his previous car.

#270 of 272 Re: Totaled Caddy- undervalued. What now? [daytoncarcare] by euphonium

Jul 27, 2012 (11:03 am)

Replying to: daytoncarcare (Jul 25, 2012 10:38 pm)
$3500 is cheap for the company getting a Release & settlement that includes potential bodily injury.

#272 of 272 Small Claims Court or Other Guy's Insurance Offer? by ruthie254

Feb 12, 2013 (4:55 pm)

In January I signaled a left-hand turn at an intersection and was in the process of making the turn when a driver tried to pass me on the left. He admitted driving 57-58mph (over limit) and that he had seen my signal. He was cited for unsafe pass and has pleaded guilty and paid the fine. His insurer accepted 100% liability. Body shop repair estimate is $4659. My vehicle is a 2000 Chrysler Town & Country LX (long wheel base, E85 flex-fuel, wonderful condition) -- but with 229K miles on it. I had just gotten two new tires ($200+) had a complete tuneup/plugs/oc etc ($200+). We had purchased it with 39,959 miles on it and a prior salvage title and maintained it religiously, loved the vehicle, had every intention to continue driving it. Great, dependable vehicle. So of course his company is offering $1600 (deducting $847.23 for the "title history") -- based on a JD Powers Valuation report with "comparable" vehicles from 113 to 298 miles away from me. I have attempted to negotiate -- I showed them three other comparable flex-fuel T&Cs (years 2000-2003) within 100 miles of me, lower mileage but priced up to $6995 and proposed $3494 to his insurer. They refuse to budge from $1600. In my state (Iowa) the small claims limit is $5000. I am thinking of filing a small claims action against the other driver asking that he either repair or replace my vehicle. His insurer company will have a duty to defend him. I do not think that I will have trouble proving liability. Can I come out worse than the $1600? Any suggestions, ideas for negotiation -- anything? Thanks for any help--this has been very upsetting--driving along, minding my own business in a vehicle that I loved, and feel like I'm getting taken to the cleaners. Familiar story, I know.

Messages Page 28 of 28

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