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Replacement Cost by Insurance Company for Totaled Vehicle

196 messages,  Last post on Nov 17, 2009 at 7:17 PM

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What is this discussion about? Car Safety, Buying Insurance, Coupe, Convertible, Hatchback, Truck, Sedan, Wagon, SUV, Van

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#35 of 196 Re: Totaled Caddy- undervalued. What now? [Mr_Shiftright] by luckymom Jun 13, 2005 (2:36 pm)
Replying to: Mr_Shiftright (Jun 13, 2005 1:46 pm) It's a 2001 Caddy SLS. about 40,000 miles (probably less- that's what we agreed upon, though)- was in near perfect condition. This car was babied- didn't even have any parking lot dings... Just had new tires and brakes put on (less than 2 weeks prior to accident). All the options are pretty much standard- I think the only things it's missing were cd changer and bose stereo.   I think the thing that's ticking me off is they are willing to use a buy here/pay here dealer that deals in auction cars, but not a regular dealer. I understand nobody pays full retail, but really a buy here pay here dealer price is more legitimate??? Replies to this message: Mr_Shiftright (Jun 13, 2005 5:48 pm)
#36 of 196 Re: Totaled Caddy- undervalued. What now? [luckymom] by Mr_Shiftright HOST Jun 13, 2005 (5:48 pm)
Replying to: luckymom (Jun 13, 2005 2:36 pm) I think if they offered me around $18.5K I'd take it and feel okay with that. I'd probably even settle for $17K but I'd start whining below that I guess.
#37 of 196 buy back by rellimdr Jun 14, 2005 (11:10 am)
The insurance company just offered us $4700 for our totaled ''95 s10 blazer. They said that if we wanted to buy it back it would be about $1200. Does that sound right? I thought buy back was around 10% of the vehicles worth. Replies to this message: Mr_Shiftright (Jun 14, 2005 2:02 pm)
#38 of 196 Re: buy back [rellimdr] by Mr_Shiftright HOST Jun 14, 2005 (2:02 pm)
Replying to: rellimdr (Jun 14, 2005 11:10 am) They can charge whatever they want I believe (not aware of any law but your state might be different than mine, so you can check with your State Insurance Bureau or call Consumer Affairs for your State or County).   Yes, my experience is that 10%-13% is about the norm. Are you sure they aren't wrapping your deductible into this number?   Also, they must offer you tax and license fees on top of that $4,700, but if you buy the car back they don't owe you tax and license fees.
#39 of 196 buy back by rellimdr Jun 14, 2005 (2:36 pm)
The girl that hit the blazer was found totally at fault. So her insurance company is the one handleing everything. So as of now her ins. is paying us $4700 and they're giving us a tax waiver for up to that amount to pay for license on a replacement car. Here is a photo of the damage. http://www.frycustom.com/users/chevyscrounger/Pictures/blazerwreck/rear.JPG I hoped it could be bought for $470 so this $1200 just seemed a little over the top. Replies to this message: Mr_Shiftright (Jun 14, 2005 3:26 pm)
#40 of 196 Re: buy back [rellimdr] by Mr_Shiftright HOST Jun 14, 2005 (3:26 pm)
Replying to: rellimdr (Jun 14, 2005 2:36 pm) Oh I think that car is hurt very badly. Personally I'd think twice if I were you about buying it back. You could never fix it for $1,200 certainly. Why do you even want it? Parts or something?
#41 of 196 buy back by rellimdr Jun 14, 2005 (3:44 pm)
For parts, I would have no intention of fixing it. Replies to this message: Mr_Shiftright (Jun 14, 2005 10:41 pm)
#42 of 196 Re: buy back [rellimdr] by Mr_Shiftright HOST Jun 14, 2005 (10:41 pm)
Replying to: rellimdr (Jun 14, 2005 3:44 pm) Well maybe you could negotiate something....like "okay insurance company, tell you what....give me $4,000 + tax and license + my car and we have a deal" (I just picked those numbers out, you might need more...).   Try to work a deal with them where they can give you cash + the car. Right now they are essentially (it sounds like) offering you $3,500 + the car ($2,500 = $1,200) + tax and license. Sounds like you'd settle for something like $4,700 minus say $500 bucks to get the car back...so you want $4,200 plus the car in other words--something like that? So really you might only be $500-$700 apart here---well within the realm of negotiating. Give them your counter-offer and tell them here's a chance to clear their books on it.
#43 of 196 totaled.. by benc1 Jun 16, 2005 (3:23 pm)
Last week i was sitting at a red light and was rear ended by a drunkdriver at 50mph. (actually he hit the car behind me). Neither the drunk driver nor the driver behind me had car insurance. Today i was called by the claims guy saying that the car was to be totaled. It was a 2001 VW Passat GLS with 49K miles and i live in phoenix AZ.   My prognosis doesn't look good... what kind of market value could i expect?   ~Ben Replies to this message: Mr_Shiftright (Jun 16, 2005 11:02 pm)
#44 of 196 Re: totaled.. [benc1] by Mr_Shiftright HOST Jun 16, 2005 (11:02 pm)
Replying to: benc1 (Jun 16, 2005 3:23 pm) You can go to www.edmunds.com, click on "used cars", then click on "appraise" and fill in all pertinent information. You can use the "dealer retail" as your target price. This system we use at Edmunds is called True Market Value. You should print it out for your adjuster.

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