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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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Replying to: needanswers (Jul 22, 2006 11:38 am) Since these are neighbors you'd better let insurance handle it....then, if there's any bad news, it's not your fault. |
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My daughter got in and accident and appears her car is totaled. The trooper said it was not her fault, another driver ran her of the road. If the insurance company accepts liability can she ask for lost wages, cost of transportation home, etc.? Her car is a BMW and the book value is 5500 high, but the market is about 8000 for the same car, how can she get the difference from the insurance company?
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Replying to: ken303 (Jul 28, 2006 6:26 am) I'm not sure what you mean about 'market'. If the high book value is $5,500, it's rather unlikely that the car is actually worth over 50% more than that, unless she's added all kinds of things to it. If you don't want to accept the insurance company's settlement, you can hire your own appraiser and submit that appraisal to them (at your expense). If that new appraisal is higher than the insurance company's, they still don't have to pay you that---if they don't pay you the higher amount, you have to go into arbitration to dispute it (partially at your expense). cost of appraisal + arbitration will be about $500. If the difference between your appraiser's # and the insurance company's # is a few thousand dollars, this might be worth it. If it's only $500--$1,000, you may not end up with a gain. If you don't accept the insurance company's offer or the arbitrator's offer, you can probably sue the other person's insurance company (you can't really sue your own I don't think, since you have a contract for arbitration--but you didn't sign one with the other person's insurance company). |
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I got into a car accident a Gmc pickup truck rammed into the back of a lexus rx300 that in turn rammed into my 1994 mazda protege. My trunk is damaged(dont think it will open, or wont close after getting it opened), my bumper damaged, the rear quarter panel is also damaged, there is a piece that goes on the front of my car that broke and fell off. My car isnt the best looking car. But thats not why I drive it. I drive it because it is reliable and great on gas. Its not worth much I think that the value is like $1800. If the car is totaled out. Can I keep my car? Or does the insurance get it. can I buy it back from them? Ive heard this before. If so how much does it cost?
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Replying to: pinonhall (Aug 16, 2006 9:07 am) Given the damage, you'd probably be better off just buying a similar Protege with the settlement money. How you gonna drive around without a trunk that opens? |
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Replying to: Mr_Shiftright (Jul 19, 2006 4:17 pm) David
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Replying to: davidmizak (Oct 07, 2006 5:34 pm) Sounds like a total. Remember you are also entitled to sales tax and license fees on top of the amount they offer you, and you don't have to accept their offer---you can go into arbitration if there is a wide difference between what they think and what you think. Heads up---they may not reach the Kelley Blue Book price, which tends to be high. If they match Kelley, I'd say take it and move on to better things--unless of course you have modified the bike considerably and have a custom bike. |
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There are a lot of questions here about keeping your salvage vehicle. When the insurance company acquires your salvage vehicle, they do so with the intent of selling it. Salvage vendors may do this for the insurance company, or they may sell it to a salvage yard. Anyway, they intend to make money off of that salvage vehicle. If you want to keep it, or buy it back, you will have to pay whatever they have determined the salvage vehicle to be worth. It is not usually a percentage of the ACV, but may average out over several thousand vehicles to be so. Anyway, you should always be able to keep your vehicle, and only your insurance company can tell you what it will cost you.
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Replying to: jerhot (Oct 17, 2006 9:06 am) |
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Any help would be nice, I am not sure what to do. I was rear ended and it did enough damage to total the car. The insurance adjuster said that my car is only worth $3900 but the blue book value is $6600. They are taking off $1500 because it is a salvaged car, why that amount?? I had no idea it was a salvaged car when I got it and the person I got it from didn't tell me. I am paying for full coverage but if my car isn't worth the coverage I have been paying for 4 years is there something I can do with my insurance people. If I fill a claim with my insurance do they have to give me the amount I have been paying for? Please help, anything will be nice! Thank you!
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