by Guest » Wed Jun 04, 2008 09:12 pm
I was in an accident in VA. I have not yet called the insurance company because I am wondering if I would be better off paying out of pocket.
I am concerend that if I call my insurance that they will consider it a total loss, although it is totally drivable and I am driving it now. The person I hit has bumper damage, and their car is also drivable. I've asked them to get a quote from it but have not heard back from them yet.
I've gotten estimates from repair shops for an out of pocket estimate(i.e. using after market parts). The estimate is about the same as the kbb fair trade in value, and about 85% of what they estimate it at for my property tax and about 60% of the kbb fair private party value. I would consider my car in good condition (before the accident) except that there is some spillage on the seats that can't come out, which is why I quoted the kbb fair values.
I'm concerned that they'll consider it a total loss, which I don't want them to. I'd like to get my car fixed. So I'm thinking that if it is likely they'll consider it a total loss, that maybe I should not bother to call them (and so avoiding increase in fees) and pay for it out of pocket. It will be expensive but it may be better to keep my car that works, than trying to buy a new (used) car.
So I have some questions:
1. How long is too long to wait to call the insurance company?
2. How likely is it that they will consider it a total loss?
3. Is there anyway I can convince them to repair it, if they do want to declare it a total loss?
4. If they don't decide to declare it a total loss and do decide to repair it, how much is the likely jump in insurance?
5. If they want to declare it a total loss, can I at that point decide not to file the claim?
6. If they declare it a total loss and I get the money how long do they usually give you with a rental until I can find another car to purchase.
7.If they declare it a total loss and I want to keep the car, it will have a salvaged title correct? And the only way I will be able to drive it is if I get the repairs done and have the title changed? But the car will be worth significantly less? And if I by chance get in another accident, it will probably be declared a total loss again & worth a lot less?
8. What are the other repercussions of having a salvaged title?
9. Also I just renewed my registration for this vehicle, what happens if I end up having to get a new one, can I just transfer my registration?
I welcome any additional advice in addtion to the answers to my questions.
Thank you!
I am concerend that if I call my insurance that they will consider it a total loss, although it is totally drivable and I am driving it now. The person I hit has bumper damage, and their car is also drivable. I've asked them to get a quote from it but have not heard back from them yet.
I've gotten estimates from repair shops for an out of pocket estimate(i.e. using after market parts). The estimate is about the same as the kbb fair trade in value, and about 85% of what they estimate it at for my property tax and about 60% of the kbb fair private party value. I would consider my car in good condition (before the accident) except that there is some spillage on the seats that can't come out, which is why I quoted the kbb fair values.
I'm concerned that they'll consider it a total loss, which I don't want them to. I'd like to get my car fixed. So I'm thinking that if it is likely they'll consider it a total loss, that maybe I should not bother to call them (and so avoiding increase in fees) and pay for it out of pocket. It will be expensive but it may be better to keep my car that works, than trying to buy a new (used) car.
So I have some questions:
1. How long is too long to wait to call the insurance company?
2. How likely is it that they will consider it a total loss?
3. Is there anyway I can convince them to repair it, if they do want to declare it a total loss?
4. If they don't decide to declare it a total loss and do decide to repair it, how much is the likely jump in insurance?
5. If they want to declare it a total loss, can I at that point decide not to file the claim?
6. If they declare it a total loss and I get the money how long do they usually give you with a rental until I can find another car to purchase.
7.If they declare it a total loss and I want to keep the car, it will have a salvaged title correct? And the only way I will be able to drive it is if I get the repairs done and have the title changed? But the car will be worth significantly less? And if I by chance get in another accident, it will probably be declared a total loss again & worth a lot less?
8. What are the other repercussions of having a salvaged title?
9. Also I just renewed my registration for this vehicle, what happens if I end up having to get a new one, can I just transfer my registration?
I welcome any additional advice in addtion to the answers to my questions.
Thank you!
Posted: Wed Jun 04, 2008 10:10 pm Post Subject:
Can't answer alot of your questions but someone sure will. I know if it is considered a total loss you do have the option to buy it off the insurance company so to speak. I think you may have to take less than the cars value. I also would not wait too long to report this to your insurer. Propmt reporting is almost always usually better. Usually you only have a day or so to return your rental once you recieve the check. They should give you a return date and if you keep it longer you will be responsible for any days past that date.
Posted: Wed Jun 04, 2008 11:53 pm Post Subject:
Hello kabc and welcome to the community...
First...no carriers I know of use KBB, try NADA instead or list everything out about the car and I'll run it for you..
You're right it sounds like a likely total...however, you need to be VERY careful about not reporting this...I'm worried more about the other folks, becoming injured....please get a release if they allow you to pay this out of pocket...
If your vehicle totals you can still keep it and repair it (retain salvage) it will likely (depending on your states rules) have a salvage, or prior salvage title thus lowering its value (even) after repairs...If that doesn't matter to you then you might want to think about that...Rates, yep they will likely go up...if you report it..
1. How long is too long to wait to call the insurance company?
""MOST"" policys say ''promptly'' report all accidents...I'd make the decision within a day or two if possible...they CAN deny it for late report, however I've never seen this happen..oh yes, I did but it was year or more and all the damages were already repaired...still there is the possibility.2. How likely is it that they will consider it a total loss?
Post the year/make/model/mileage/options etc..I'll run it and see if we can determine the ACV (actual cash value) pretty close, then what the cost of repair is I'll see if I can find out if VA has a percent rule..3. Is there anyway I can convince them to repair it, if they do want to declare it a total loss?
Not really other than of course you are willing to accept a/m parts (which most cases you don't have a choice anyway)...and if you retain salvage they will pay you the ACV minus your deductible and the salvage value then you can do with it what you want (repair it)...You'll need to check with your state re: their requirements...some states don't even require certain vehicles to have the title branded salvage.4. If they don't decide to declare it a total loss and do decide to repair it, how much is the likely jump in insurance?
That's a company thing...Some if you have a discount that's all you'll lose, others, well could be 10% could be 50, could get canceled, it just all depends on your standing and the company and what your state allows...I can tell you that you cannot have a rate increase mid-term..it has to come when your policy renews...only..5. If they want to declare it a total loss, can I at that point decide not to file the claim?
On the collision portion maybe, however, the cats already out of the bag kind of..they may notify (they should) underwriting and make you drop collision and comp coverage until it's repaired.6. If they declare it a total loss and I get the money how long do they usually give you with a rental until I can find another car to purchase.
Typcially it's 48-72 hours after an OFFER of settlement, (notice I didn't say acceptance of the offer).7.If they declare it a total loss and I want to keep the car, it will have a salvaged title correct?
maybe that's state dependent...And the only way I will be able to drive it is if I get the repairs done and have the title changed?
again state dependent, go to the VA DMV web site, there will be info there about totaled vehicles also might check VA's Dept of Ins. web site...But the car will be worth significantly less?
Yes, if branded 25-50% less AFTER it's been declared a total even if you repair it (assuming the title is branded prior salvage)...And if I by chance get in another accident, it will probably be declared a total loss again & worth a lot less?
Correct.8. What are the other repercussions of having a salvaged title?
That's the only one I'm aware of assuming of course the vehicle has been properly repaired.9. Also I just renewed my registration for this vehicle, what happens if I end up having to get a new one, can I just transfer my registration?
Yes, typcially, also if your ins carrier totals it they will also owe you (in some form) the sales tax, as well at any title or transfering fees..Posted: Thu Jun 05, 2008 12:14 pm Post Subject:
Thank you both for your response. I have another question. Can I report the accident to my insurance but not make a claim? Im thinking about what Lori said about not reporting and the other person "becoming injured". But if I reported it, I'd still like the option to pay for it on my own if I wish. Is this possible?
Thanks!
Posted: Thu Jun 05, 2008 12:28 pm Post Subject:
Can I report the accident to my insurance but not make a claim?
Well yes, and no, you will still have to report the claim, however, make it clear that you want to pay the claim out of pocket (or you think you want to)...Then if the other party is fine with this, and tells the adjuster the same, then the adjuster can either cwp (close without payment) or totally withdraw the claim...will it still show up as a claim? Maybe, this is company dependent...so ask, but still shouldn't be chargeable if there have been no payments made. However, I understand that some carriers provide discounts for ''no claims'' so you might want to check that out....Im thinking about what Lori said about not reporting and the other person "becoming injured".
I've seen these types of claims go bad...or people 'decide' after getting advise from friends and family that they can get another couple hundred bucks for a sore neck....so really I think to protect yourself you'd be wise to turn it in....But if I reported it, I'd still like the option to pay for it on my own if I wish. Is this possible?
Yes, for the two companies I've worked for this happens all the time...I don't see any reason why this wouldn't be possible...Let us know what happens and if we can be of further assistance...
PS..have you called the other party? Might not be a bad idea to call them, and ask about estimates etc....that way you will know when you call the claim in if you still want to pay it out of pocket or not, and can advise the adjuster of same...Also another thing, that might make these other people feel better...tell them that you intend to pay them with gauranteed funds, like a cashiers check, money order etc...might put them at ease some.
Posted: Thu Jun 05, 2008 12:48 pm Post Subject:
Thanks so much for your repsonses Lori. I called them and told them that I wanted to pay for it out of pocket, and they said they would get an estimate. I haven't heard back from them although I called and left a message. I am going to call them again then I am going to call and report it. I will let you know what happens.
Thanks!
Posted: Thu Jun 05, 2008 02:39 pm Post Subject:
I still haven't heard back from the other people involved in the accident. However I have called my insurance and they said that I can decide later whether I want to have them payout or pay myself, but they are responsible for the other person so they will contact him. Thanks so much for all your help!
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