Hi, see..your insurance company would definitely consider it a total loss once the repairs exceed 75% of the car worth. That's why many of us would simply ask the carrier to retain the car with it's salvage title. This would certainly reduce a small amount from your check. I'd never try to fix it if it's damaged that bad...rather I'd choose to buy another car. Steven
Posted: Tue Apr 21, 2009 09:32 am Post Subject:
well, my country don't have such rules as car totaled.
Our insurance company set a rules on paying lesser if the damage cost is more than certain percent of the car current market value. No matter how much is the car damage, they are still paying according to the paying categories table set on the policy.
Posted: Wed Apr 22, 2009 03:02 pm Post Subject:
so in theory at least I could call and get a bid of 1k for salvage, and another company may have a contract that gives them 500 or 1500...
I think it's better to take bids rather than relying on contracts while handling salvages. The percentage mentioned in a contract may or may not be worthy of the different market conditions.
Posted: Thu Apr 23, 2009 11:36 am Post Subject:
I think it's better to take bids rather than relying on contracts while handling salvages
It's really not a chose, if the ins company an adjuster works for has a salvage contract then they have to go by that..the company I work for has had these contracts in the past but currently (lass three years or so) we are required to get a bid for the average salvage recovery for same type of vehicle with similar damage.
Posted: Fri Apr 24, 2009 02:24 pm Post Subject:
the company I work for has had these contracts in the past but currently (lass three years or so) we are required to get a bid for the average salvage recovery for same type of vehicle with similar damage.
Any specific reason why they started looking for bids?
If going by a contract you suffer losses then that's not worth it.
Posted: Tue Apr 21, 2009 06:51 am Post Subject:
Hi, see..your insurance company would definitely consider it a total loss once the repairs exceed 75% of the car worth. That's why many of us would simply ask the carrier to retain the car with it's salvage title. This would certainly reduce a small amount from your check. I'd never try to fix it if it's damaged that bad...rather I'd choose to buy another car. Steven
Posted: Tue Apr 21, 2009 09:32 am Post Subject:
well, my country don't have such rules as car totaled.
Our insurance company set a rules on paying lesser if the damage cost is more than certain percent of the car current market value. No matter how much is the car damage, they are still paying according to the paying categories table set on the policy.
Posted: Wed Apr 22, 2009 03:02 pm Post Subject:
so in theory at least I could call and get a bid of 1k for salvage, and another company may have a contract that gives them 500 or 1500...
I think it's better to take bids rather than relying on contracts while handling salvages. The percentage mentioned in a contract may or may not be worthy of the different market conditions.
Posted: Thu Apr 23, 2009 11:36 am Post Subject:
I think it's better to take bids rather than relying on contracts while handling salvages
It's really not a chose, if the ins company an adjuster works for has a salvage contract then they have to go by that..the company I work for has had these contracts in the past but currently (lass three years or so) we are required to get a bid for the average salvage recovery for same type of vehicle with similar damage.Posted: Fri Apr 24, 2009 02:24 pm Post Subject:
the company I work for has had these contracts in the past but currently (lass three years or so) we are required to get a bid for the average salvage recovery for same type of vehicle with similar damage.
Any specific reason why they started looking for bids?
If going by a contract you suffer losses then that's not worth it.
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