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 Posted: Sat Apr 04, 2009 11:46 pm Post subject: "Insurance company is totaling a |
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| "Insurance company is totaling a slightly cosmetically hail damaged car; who legally retains the vehicle?" Everything else on the car is in excellent working condition, (2005 Cobalt Chevrolet). I am still paying on it, but I also have gap insurance. |
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MichaelWright
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| Posted: Sun Apr 05, 2009 1:58 am Post subject: |
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I believe in most or all states you have the first right to buy the salvage back.
Most insurers use Copart, or Insurance Auto Auction, two national companies that will auction it off. |
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CascadeDave
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| Posted: Sun Apr 05, 2009 3:22 am Post subject: |
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If you owe more then the vehicle is worth, the GAP carrier should make you turn over the salvage to the insurance company. The lien holder will do the same if the value of the vehicle less the salvage value is not enough to pay off the loan.
If the amount the carrier is paying is more then you owe, then you have a right to keep the vehicle. However, the insurance company will deduct the salvage value from their offer. This could be a large amount given the cosmetic damage to the vehicle. |
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tcope
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| Posted: Sun Apr 05, 2009 5:04 am Post subject: |
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recently i have observed so many discussions in the same fashion that although the damage is cosmetic but still the insurance company is turning it to the total loss. It is really proving a troubled situation for the car owner.
legally you have the right to keep the vehicle if you are ready to pay the deductibles.If your car's value is really worth then one should keep the vehicle otherwise not. 
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amit
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| Posted: Sun Apr 05, 2009 1:04 pm Post subject: |
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Why is your insurance company doing so when you know that the car is not totally damaged and is in excellent condition. Try to have a talk with the company and enquire with them relating their action. Or consider taking legal action. It will help, I think.
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tusharagg87
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| Posted: Sun Apr 05, 2009 2:37 pm Post subject: |
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| Quote: | | Why is your insurance company doing so when you know that the car is not totally damaged and is in excellent condition. |
Because labor cost is around $40-$50/hour plus parts. The hood might be $300 plus labor. The roof might be about $1000 in labor and the deck lid might be $200 plus labor. If the vehicle is only worth $3000, it's a total loss. The dents might look small (cosmetic) but that is a _lot_ of damage overall.
Paintless dent removal is sometimes an option but perhaps not in this case. |
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tcope
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| Posted: Sun Apr 05, 2009 4:10 pm Post subject: |
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tcope this is really a nice illustration why even the cosmetic loss is also turning into a total loss. Good illustration alltogether and a self explainatory post indeed.I appreciate your efforts once again.
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amit
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| Posted: Sun Apr 05, 2009 4:19 pm Post subject: |
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If your car is in good condition you insurance company will not pay you because you have gap insurance.The damager is legally retains the vehicle.
Thanks.. |
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buckisaa
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| Posted: Mon Apr 06, 2009 12:48 pm Post subject: |
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Thanks for the explanation tcope. I exactly do not know how much the car here in question cost but still he can recheck his claim
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tusharagg87
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| Posted: Tue Apr 07, 2009 5:09 am Post subject: |
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| legally you have the right to keep the vehicle if you are ready to pay the deductibles |
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SuperAgent
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| Posted: Tue Apr 07, 2009 5:41 am Post subject: |
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| Quote: | | legally you have the right to keep the vehicle if you are ready to pay the deductibles |
The lein holder can certainly veto this as they have an interest in the condition of the vehicle. |
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tcope
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| Posted: Tue Apr 07, 2009 7:27 am Post subject: |
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Hi Michael
| Quote: | | Everything else on the car is in excellent working condition, |
Your insurance company must have some reason why it's writing off your car. Is it beyond repair? Is the repair value more than what your car is worth? In either case your insurance company may deem your car totaled. In this case you will only get the book-value of the car from your insurance company. However, if you want to retain the car, you will have to inform the insurance company and I guess you have the right to do so. You can retain your car if you wish to. Repair it with the deductibles + some out-of-pocket money. But first carefully consider the cost of repairing. tcope has already pointed out how huge it can be. So if you have been thinking of retaining, give it a second thought.
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sil
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sil
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| Posted: Tue Apr 07, 2009 8:42 am Post subject: |
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Sil
this is really an informative post on the subject matter. thanks |
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buckisaa
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| Posted: Tue Apr 07, 2009 9:24 am Post subject: |
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You're welcome buckisaa. Our community aims at helping all those who need help with insurance. This is why we take this effort to offer all the assistance that we can. We have similar situations experienced by different individuals and the situations are also dealt with differently. So it always helps if we can offer a variety of solutions.
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sil
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