Retain totaled car

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PostPosted: Tue Jun 23, 2009 9:56 pm   Post subject: Retain totaled car  

My car has very little damage, mostly cosmetic but it has been deemed totaled by the insurance company. If I choose to keep the car, it is still in great running condition, how do they decide how much to give me then? It obviously won't be the total amount needed to fix the damage.

squiggles41187
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PostPosted: Tue Jun 23, 2009 10:09 pm   Post subject:   

They will deduct the salvage value from your settlement.



They will determine the vehicles ACV (actual cash value), minus the salvage value, (all carriers handle that part differently some have contracts, some bids, some a flat percentage based on year and damage)...then you get the rest and the car. Of course if it's a first party claim your collision or comprehensive deductible will be deducted as well...You are in effect 'buying it back' for what they could sell the salvage for.



Be sure you check your state laws regarding this FIRST. Some states have pretty tough rules about this, and many hoops to jump thru before you can put it back on the road. Still others, you don't have to do anything...so be sure you check that out first. The adjuster you're dealing with will likely know how this is handled.



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PostPosted: Wed Jun 24, 2009 10:03 am   Post subject:   

Hi squiggles41187,



Quote:
Mycar has very little damage, mostly cosmetic but it has been deemed totaled by the insurance company.


Is it your insurance company? Or is it the other party's carrier?

I guess it's yours..



Remember that even a totaled car is worth something!

I guess it's your property and you always have the right to retain the salvage.



Now, which state are you in?



Is it necessary to mention "salvage" in your car title as per your state norms?



Steven
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PostPosted: Wed Jun 24, 2009 9:12 pm   Post subject:   

The car is mine and it is my insurance company. I am in New Mexico and I am still researching if I will have to register it as being a salvaged title if I keep it. It is my understanding that in some states if the owner chooses to keep the car instead of it going to auction it doesn't have to be registered as a salvage title.



What kind of hoops might I have to jump through? I heard I might have to have it inspected but I m not worried about that since, as I mentioned the damage is minor and mostly cosmetic

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PostPosted: Thu Jun 25, 2009 5:23 am   Post subject:   

Hi squiggles41187,



Quote:
What kind of hoops might I have to jump through?


Full coverage would be removed on the car once it's considered as 'totaled'.



Did you ask them whether they'd reduce a percentage of your settlement in relation with the salvage value of the car?





Steven
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PostPosted: Thu Jun 25, 2009 5:34 am   Post subject:   

Hey Squiggles41187,



Have you checked with the adjuster about the possibilities of retaining the car? What was her answer?



Quote:
I am in New Mexico and I am still researching if I will have to register it as being a salvaged title if I keep it.




As far I know New Mexico doesn't allow reconstruction title on a salvaged vehicle.
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PostPosted: Thu Jun 25, 2009 11:54 am   Post subject: insurance  

LORI..........remember I posted about my car accident? The OTHER Insurance Co 'totaled' my car...however, I can still drive it. Brackets are bent, frame is bent, etc. Well.......I DO need a car......however ( of course) the damages was more than the car is worth right now. How do 'you' buy back a totaled car..if you wanted to?

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PostPosted: Thu Jun 25, 2009 12:48 pm   Post subject:   

Hi squiggles41187,



Quote:
I heard I might have to have it inspected but I m not worried about that since, as I mentioned the damage is minor and mostly cosmetic


Did the adjuster ask you to get it inspected?

Or did you hear it from someone else?



Quote:
I am in New Mexico and I am still researching if I will have to register it as being a salvaged title if I keep it.


I doubt it but you need to be sure..



Did you check with the dept. of insurance in your state?



Steven
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PostPosted: Thu Jun 25, 2009 8:55 pm   Post subject:   

I haven't spoken to the "total loss specialist" adjuster yet because one won't be assigned to my case until after the police report is proccessed. The claim adjuster that inspected my car told me it was going to be considered totaled and he told me that buying it back would be an option.



As far as the salvage title and inspection stuff, they are things I came across doing some research online because I didn't understand what happened once your car was deemed totaled.



Part of my concern is how much they might reduce the value of my car by the salvageable amount. In my research I think my car is worth about $3250 and the damage is $3690 so I don't know how much they will deduct from the actual cash value for the "buy back"

squiggles41187
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PostPosted: Fri Jun 26, 2009 4:32 am   Post subject:   

Hello Squiggles41187,



Quote:
In my research I think my car is worth about $3250 and the damage is $3690 so I don't know how much they will deduct from the actual cash value for the "buy back"




Well, it seems that they would go about totalling the vehicle since the repair cost is clearly exceeding the ACV of the car.



However, there is no formula to determine how much salvage amount would be deducted from the ACV if you are allowed to retain the totalled vehicle. It's the decision of the insurance company.



Anyway, have you checked with the adjuster whether the state allows retention of salvaged cars? Since the information I've received about NM it reflects that salvaged vehicles are not permitted to be on road in the state.



You must check with the state DMV to avoid troubles in the future.



~Jeremy
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PostPosted: Fri Jun 26, 2009 6:54 am   Post subject:   

Hi Squiggles41187..



Quote:
I haven't spoken to the "total loss specialist" adjuster yet because one won't be assigned to my case until after the police report is proccessed.




Did you come to know about when this police report is gonnabe processed?



Quote:
The claim adjuster that inspected my car told me it was going to be considered totaled and he told me that buying it back would be an option.




I'm sure your claims adjuster is well aware of the New Mexico state guidelines regarding retention of your car. Are you sure that he told you regarding your option to buying it back?



Quote:
As far as the salvage title and inspection stuff, they are things I came across doing some research online because I didn't understand what happened once your car was deemed totaled.




Did you come across anything interesting while searching online?



Steven
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PostPosted: Fri Jun 26, 2009 12:29 pm   Post subject:   

Hi Squiggles,



Quote:
Part of my concern is how much they might reduce the value of my car by the salvageable amount. In my research I think my car is worth about $3250 and the damage is $3690 so I don't know how much they will deduct from the actual cash value for the "buy back"




I'd beg to differ from what Jeremy has to say regarding the absence of any formula that determines the deduction from ACV.



Generally an insurance carrier would deduct 20% of the actual cash value mentioned in your settlement.If the amount doesn't seem acceptable to you, you may ask your carrier to show you a realistic offer to buy your damaged car. The bidding of salvage operators for individual cars is not common with most companies.



They'd rather have a set-up wherein a fixed ACV % would be paid upon salvage operations. Now, would you accept a value equivalent of your car's ACV prior to it's loss?



Or is it that the amount could be insufficient in your case?



Thanks, Roddick
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PostPosted: Mon Jun 29, 2009 10:32 am   Post subject:   

Rod, I think what Jeremy meant, (and he is correct) is that there is no 'uniform' determination of salvage values between companys...some company's do use a flat percentage..some have a contract, the one I work for I have to call IAA (Ins auto auction) on every single vehicle for a bid, or an average sales price...It just depends on the company and their own procedures for disposition of salvage.



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Lori
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PostPosted: Mon Jun 29, 2009 2:10 pm   Post subject:   

That's correct, each company is different. I am required to break out my 20 sided die in order to determine the hit points of the mage.... of wait... sorry, wrong process.

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PostPosted: Mon Jun 29, 2009 11:00 pm   Post subject:   

oh Todd, you're killin' me.... Laughing



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