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 Posted: Sun Jul 06, 2008 8:40 pm Post subject: my suv has been totaled out for hail damage trying to find o |
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| need to know what % of the salvage suv would for a totaled out hail damage to buy back |
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hotrod
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Joined: 06 Jul 2008
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| Posted: Mon Jul 07, 2008 6:06 am Post subject: |
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Why do you want to buy back the totaled vehicle? Do you think that you'll be better off by buying it back from the insurance company?
In many cases, its actually difficult to buy back the car once it is inside the salvage yard and also some states don't allow purchasing the car back if it is declared totaled by the insurer. hence, just check with your state laws for clarification.
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notsoinformed
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| Posted: Mon Jul 07, 2008 6:41 am Post subject: |
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Make them an offer of 50% and more on the salvage value, they may agree to it. However, it'll depend upon the make and model of the car and also on its age. Thanx
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Keith_the_handsome
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| Posted: Mon Jul 07, 2008 7:00 am Post subject: |
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My friend, the salvage value of the car can't be determined as a percentage of the ACV. Hence, its difficult to figure out what they might charge as a salvage value.
Salvage value of the car is the amount that the insurance company is expecting to receive by selling your car to an authorized salvage dealer.
Secondly, the salvage amount will also depend upon the car's make and model. If the car is more than ten years old, the salvage amount on it will be nominal. Also the possibilities are high that the insurance company will allow you to keep it.
Thirdly, the insurer may cut you the check after deducting the salvage amount. Hence, you may not get the chance to negotiate it.
However, if you're really interested in retaining the car, inform your insurer right away, as some other poster has mentioned earlier, that you can't actually recover the car once it is towed to the salvage ground by the insurance company.
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TXlad
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| Posted: Tue Jul 08, 2008 1:10 am Post subject: |
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All company's are different in the way they handle their salvage, for instance the company I work for I have to call a large company (IAA-Ins. Auto Auction)....and get a 'bid' they look into their computer and get an average for same yr/make/model and damage...other companys have a set percentage, (NEVER 50% that I have heard of anyway)....just ask your adjuster how much the 'buy back' is, they will let you know...
I don't blame you a bit for wanting to retain it if it is good mechanical shape...remember that should you have another loss, the ACV of the vehicle (with a salvage title) will be substantially less anywhere from 20-50% less than the value they have placed on it now..
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Lori
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