Totaled-car Settlement

Submitted by Anonymous (not verified) on Thu, 10/16/2008 - 05:05

Hi everyone!
What can I expect from my carrier once my car gets totaled following an accident? Can I expect a high settlement amount at least? Purpleheaded08

Posted: 16 Oct 2008 05:29 Post Subject:

Yes, you can expect that.


You may not get it... but you can expect it.

I guess it also depends on your view of "high settlement amount". Your "high" may be different then the insurance companies "high".

The insurance company is going to pay "Fair Market Value". How they arrive at this is different from carrier to carrier.

Posted: 16 Oct 2008 05:30 Post Subject:

Hi Purpleheaded08,
Every Auto insurance co. would definitely take into account the worth of your car as well as the repair charges while declaring it as 'totaled'. Under circumstances when your car worth is less than the repair charges, then the carrier would declare it as 'totaled' and offer you the cash settlement that you're talking about.
So, the entire concept is relative- I mean, if your car is not so costly then any minor damage may get it totaled. On the other hand, a major blow caused to a costlier model may just fetch you the repair charges.
Crossbreed

Posted: 16 Oct 2008 05:32 Post Subject:

You may expect the actual cash value of the car. The actual cash value is determined by surveying the values of the cars with same make and model in the local market.

Can I expect a high settlement amount at least?



That you may have to negotiate with the insurance company adjuster but remember the insurance company owes you only what is due. Hence, you may not receive the same amount that you have paid for the car while buying it.

Over years motor vehicles suffer wear-n-tear and hence may fetch a lower trade-in value than its original price.

Posted: 16 Oct 2008 11:19 Post Subject:

Hi all..
I think our expectations should always be based on reality!
Your carrier would certainly avoid auctioning your car (if its there for more than 10 years) and hand it over to you in case you choose to possess it. Even by doing so, your carrier would certainly pay you for the ACV of your car (less the worth for which your car could have been auctioned). It would then be up to you to bear the repair charges.

But my friend, always remember that in case your car gets pushed to the salvage yard it would be real hard for you retrieve it. So, in case you have such options of re-possessing your car, then don't hesitate to convey your wish to your carrier.
Thanks, Roddick

Posted: 16 Oct 2008 11:43 Post Subject:

Purple have you even had an accident?

Posted: 16 Oct 2008 02:20 Post Subject:

Purple have you even had an accident?


I didn't face the bite..but my friend Iago who's from Portugal did!
(He's in Florida..for a long-term project)..but yeah, it bothers me a lot to think of such circumstances..
Purpleheaded08

Posted: 16 Oct 2008 02:25 Post Subject:

OMG....you are friend's with Iago? Is he here working on a sequel?

Posted: 16 Oct 2008 06:21 Post Subject:

It is good to always think about the future but it needs to be kept in perspective. Unless you have gotten a rather good deal on a vehicle you can not expect to prosper from an event like this. Insurance is there to replace or fix waht we own. It either restores something (if possible) to its orighinal shape and value or replaces it according to value. As long as they are doing this then you are getting what you paid for.

Posted: 01 Jan 2013 10:29 Post Subject: title

I bought back my totaled car and insurance wants a copy of title do I have to give copy of title before I get settlement?

Posted: 01 Jan 2013 10:31 Post Subject: title

I bought back my totaled car and insurance wants a copy of title do I have to give copy of title before I get settlement?

Posted: 02 Jan 2013 02:01 Post Subject:

I bought back my totaled car and insurance wants a copy of title do I have to give copy of title before I get settlement?



You need to prove ownership or at least show that you had an insurable interest in the vehicle.

Most likely they need the information to send to the state so the title is changed to a salvage title.

Posted: 09 Apr 2013 10:52 Post Subject: Truck was totaled

My truck was recently totaled by another driver who admitted fault running a red light. The insurance company informed me that there going to pay retail since the truck is only 4months old but am i entitled to a pay off and can i ask for more money in a settlement to get me into another truck? I know there are two adjusters handling my claim one for the truck and one for my personal injury.

Posted: 10 Apr 2013 12:04 Post Subject:

See my sig.

but am i entitled to a pay off and can i ask for more money in a settlement to get me into another truck?


No. Your deal with the finance company has nothing to do with your damages. I could fiance a 1980 Escort for a million dollars... this does not mean it's worth a million dollars.

Posted: 10 Apr 2013 05:16 Post Subject:

You are only entitled to the ACTUAL CASH VALUE of your vehicle at the moment prior to the collision. ACV = replacement cost minus depreciation. If no essential depreciation (which I doubt, because simply driving the vehicle off the lot makes it a used one worth thousands less), then you are entitled to the full price of a new vehicle, same make and model and equipment.

As tcope has said, your obligation to the financing entity is a separate matter. It is a contractual relationship between that company and you. You owe them the money you borrowed, whether you have a vehicle to show for it or not. But without the vehicle that was the security for the loan, your loan will be accelerated and become due in full. If you had purchased GAP coverage, any shortfall would be covered.

Posted: 05 May 2013 09:23 Post Subject: Selling 'Totaled' Car to Someone Else

My 2001 Toyota Camry was in a one car accident, hitting a snow bank and landing on the driver's side. The front underside was damaged including the headlight, and the driver's side has external dents and the outside mirror torn off. One or two tires need to be repaired/replaced. There is no internal damage. It starts and was able to be driven onto the flatbed. The insurance adjuster said it was totaled. Any idea what it is worth if I sell it outright? Obviously, I would inform them of the accident. I
The car didn't have coverage, just liability. Is it worth something to someone who wants to fix it up and drive it? Please advise. Thanks

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