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 Posted: Wed Oct 22, 2008 9:55 pm Post subject: 91 pick up revised question |
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| I had not enterd all info. Again: I have a 91 pick up that was in an accident I was hit by another driver at his fault. The truck is not damaged that bad. But the insurance co. deems the repairs worth more than the truck. Can I keep the truck w/o going through reconstruct title? I have about $5000.00 into the truck in less than 2 years. to have a reliable truck New exhaust, paint, brakes, shocks you name it. However if I do let them take my truck can I remove the new cap, swap new expensive tires, and large aftermarket sterio equip???? |
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Proshowentertainment1
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Joined: 22 Oct 2008
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| Posted: Wed Oct 22, 2008 10:51 pm Post subject: |
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Tough situation with an older vehicle. This same question came up a few months ago. The situation is that the truck is worth much more to you then it's value. I can certainly see that.
How the adjuster is going to handle it it up to the insurance company. Personally, when I could, I'd just pay the claim and let the person keep the vehicle (sometimes this went against state law). How I looked at it was that I was not paying much on the older vehicle and the salvage value, to me, was very low... that is, it would cost me more to pick it up and sell it then I'd get back. So I'd be loosing money if I took it. So the owner was doing me a favor by keeping the vehicle. So why not return the favor and not deduct any salvage. But many insurance companies are just dead set on "collecting" salvage (I guess they'd rather prop up their salvage bottom line and make a report look good even if it really meant they were loosing money).
The tough part is that most states _do_ require that they be notified the vehicle was a total loss. So if you keep the truck 1) the adjuster might deduct it's salvage value and 2) they might send a letter to the state informing that it was a total loss. If the title is changed to a salvage title, you might not be able to register it. I'd recommend calling your local DMV and asking them.
You can keep anything on the vehicle but if it's being considered in the value the insurance company is paying, it will lower the amount of their offer. If they take possession of the truck and you are going to leave those items on it, then you need to make sure that they considered those items.
Just a note, new exhaust, paint, brakes and shocks are going to add nothing to very little to the value (I'd say anything done more then 6 months ago would not add any value)... those items maintain the value, not increase it (paint might add just a little). |
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tcope
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| Posted: Thu Oct 23, 2008 5:24 am Post subject: |
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The insurance company may not care for the parts that haven't come with the original car, i.e. the aftermarket parts that you might have added to improve the performance of the vehicle. However, you may still need to get it clarified by the insurance company.
Explain to them that you would like to remove the additional equipments and since these are not OME parts and not covered under the policy, the insurance company may not oppose to your idea.
However, the aftermarket parts may not add extensively to the value of the totaled car may be a couple of dollars only.
~Jeremy |
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JeremyHolter
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| Posted: Thu Oct 23, 2008 5:55 am Post subject: |
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| This is a 3rd party claim so AM parts should be considered as they are part of the loss (ie an insurance policy is not involved). |
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tcope
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| Posted: Thu Oct 23, 2008 11:00 am Post subject: |
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| I am with t-scope. I have had value added when there was aftermarket parts on my vehicle. |
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fireyone
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