Can you keep a totaled car?

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PostPosted: Thu Jan 24, 2013 2:18 am   Post subject: In limbo over repairs  

Ok, in regards to my previous posts, problem solved. I was extremely happy with my Progressive Ins. claims specialist. Seriously she was very pleasant and easy to work with. The best part is that she actually offered a couple hundred dollars more ACV then what I was expecting. I spent several hours researching car values that were similar to mine I was prepared to put on the boxing gloves to haggle over their offer. So I am letting car go as a total loss and buying a new one I found. I am happy because I am upgrading my vehicle quite a bit for about $4,000 out of pocket.


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PostPosted: Thu Jan 24, 2013 5:06 am   Post subject:   

Just another example that insurance companies are not out to screw people over. Yes, they make mistakes, and sometimes it's a pattern of bad behavior, but, by and large, insurance companies are honest, reputable businesses that honor their contracts. If it weren't true, the companies would have been put out of business long ago.



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PostPosted: Thu Jan 31, 2013 8:41 pm   Post subject: Used car dealer  

Hello, I had bought a Ford Explorer 2002 for 9000.00. I was still paying on it when i was in an accident. The insurance co. declared it a total loss. The dealer had me pay for the title to changed to salvaged and I retained my truck. The insurance paid the dealer the damages. My question is do I still keep paying on it? What are my rights?


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PostPosted: Fri Feb 01, 2013 3:17 am   Post subject:   

Quote:
The insurance paid the dealer the damages.


How much did you owe at the time of the collision and how much was the dealer paid by the insurance company? How much were the repairs?



I assume the repairs were made and the insurance company paid the ACV of the vehicle minus the salvage value (and minus any deductible, if this was a first-party claim). That being said, you would still owe the balance of the loan minus anything left over from the insurance proceeds after the repairs were completed.


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PostPosted: Tue Apr 30, 2013 5:32 pm   Post subject: The Other driver's insurance company  

My 1997 Nissan Sentra car was rear-end by another driver with all-state insurance. The insurance company wants me to except a payoff, and the adjuster stated that insurance company does not negoitate salvage value in it's claims in the state of Florida. My car is perfectly fine to drive. It was driven from the accident as well as every day since the March 11, incident. The body not the frame was damaged with an estimated cost of $1851.00 $20 less than the 80% market value (blue book). I need to keep my car. Please advise. Thank you in advance.



Kimberlee


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PostPosted: Thu May 30, 2013 4:11 pm   Post subject: salvage car  

Can the insurance company still pays for the salvage value of the car that is not in running condition?


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PostPosted: Sun Jun 02, 2013 10:48 am   Post subject:   

Pay the salvage value for what reason? Just because the vehicle is not in running condition?



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PostPosted: Tue Jun 04, 2013 2:15 pm   Post subject: taxes and titling fees  

In nebraska, if a person has a car that has been totalled out from hail damage and the insured decides to keep the car, are they still owed the sales tax and titling fees?


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PostPosted: Wed Jun 05, 2013 4:22 am   Post subject:   

If you are retaining ownership of the vehicle your claim will be paid on the basis of the ACV of the vehicle less the salvage value. Since you are retaining title (but will have to reregister as a salvage), you should not be entitled to license and tax fees, as you have not lost these.



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PostPosted: Wed Sep 04, 2013 12:49 am   Post subject:   

So I am buyin a car from a dealership for 12,000. A hail storm came through and I got a few 5000 estimates. Unfortunately I missed my first payment this month and the dealership threatened to take the vehicle away. I'm so worried!!!! The vehicle is blue booked at 4,000!!!!!!!! Since my total loss exceeds tje KBB vqlue of car woild i retain the car wothout paymentsm What

do I do??? I feel like I'm bein ripped off but I am at a loss. Question


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PostPosted: Wed Sep 04, 2013 2:28 am   Post subject:   

Quote:
woild i retain the car wothout paymentsm
NO! You owe the dealership $12,000, minus whatever payments you have made.



Why would you buy a car worth $4000 and pay $12,000 for it?



Look in the mirror and see if either of these two words are on your forehead D I P U T S or T O I D I


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PostPosted: Fri Jan 10, 2014 2:11 pm   Post subject:   

Just yesterday my truck fell into a gigantic pothole as it was covered with heavy snow all around and I couldn't see anything. I've suffered minor injuries but the condition of the car is not at all in good shape. My friend, who is also an agent with Allstate, told me that I should claim asap since the car is totaled.



If I do so, would they take my car forever? I want to keep it. Who is going to decide ultimately that if it's totaled or not? The adjuster or the repairing shop?


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PostPosted: Fri Jan 10, 2014 10:44 pm   Post subject:   

Quote:
would they take my car forever? I want to keep it. Who is going to decide ultimately that if it's totaled or not? The adjuster or the repairing shop?
No one can take your car from you, but if it is a total loss, and you want to keep the car, then you will be paid the difference between its actual cash value (replacement cost minus depreciation) and its salvage value. That may or may not be enough money to make the needed repairs.



Most vehicles that are declared total losses must be reregistered as a salvage vehicle and be inspected prior to being issued a license.



Who determines the value of your loss? Not the repair shop. If it was up to them the value of your loss would be $1 less than the amount needed to total it. The insurance company adjuster only needs to declare that the cost to repair is $1 more than the actual cash value. Pretty good system, isn't it?


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PostPosted: Mon Jan 13, 2014 8:17 am   Post subject:   

Quote:
...paid the difference between its actual cash value (replacement cost minus depreciation) and its salvage value.


What do you mean by actual cash value? The value of the car when I bought it .. or the depreciation value? Again, what is the replacement cost? Could you please elaborate using figures?



Quote:
Most vehicles that are declared total losses must be reregistered as a salvage vehicle and be inspected prior to being issued a license.


Reregistered with whom? Who would inspect and what kind of license? I already have a driving license..

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PostPosted: Mon Jan 13, 2014 8:44 am   Post subject:   

As stated, ACV = replacement cost minus depreciation. Replacement cost is the market value of the vehicle. You buy a new car today for $25,000, the replacement cost is $25,000. But you drove it off the lot, and it just depreciated $8,000. The more miles you put on the car, the more it depreciates.



ACV = $25,000 - $8,000 = $17,000



Registered with whom? Motor vehicles are registered with the Department of Motor Vehicles. That should be obvious. Who would inspect the vehicle? The Department of Motor Vehicles. What kind of license? The one you attach to the bumper of the vehicle, sometimes surrounded by a license plate frame. The previous license must be surrendered when the vehicle is salvaged.



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