Honda Civic

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PostPosted: Fri Jan 11, 2008 6:38 pm   Post subject: 2002 Honda Civic  

I received an estimate on my car today that is 68% of the total value. Will my insurance company total my car? I want to keep the car...I think the estimate is really high...what should I do if the insurance company totals my car? State Farm Insurance, Texas


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PostPosted: Sat Jan 12, 2008 10:51 am   Post subject:   

I sincerely doubt that your vehicle will total, the lowest thresold I've ever seen (when a percent rule is in place in a state) is 70%. ""IF"" it does total you as the owner always have first option to retain the salvage...keep it repair it with the total loss or ACV (actual cash value) amount less the salvage ... and get on down the road...your vehicle hence forth will have a salvage or former salvage title, making it worth 20-45% less though so remember that should you suffer another loss that results in damage.



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PostPosted: Wed Jan 16, 2008 12:01 pm   Post subject:   

Normally, the insurer declares a vehicle 'totaled' if its cost of mending exceeds its market price. However, each insurer has a set threshold to consider a MV for 'totaling' and in most of the cases it comes around 70% -80%. Now when the total cost of repair is coming only at 68% of the value of the car, IMO its very unlikely that they will consider it as 'total'.


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PostPosted: Wed Jan 16, 2008 12:10 pm   Post subject:   

Quote:
I think the estimate is really high...what should I do if the insurance company totals my car? State Farm Insurance, Texas




Have you considered the option of obtaining another quote from another body shop? If you suspect that the estimate if very high, you can ask estimation from another body shop that you trust.



If they total your car, which I too believe is very unlikely in your case, you always have the right to retain the car. You need to inform the insurer that you don't want car towed to the salvage yard. Hope the input helps.



Thanks,

Numan

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PostPosted: Fri Jan 18, 2008 1:56 am   Post subject:   

Quote:
I received an estimate on my car today that is 68% of the total value. Will my insurance company total my car? I want to keep the car...I think the estimate is really high...what should I do if the insurance company totals my car? State Farm Insurance, Texas





In your post you don't state what kind of damage and whether or not the vehicle was torn down when the apppraiser did the estimate.



Sometimes a supplement for hidden damage will push the repair cost over the percentage used to determine a total loss.



They could also consider salvage and additional damage of the vehicle. If you are the claimant, they may have to consider diminished value if your state allows it.


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