by nshri » Sat Mar 02, 2013 06:39 pm
Hi,
I have a 2000 Honda Civic DX in a good condition with 124000 miles on it. The car was in a minor accident in the neighbourhood when someone accidently hit the car on the passenger sid when moving out a parallely parkedd car. The car has a dented front door on the passenger side. and a lot of scratches on thee side.
The damage is more cosmetic and everything else is perfect. However, due to the wide area of scrarches and the dent on the front door the cost of repair might cross the value of the ccar. Currently this is valued at $3500 by kbb but has a better market value. This car has a clean historry, title and all service records perfectly maintained.
I have had estimates ranging from $3100 to $4100 for this repair from 3 different body works.
Can I get some advise on is it best to make the car a salvage title and continue using it. I will have to sell the car in next 6 months as will be moving out of California.
At this point I am still waiting for the insurance company to either approve the repair or pay a fair value.
How much will the car be worth after making it salvage title?
What is the expected fair valur that I should expect from insurance?
Is it possible to take a settlement amount from the insurer instead of totalling the car?
Thanks all for your advise.
I have a 2000 Honda Civic DX in a good condition with 124000 miles on it. The car was in a minor accident in the neighbourhood when someone accidently hit the car on the passenger sid when moving out a parallely parkedd car. The car has a dented front door on the passenger side. and a lot of scratches on thee side.
The damage is more cosmetic and everything else is perfect. However, due to the wide area of scrarches and the dent on the front door the cost of repair might cross the value of the ccar. Currently this is valued at $3500 by kbb but has a better market value. This car has a clean historry, title and all service records perfectly maintained.
I have had estimates ranging from $3100 to $4100 for this repair from 3 different body works.
Can I get some advise on is it best to make the car a salvage title and continue using it. I will have to sell the car in next 6 months as will be moving out of California.
At this point I am still waiting for the insurance company to either approve the repair or pay a fair value.
How much will the car be worth after making it salvage title?
What is the expected fair valur that I should expect from insurance?
Is it possible to take a settlement amount from the insurer instead of totalling the car?
Thanks all for your advise.
Posted: Mon Mar 04, 2013 10:18 am Post Subject: settlement amount and retaining totaled car
1. You can look up the retail value of the automobile at Kelley Blue Book's website at http://www.kbb.com/
2. Find out the vehicle's wholesale price or trade-in value by looking it up through National Automobile Dealers Association.
3. Determine the sum of the two figures and then divide it by 2 to find the current market value of the vehicle.
4. Find out the percentage used by the insurance company that deemed the vehicle a "salvage vehicle." Though it’s usually 75 percent of the market value, each insurance company sets its own limits.
5. Multiply the car’s current market value (Step 3) by this percentage to have an idea about the salvage value that is going to be paid to you.
To know how you can retain your car check this out: http://www.ampminsure.org/claims/totalledcar.html
However, the final settlement amount in that case will be much lower since the insurer will deduct salvage value.
Posted: Mon Mar 04, 2013 01:51 pm Post Subject:
I don't know if any insurance company that uses KBB. KBB is only for those inflated dealer price stickers you see on the windows. Even KBB admits that they don't list actual selling prices.
Posted: Tue Mar 05, 2013 07:15 am Post Subject:
and what about the NADA?
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