by babyvan06 » Wed Sep 09, 2009 02:27 am
Ins. company totaled my car. They are offering 7600.00 to me. I want to buy back the car and they want 1400.00 for a running 2002 toyota camry that only has cosmetic damages.
Posted: Wed Sep 09, 2009 11:07 am Post Subject:
See, I guess a car gets totaled only when the repair costs are around 80% of it's value. Over here, they're charging you some 1400.00 (which is 18.42%) for the car, which supports their view of a car value reduction by 80% or more. I'd rather consider it a fair deal unless you have enough reasons to prove that the damages constitute only minor cosmetic changes.
Posted: Wed Sep 09, 2009 11:07 am Post Subject:
No, not at all..It depends on the way they dispose of their salvage. That's less than 20% of your vehicles ACV. Some carriers have a set percentage contract. Some (the co I work for), all of our salvage goes to IAA (ins auto auction). So I have to call (or check on their site) for an average of sale prices for the vehicle in question with the same type of mileage. Frankly if it's only cosmetic damage I'm surprised the salvage bid isn't higher. You can always attempt to negotiate this, if it's not a set contract (ie vehicles of a 'blank' age are 18% of the ACV)...It never hurts to ask...Good luck, let us know how it goes.
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