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 Posted: Tue Oct 11, 2011 9:57 pm Post subject: rear-ended, my insurance says it "totaled", I want |
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Hello Everyone,
I was sitting at a red light and got rear-ended by a minivan. The person who hit me admitted fault to the police officer and was cited. The person who hit me has USAA and I have Safeco. My insurance company is telling me the car is totaled and want to give me a settlement for the perceived value of the car, '05 Jaguar. I want my car fixed!!! bottom line! What can I do or am I really at the mercy of insurance carriers? USAA has not contacted me yet. Any advice would be truly welcomed. Thank you.
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bklynchris
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| Posted: Tue Oct 11, 2011 10:41 pm Post subject: |
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You need to find out the following three values:
(1) Actual cash value of your car, i.e. what it was worth right before the accident;
(2) Salvage value of your car, i.e. what it's worth now after the accident;
(3) Estimated repair costs to fix your vehicle.
Then it turns into a math problem: if the estimated repair costs are greater than the difference between the actual cash value and the salvage value, then the insurance company is not going to do the repairs.
If your insurance company pays you for the full actual cash value of your car, then they have the right to sell your car and collect it's salvage value to help offset their costs. So they are at most on the hook for this difference, i.e. actual cash value minus salvage value.
If the repairs cost less than this difference, then they'll do the repairs and save themselves some money. But they are not going to do the repairs if it's just going to cost them more money.
If you insist that the repairs be done, then you can collect the actual cash value minus the salvage value from the insurance company and then go and get the repairs done yourself. If the repairs cost more than what you collected from the insurance company, then you have to make the difference up yourself.
I hope that all makes sense!
Good luck to you.
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I am not a doctor or a lawyer, and I do not work in the business of insurance. Take my advice at your own risk! |
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dave18
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Joined: 26 Apr 2010
Posts: 49
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| Posted: Tue Oct 11, 2011 10:56 pm Post subject: |
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I understand, but my problem is how can my insurance carrier say my car is totaled? Shouldn't it be the insurance carrier of the person who hit me? I'm told if I do get my car fixed, then I would get a "salvage title". What is that? Would I still be able to get insurance? This stinks! I was hit while sitting at a red light. You would think that the other persons insurance would fix my car regardless. I shouldn't have to play a "numbers" game with my property.
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bklynchris
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| Posted: Tue Oct 11, 2011 11:29 pm Post subject: |
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| Quote: | | Shouldn't it be the insurance carrier of the person who hit me? |
Do you have collision coverage? If so, then maybe your insurance company is taking care of this for you as a courtesy. If you want, you can probably tell your insurance company that you'd like the other insurance company to handle this for you. But chances are, the other insurance company is likely to make the same determination since they are going to perform the same calculation.
| Quote: | | I'm told if I do get my car fixed, then I would get a "salvage title". What is that? Would I still be able to get insurance? |
A salvage title is a "branded title" indicating that the car has sustained major damage and subsequent repairs. If you ever go to sell the car, it will be worth less money since it will no longer have a "clean title". If you get into another accident, the actual cash value of the car will be less as well. Salvage title cars are worth less money primarily because many people will not buy them, no matter how much you discount the price.
Yes, you can still get insurance. I own it a salvage title car and it is insured.
| Quote: | | I shouldn't have to play a "numbers" game with my property. |
Well, you don't. You can always let the insurance company take the vehicle and cut you a check. But if you are thinking about spending your own money in order to have the vehicle repaired, then you should probably run the numbers yourself.
Good luck to you.
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I am not a doctor or a lawyer, and I do not work in the business of insurance. Take my advice at your own risk! |
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dave18
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Joined: 26 Apr 2010
Posts: 49
12.32 Dollars($)
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