by SBx54 » Wed Dec 16, 2015 07:19 am
Hello,
I have just had my first accident, the ins co has determined that the car is a total loss based on the repairs costing more than the value of the car.
Car details:
2004 M3, all options except Nav and SMG (sequential gearbox) 167,000 miles, I'm the original owner and the car has never had an accident.
They are valuing the car at $9100 and the cost of repairs at 11k. They say the car is in good condition. When I look for similar cars with similar mileage and condition to mine I get values near 14k, This is looking through Autotrader, cars.com, listingallcars.com , and est retail values via copart. I don't have access to NADA so I can't get that value.
I have had a collision shop look at it and they say the cost to repair is in the 6k range.
The last insult is that if I accept the settlement, they want to charge me $6200 for the buyback.
I believe that they value the vehicle much higher that they are giving me due to the abnormally high buyback number.
So, If an agreement can not be found on the settlement, I want to keep the car and just fix it myself, withdraw the claim.
I believe that they are overestimating the repair cost so that they can total the car.
So I wanted to ask the communities opinion, having never had an accident I'm trying to learn as fast as possible.
I have just had my first accident, the ins co has determined that the car is a total loss based on the repairs costing more than the value of the car.
Car details:
2004 M3, all options except Nav and SMG (sequential gearbox) 167,000 miles, I'm the original owner and the car has never had an accident.
They are valuing the car at $9100 and the cost of repairs at 11k. They say the car is in good condition. When I look for similar cars with similar mileage and condition to mine I get values near 14k, This is looking through Autotrader, cars.com, listingallcars.com , and est retail values via copart. I don't have access to NADA so I can't get that value.
I have had a collision shop look at it and they say the cost to repair is in the 6k range.
The last insult is that if I accept the settlement, they want to charge me $6200 for the buyback.
I believe that they value the vehicle much higher that they are giving me due to the abnormally high buyback number.
So, If an agreement can not be found on the settlement, I want to keep the car and just fix it myself, withdraw the claim.
I believe that they are overestimating the repair cost so that they can total the car.
So I wanted to ask the communities opinion, having never had an accident I'm trying to learn as fast as possible.
Posted: Wed Dec 16, 2015 01:09 pm Post Subject:
They are valuing the car at $9100 and the cost of repairs at 11k. They say the car is in good condition. When I look for similar cars with similar mileage and condition to mine I get values near 14k, This is looking through Autotrader, cars.com, listingallcars.com , and est retail values via copart. I don't have access to NADA so I can't get that value.
How did they arrive at their value? Have you reviewed this documentation. You should. Are the prices you're coming up with asking prices or selling prices? Asking prices would not apply. You can access NADA online. Anyone can. Again, I highly recommend you review the information they used to obtain the value on the vehicle. If they used a valuation from a company called CCC, I'd be highly suspect. Id' also review the information as to how they determined the salvage value.So, If an agreement can not be found on the settlement, I want to keep the car and just fix it myself, withdraw the claim.
Yes. However, if it's an at fault accident it will still be considered as such... just without any payment.Posted: Fri Dec 18, 2015 08:46 am Post Subject:
You can repair the car yourself if you think you can afford the repair cost.
Posted: Sun Dec 20, 2015 08:06 am Post Subject:
Continue to work the claim with the insurance company and see if you cannot come to some agreement on the value of the vehicle. If you reach a stalemate and cannot get past that, then you can weigh your various options.
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