Retain totaled car

by squiggles41187 » Tue Jun 23, 2009 09:56 pm

My car has very little damage, mostly cosmetic but it has been deemed totaled by the insurance company. If I choose to keep the car, it is still in great running condition, how do they decide how much to give me then? It obviously won't be the total amount needed to fix the damage.

Total Comments: 17

Posted: Fri Jun 26, 2009 12:29 pm Post Subject:

Hi Squiggles,

Part of my concern is how much they might reduce the value of my car by the salvageable amount. In my research I think my car is worth about $3250 and the damage is $3690 so I don't know how much they will deduct from the actual cash value for the "buy back"



I'd beg to differ from what Jeremy has to say regarding the absence of any formula that determines the deduction from ACV.

Generally an insurance carrier would deduct 20% of the actual cash value mentioned in your settlement.If the amount doesn't seem acceptable to you, you may ask your carrier to show you a realistic offer to buy your damaged car. The bidding of salvage operators for individual cars is not common with most companies.

They'd rather have a set-up wherein a fixed ACV % would be paid upon salvage operations. Now, would you accept a value equivalent of your car's ACV prior to it's loss?

Or is it that the amount could be insufficient in your case?

Thanks, Roddick

Posted: Mon Jun 29, 2009 10:32 am Post Subject:

Rod, I think what Jeremy meant, (and he is correct) is that there is no 'uniform' determination of salvage values between companys...some company's do use a flat percentage..some have a contract, the one I work for I have to call IAA (Ins auto auction) on every single vehicle for a bid, or an average sales price...It just depends on the company and their own procedures for disposition of salvage.

Posted: Mon Jun 29, 2009 02:10 pm Post Subject:

That's correct, each company is different. I am required to break out my 20 sided die in order to determine the hit points of the mage.... of wait... sorry, wrong process.

Posted: Mon Jun 29, 2009 11:00 pm Post Subject:

oh Todd, you're killin' me.... :lol:

Posted: Fri Oct 11, 2013 10:06 pm Post Subject:

My car was deemed totaled by driver at faults insurance company. My DMV wont renew my registration because they say I have to repair car. I used the insurance money to pay off the car because the damage is only minor cosmetic. Is there a way to get car registered without having to repair it

Posted: Sat Oct 12, 2013 04:11 pm Post Subject:

Is there a way to get car registered without having to repair it

Not an insurance question but also... what did the DMV tell you? If the damages were only cosmetic then you should be able to have the DMV inspect the vehicle to see if it's safe to drive. This is usually what they are looking for.

Posted: Sun Oct 13, 2013 02:43 pm Post Subject:

My car was deemed totaled . . . the damage is only minor cosmetic.

This is what is known as a non sequiter. Minor cosmetic damage does not equal total loss. Someone here is not being truthful.

My DMV wont renew my registration because they say I have to repair car.

I would assume that the DMV is taking the insurance company's opinion concerning a total loss. If the damage is only "cosmetic" -- which I doubt -- the DMV would not demand repairs. There are plenty of vehicles on the roads in America that could use a little "make-up" if they are going out in public.

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