by Guest » Thu Apr 09, 2009 11:43 pm
First off, let me say hello, my name is Frank. I live in NY and I was driving in NJ when this car accident happened. I drove a 2001 S500 valued at around 16000 by the insurance company, the insurance company of the man at fault is State Farm. When the accident happened the entire rear of the car was damaged as well as rear axle damage on the inside, costing repairs of about 14000. So naturally State Farm decided to total the car I do not want the car to be totaled so I told them no that I wanted a check for as much as they could repair which they said they couldn't do that due to "NYS Insurance policies" which I believe is a lie. So they still want to claim the car as totaled and give me a salvage retention form which would take away the salvage price from the car and allow me to keep it.
I have a handful of questions I'd like to ask;
First. They want a copy of the title of the car to release the check, are they entitled to this? Can I just give them my ID and Registration copies?
Second. does anyone know the policies regarding NYS Insurance guidelines? (I'll do some personal research myself on this matter but help would be appreciated)
Third. I feel this car is valued a bit more, when I bought it in 2001 it was about 82,000 fully loaded with DVD players and tv's on the inside for my kids. How much do you think an S500 in good condition with 160000 miles on it will fetch?
Thank you for thanking the time to view this.
I have a handful of questions I'd like to ask;
First. They want a copy of the title of the car to release the check, are they entitled to this? Can I just give them my ID and Registration copies?
Second. does anyone know the policies regarding NYS Insurance guidelines? (I'll do some personal research myself on this matter but help would be appreciated)
Third. I feel this car is valued a bit more, when I bought it in 2001 it was about 82,000 fully loaded with DVD players and tv's on the inside for my kids. How much do you think an S500 in good condition with 160000 miles on it will fetch?
Thank you for thanking the time to view this.
Posted: Fri Apr 10, 2009 12:14 am Post Subject:
which they said they couldn't do that due to "NYS Insurance policies" which I believe is a lie.
Most (all?) states require insurance companies to consider a vehicle to be a total loss when the cost to repair it is a percentage of the value. Usually 70% of 80%. In your case why would Allstate want to pay in excess of $16k for a vehicle that can be repaired for $14k?First. They want a copy of the title of the car to release the check, are they entitled to this?
Yes as they need to verify ownership (that they are paying the correct person) and my guess is that they will send a copy of it into the state to inform that the vehicle was considered a total loss. At that point the state will issue you a salvage title.How much do you think an S500 in good condition with 160000 miles on it will fetch?
You can check NADA online to get a good idea. You should also obtain Allstate's valuation paperwork and review it to make sure it's correct (correct options, correct mileage, etc).Posted: Fri Apr 10, 2009 01:01 am Post Subject:
No but I don't want my car to be switched a salvage title I don't think you understand that, I'm trying to ask them for a check for the repairs not for totaling the car.
Posted: Fri Apr 10, 2009 03:22 am Post Subject:
a car is considered totaled when the repair costs of a car is more than 80% of the car's ACV (Actual Cash Value). this amount varies from state to state, but it can be used as a rough guide. if your car's that badly damaged then i dont think it'll be worthwhile to attempt repairs.
as for the value of your car, do note that cars depreciate in value. if you're doubtful about their estimate, check the website for the value of the car to ensure that they've got the correct estimation. you could also call the insurance company and get them to send someone to re-evaluate your car.
Posted: Fri Apr 10, 2009 03:24 am Post Subject:
No but I don't want my car to be switched a salvage title I don't think you understand that, I'm trying to ask them for a check for the repairs not for totaling the car.
I understand but it's beyond their control. Feel free to call NY's Dept of Insurance and confirm when the state requires the insurance company to consider a vehicle a total loss. If they need to consider it a total loss, they would be _required_ to make sure it has a salvage title. Now, there is a slight chance someone won't do their job and send notification into the State but I'd not count on that.If the value of the vehicle is $16,000, then the repair cost cannot be more then $12,800. It's well over that at $14,000. If it were close I'd say there might be some options but that is a big difference.
Posted: Thu Apr 16, 2009 03:48 am Post Subject:
They want the title so that they can verify ownership and so that they can send the title to the state so that a salvage title can be issued. If you pay the salvage fee to keep the vehicle then the insurance co is suppose to send the salvage title to you. The salvage fee will obviously take away from the amount of the check they issue to you for the vehicle.
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