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Have you read your policy to see if there is a limit on what they will pay? You are upside down by all most 100% I've never seen a policy that covers that much.
He is not that upside down. The damage was at $8000 which is more than 50% of the value of the vehicle. That is why it was totaled.
He is not that upside down. The damage was at $8000 which is more than 50% of the value of the vehicle. That is why it was totaled.
Quote:
Originally Posted by Jay2kidd
the cost to repair is equal to the value of the car. The insurance company quoted about 8,000but i still owe around 15,000 for the car.
You are confusing value(what its worth) for what he owes. If the vehicle is being totaled out at $8000, that sets the value pretty close to that. He owes close to twice what the vehicle is worth.
He does not need any of those credentials. Every car has a salvage value, and if you own the car outright you can buy it back at the salvage value. Now depending on the state(like Florida) you live in, you may not be able to legally drive the car on the road again, and will need to get a certificate of destruction
He doesn't own the car outright, he owes twice what the cost of repair was estimated at.
Don't know where you get your information, but private people are not allowed into an insurance auction, only qualified dealers. Actually, not only are they not allowed into insurance auctions, but are not allowed to attend most auto auctions. As far as what is the salvage value, it is whatever the highest bidder is willing to pay. There is no set value until the hammer falls. Ins companies want every cent they can get, they don't just set a price on it, the go to the highest bidder. Perhaps it is different in the state you live in, but not likely.
I was fleet manager for a large government fleet for 20+ years and am quite familiar of every facet of buying, selling, repairing, and disposing of vehicles of every kind and description. I have sent many hundreds, if not thousands of vehicles to auction.
You can repair a wreak and get a salvage title on it and drive it forever. If you sell a vehicle with a salvage title, the value is significantly less due to having a salvage title..
Buying a vehicle with a salvage title is a gamble, some are perfectly fine, some are a disaster waiting to happen. It all depends on who did the rebuild, a craftsman or a con man looking for a fast buck...
There are car lots in this state that sell nothing but vehicles with salvage titles. Buy em, fix em, sell em...
He doesn't own the car outright, he owes twice what the cost of repair was estimated at.
Don't know where you get your information, but private people are not allowed into an insurance auction, only qualified dealers. Actually, not only are they not allowed into insurance auctions, but are not allowed to attend most auto auctions. As far as what is the salvage value, it is whatever the highest bidder is willing to pay. There is no set value until the hammer falls. Ins companies want every cent they can get, they don't just set a price on it, the go to the highest bidder. Perhaps it is different in the state you live in, but not likely.
I was fleet manager for a large government fleet for 20+ years and am quite familiar of every facet of buying, selling, repairing, and disposing of vehicles of every kind and description. I have sent many hundreds, if not thousands of vehicles to auction.
You can repair a wreak and get a salvage title on it and drive it forever. If you sell a vehicle with a salvage title, the value is significantly less due to having a salvage title..
Buying a vehicle with a salvage title is a gamble, some are perfectly fine, some are a disaster waiting to happen. It all depends on who did the rebuild, a craftsman or a con man looking for a fast buck...
There are car lots in this state that sell nothing but vehicles with salvage titles. Buy em, fix em, sell em...
I get my info from the DOI who licence me to adjust claims for 5 years, so from my wife who worked in the total loss department for events before she moved over to clismsm but I am sure your 20 years as a fleet manager trump my daily experience handling claims.
When you total a car. Your insurance company can give you two set of numbrrs. one, owner retain. Owner keeps the car, or two they keep the car. Owner retain numbers are going to be slightly lower because they don't get to sell it. Nowadays must insurance company's use Copart or similar. They sell their cars, they use an eBay style online auctio, where anyone can bid/buy.
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As for repairing a totaled car, like I said. In Florida if the damage is too high(in this case it sounds like the damage is at 100%)the car is considered salvage, then you are not allowed to fix the car to drive on public streets and you must get a certificate of destruction Florida Salvaged Vehicle Regulations | DMV.org
The only thing you got right in your post is he isn't going to be able to buy it back because he is too far upsidedown.
Last edited by Me007gold; 07-02-2016 at 03:56 AM..
I get my info from the DOI who licence me to adjust claims for 5 years, so from my wife who worked in the total loss department for events before she moved over to clismsm but I am sure your 20 years as a fleet manager trump my daily experience handling claims.
He doesn't own the car outright, he owes twice what the cost of repair was estimated at. Don't know where you get your information, but private people are not allowed into an insurance auction, only qualified dealers. Actually, not only are they not allowed into insurance auctions, but are not allowed to attend most auto auctions
That is very true, BUT it is very common for insurance companies to sell the totaled car back to the consumer for "Salvage Value."
I was always under the impression that if an insurance company tells you they will pay X amount of dollars for your totaled car, that is what you had to accept. I've come to find out that is not necessarily true. An acquaintance totaled her Range Rover and would not accept the amount the insurance wanted to pay, she went back and forth with them and eventually they upped that amount. I was quite surprised and didn't know that you don't have to accept their initial offer.
You can request the company retain an independent appraiser evaluate the vehicle (in some states, at least) and if you still don't like the numbers you can get your own appraiser and if they don't agree you can request arbitration.
(I've been out of that game for a while, so check to see if the same applies to your area.)
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