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Clean retail value per NADA with average mileage is close to $68,000 and that's bottom of the line.
Florida law is that repair costs must be at least 80% of the ACV for the car to be declared a total loss.
80% of $68,000 = $54,400.
So if the insurance company doesn't want to pay out under the new car replacement, they have about $55,000 to play around with to make the repairs? Is there anything in FL that mandates total loss if certain damages (even if under the 80%) are present such as snapped frame?
So if the insurance company doesn't want to pay out under the new car replacement, they have about $55,000 to play around with to make the repairs?
The insurance company doesn't have a choice. The repair shop writes up the repair cost. If it's under the statutory 80% threshold it's repairable.
Florida statute 319.30(3)(a)1. As used in this section, a motor vehicle or mobile home is a “total loss”:
a. When an insurance company pays the vehicle owner to replace the wrecked or damaged vehicle with one of like kind and quality or when an insurance company pays the owner upon the theft of the motor vehicle or mobile home; or
b. When an uninsured motor vehicle or mobile home is wrecked or damaged and the cost, at the time of loss, of repairing or rebuilding the vehicle is 80 percent or more of the cost to the owner of replacing the wrecked or damaged motor vehicle or mobile home with one of like kind and quality.
Quote:
Is there anything in FL that mandates total loss if certain damages (even if under the 80%) are present such as snapped frame?
No. Not in the statute. An insurance company could have such a contingency in the policy, but I've never seen one written that way.
So if the insurance company doesn't want to pay out under the new car replacement, they have about $55,000 to play around with to make the repairs? Is there anything in FL that mandates total loss if certain damages (even if under the 80%) are present such as snapped frame?
That car is going to be totaled. I was at a body shop last month that had a nice Escalade that was still driveable getting totaled. Why? The frame was bad.
They make money selling the smashed car. So they payoff the owner, take the wrecked car and put it on Copart and let someone else fix/sell it.
The insurance company doesn't have a choice. The repair shop writes up the repair cost. If it's under the statutory 80% threshold it's repairable.
Florida statute 319.30(3)(a)1. As used in this section, a motor vehicle or mobile home is a “total loss”:
a. When an insurance company pays the vehicle owner to replace the wrecked or damaged vehicle with one of like kind and quality or when an insurance company pays the owner upon the theft of the motor vehicle or mobile home; or
b. When an uninsured motor vehicle or mobile home is wrecked or damaged and the cost, at the time of loss, of repairing or rebuilding the vehicle is 80 percent or more of the cost to the owner of replacing the wrecked or damaged motor vehicle or mobile home with one of like kind and quality.
No. Not in the statute. An insurance company could have such a contingency in the policy, but I've never seen one written that way.
Also consider they have to be able to fix it in a reasonable time frame. Insurance companies today see the parts delays as a problem. That Navigator is a goner
Clean retail value per NADA with average mileage is close to $68,000 and that's bottom of the line.
Florida law is that repair costs must be at least 80% of the ACV for the car to be declared a total loss.
80% of $68,000 = $54,400.
The opinion of the "guy at the lot," that the car is a total loss, is worth just as much as my opinion that the car is repairable.
Keep us posted.
Thanks. This appears to be the NJ requirement:
"A car is considered a total loss in New Jersey when the vehicle's actual cash value is equal to or less than the cost of repairs plus the salvage value"
I looked up salvage value and it doesnt seem to be such a low number so I would think that definition increases the likelihood of it being declared a total loss.
It seems like the tow company isnt having an easy time getting the car out of the lot. Funny because I saw complaints in online reviews about the lot trying to hang onto the car to increase fees but the guy was relatively cooperative so I was hoping our experience would be good. I spoke to the adjuster the end of the day Tuesday and he said he was trying to get someone to evaluate the car in the original tow lot.
Did the police issue a citation to the other driver (e.g., careless driving, crossing the centerline, etc.)?
Yes, these are the citations issued:
However, I dont really know that she couldnt easily get those dismissed as the police did not witness the accident and I think that makes it much more likely that she could dispute them successfully.
I havent really talked to anybody with real knowledge but the more I think about this the more likely I think it is that she is going to sue me. Everyone kind of gives their opinion of what they think is right or wrong or what makes sense to them but that doesnt have to be consistent with reality.
Also consider they have to be able to fix it in a reasonable time frame. Insurance companies today see the parts delays as a problem. That Navigator is a goner
The adjuster I spoke with mentioned that it has been taking 3-4+ months to repair cars, longer than he has ever seen.
I havent really talked to anybody with real knowledge but the more I think about this the more likely I think it is that she is going to sue me. Everyone kind of gives their opinion of what they think is right or wrong or what makes sense to them but that doesnt have to be consistent with reality.
You keep saying this... why? Why would she sue you and for what?
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