Isurance Company Asking to Total My Car

[webcontacts00]

Hello All,

Bad time for this. I was in an accident. I have 2004 Hyundai Elantra. (No debt on it right now. I paid 12k for it.) Insurance company is paying me 7500 to total the car.

I was wondering if I can bargain some how to get any more money on the car.

Thanks a lot for your time.

[segmond]

if it's not going to cost a lot to fix it, you can buy the car back for them for dirty cheap, and fix it and keep the rest of the money.

[kork13]

Originally Posted by segmond

if it's not going to cost a lot to fix it, you can buy the car back for them for dirty cheap, and fix it and keep the rest of the money.

My mother did this when her car crashed itself (very funny story--with nobody in or near the car, it up and crashed itself into the garage of another house in our culdesac)... Insurance gave her ~$8k for totaling it out, she bought it back from them for $3k, and pocketed the rest, since it was still totally drivable... just kinda beat up (long scrapes down one side, crunched rear fender)

webcontacts, as to your original question, you generally can't argue the value they put on a totaled car.... it's basically the market value for your car pre-crash....think "Kelly's Blue Book" value. Your car's worth what it's worth, and that's what they'll give you.

[segmond]

Originally Posted by kork13

My mother did this when her car crashed itself (very funny story--with nobody in or near the car, it up and crashed itself into the garage of another house in our culdesac)... Insurance gave her ~$8k for totaling it out, she bought it back from them for $3k, and pocketed the rest, since it was still totally drivable... just kinda beat up (long scrapes down one side, crunched rear fender)

webcontacts, as to your original question, you generally can't argue the value they put on a totaled car.... it's basically the market value for your car pre-crash....think "Kelly's Blue Book" value. Your car's worth what it's worth, and that's what they'll give you.

she should have been able to negotiate better, i have known people to buy back very driveable and repairable cars for $500.

[MoneyTrev]

I don't think you can. I have never heard of anyone that have negotiated better deals.

[cooliemae]

Just remember that if you buy it back from the the insurance that you'll have to get a salvage title for the car and you will only be able to get collision insurance in most cases.

[Johansen8]

Originally Posted by MoneyTrev

I don't think you can. I have never heard of anyone that have negotiated better deals.

I agree

[Car Insurance Guy]

Originally Posted by webcontacts00

I was wondering if I can bargain some how to get any more money on the car.

This depends on your insurance company and the situation. I was an agent for a claimant once where the vehicle was totaled. It was an older vehicle and I think our company wanted to pay him $3500. The insured was not upset, he just thought the car was worth more than what we offered him. So he jumped online to see what those same cars were selling for around the area. After giving us a few different comps, he submitted them to claims and they up'd the settlement by $1000 or so. Not saying this will work in every situation or with every company, but it's worth asking if you do your homework.

[disneysteve]

Originally Posted by kork13

you generally can't argue the value they put on a totaled car

Originally Posted by MoneyTrev

I have never heard of anyone that have negotiated better deals.

My one comment here would be to review the valuation statement carefully and make sure it is correct and includes all features and optional equipment the car had. When our van was totaled a few years ago, the original value offer was missing a couple of options. When I pointed that out to them, they raised the offer by $1,000 or more.

[SnoopyCool]

Originally Posted by cooliemae

Just remember that if you buy it back from the the insurance that you'll have to get a salvage title for the car and you will only be able to get collision insurance in most cases.

I have almost always driven a vehicle with a branded title and have always been able to get comprehensive insurance for those vehicles, in both KY and FL.

[Caoineag]

Originally Posted by SnoopyCool

I have almost always driven a vehicle with a branded title and have always been able to get comprehensive insurance for those vehicles, in both KY and FL.

CO here and my car has comprehensive on a salvage title. The big issue here is that when you go to get a salvage title, you have to prove that the car can be safely driven. Once you have the salvage title though its the same as having a regular car.

[cooliemae]

Must be Wisconsin thing or our insurance companies. My wife's car was hit by a deer and it was borderline on fixing it or totaling it. In the discussions the salvage title came up and we were told, perhaps led to believe, that collision would be the only insurance possible.

[segmond]

or maybe they lied to you and it's not a wisconsin thing.

[nmboone]

Lol at segmond!

[webcontacts00]

Thank You All for your advice. Please keep coming with more. It so happens we talked to Mechanic and it may not be worth to get the car fixed. We have decided to total the car. Now our best bet is to try to get the best price.

I will keep you all posted. And hoping to hear more.

[MoneyTrev]

Originally Posted by disneysteve

My one comment here would be to review the valuation statement carefully and make sure it is correct and includes all features and optional equipment the car had. When our van was totaled a few years ago, the original value offer was missing a couple of options. When I pointed that out to them, they raised the offer by $1,000 or more.

Don't some insurance only cover the very basic? I was assuming that was what he had.

Not arguing, just clarifying.

[disneysteve]

Originally Posted by MoneyTrev

Don't some insurance only cover the very basic? I was assuming that was what he had.

Not arguing, just clarifying.

As I understand it, the insurance settlement should be based on the value of the actual car that was involved, not the stripped down base model of that car. That wouldn't make sense. Our van had power doors which was an optional upgrade (we actually didn't want them but we bought used and that's what we found). When they did the claim, though, they hadn't included the power doors. When I pointed that out, they increased the claim amount accordingly.

[Cylenchar]

One thing on your side if it is not worth salvaging: this time of year is generally slow for auto dealers, so you may be able to get a very good deal on a used car.

[webcontacts00]

Some more updates. We checked on used cars and are able to get some good deals. Havent gotten final estimates from insurance company yet. Still waiting on it to see how they are making up the price to total the car.

[MoneyTrev]

Originally Posted by disneysteve

As I understand it, the insurance settlement should be based on the value of the actual car that was involved, not the stripped down base model of that car. That wouldn't make sense. Our van had power doors which was an optional upgrade (we actually didn't want them but we bought used and that's what we found). When they did the claim, though, they hadn't included the power doors. When I pointed that out, they increased the claim amount accordingly.

Oh okay.

Thanks for clarifying.