My friends civic was hit in a parking lot and and took damage to the front fender and bumper. The guy stayed around to give info (rare now a days) and insurance will be fixing it.
His car is worth 3400 and his estimates go from 2000 to 3400 to fix
Does anyone know if insurance companies have a percentage amount they use when figuring out if a car should/will be totalled?
Like if the damaged is more then 50% of the cars value it will be totalled? Maybe 75% or is it 100%
Also, if its totalled, hes allowed to buy it back right? Anyone know any details on this?
Anyone ever buy back their totalled car?
What is private party KBB of the car? then what is the estimate of cost of damage from his insurance company. If those two numbers aren’t eve close then there is no chance.
You also do have the ability to buy the car back. So say they total it out for $3400, that is what he’ll get. But he’ll have to buy it back for say $500. Then in order to put it on the road, he’ll probably need to go through the salvage inspection. I’ve heard there is an age where you won’t have to so if the car is older he might get lucky and just be able to drive it.
we bought my dads e36 back when it was totaled. usually its $500 if you buy back. thats what it was for the car and we got 4200 after buying back. lucky for us, it was old enough where the car didnt have to be retitled as a salvage title(its a '92) so i fixed it and had it painted and we ended up making about 2k on the car. car wasent damaged too much, just would have cost more to have it fixed then what bluebook was according to their estimates.
70% of the NADA Retail Value. If the damages will be more it will be totaled and you will receive the NADA retail value plus NYS sales tax, if in buffalo 8.75%. Then he has the option to buy it back and profit, buy it back and fix it, or just let them take it and find a new ride.
kbb says the cars private party is 3400
his two estimates are 2000 and 3450
its a 1999 and yes its in NYS
anyone know when a car is old enough to not get the salvage mark on it?
NADA says retail on the car is 6000
Do you know for sure if its infact retail or do they go by private party value?
I think it depends on the insurance company, but when i was dealing with my cousin’s 2000 van last year, I know it had a clean title even though it was totaled. I believe they said it was 7 years, but I have heard 10 years for some too.
I know 100% for a FACT that all insurance companys use the NADA Retail Value plus local sales tax.
---------- Post added at 01:32 PM ---------- Previous post was at 01:28 PM ----------
although the 70% damage is not a “set in stone” percentage. It will change depending on many other factors. But the NADA Retail Value plus local sales tax is State mandated, not an option. The only way you can get around it is if you as the customer can prove that the NADA is not acurate for your area.
When my mom’s RAV4 was totaled last year the check she got was within $50 of NADA retail + tax because I was getting numbers together for her expecting to have to fight the insurance on the value. It was definitely a nice surprise when she was offered exactly what it would cost to replace the car. But she has good insurance, not some “we’ve got the lowest rates” garbage.
i asked him who he has and he said geico
NADA retail + tax brings the car to $6525
70% of that is 4500ish so the estimate for 3400 would be under that meaning the only way the car would be totalled was if they were using 50%.
Justin, do you know for sure its 70%
Also, if he goes with the 3400 estimate and geico cuts him a check…he could either bring it some where cheaper or just pocket it right?
About 5yrs ago or so a woman hit my teg and I just pocketed the cash…that could still be done right?
a person “doesn’t have to” get their car fixed
you dont have to have it fixed, my poor jetta has been hit 3x’s, totaling it once, then I just collected the 2 other times.
The time it was totaled I fought as they only offered half of NADA… that was allstate, then Progressive (her insurance then mine had full coverage)… but Diesels are a different fight then gassers (insurance views a car as a car and doesnt take the engine into account), IMO
He can keep the cash as long as there is no lein on the title. If there is a lein on the car then the check will be sent with both names on it. And I’m guessing you missed what said before about to 70%. Basicly 70% is an average. There are a ton of vehicle condition/location factors that play a role and salvage value. I doubt they will go out of their way to fix a 11-12 year old car but it’s all a numbers game.