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I had something like this happen to me about 10 years ago. Son turned 16 and we bought him a used Geo Tracker. 60K miles, owned by a retired GM executive, perfect condition. Paid $8K.
5 weeks later son totals car in a self-inflicted accident (speed + dirt road = ouch!).
Insurance company paid us ... you guessed it ... $8K. We had to eat the sales tax paid.
Insurance company doesn't care what you paid for the car, nor the value of the trade it. It's worth what it's worth. As noted above, you can negotiate the value of the settlement but unless you can prove to the insurance company that a replacement will cost $8400, you're somewhat out of luck.
Check craigslist, ebay and cars.com and see what your car is worth on the open market. That might help in getting a higher number.
Thanks again very much.
Oh, and sorry about your accident as well.
If she DOES..then I think my insurance company will go after everything.
If she doesn't...
Then MINE will try to get by with the least they can.
I just want to make an informed decision when they throw a settlement at me, and not just say
'ok, thats fine man, whatever is good with me.'
What they do care about is the market value of the vehicle you bought, which appears to be the total price you paid, including the downpayment, which was the trade-in value of your former vehicle. The insurance company doesn't care whether you paid a cash downpayment, credit card downpayment, trade-in payment, or with a lifetime supply of sea monkeys. They don't even really care what you paid for the car - only what it was worth at the time of the accident.
However, unless you grossly overpaid, it's a good indication of what replacement cost will be for you. Like Michaell said, find listings for similar vehicles on the market right now.
Depending on what company you use, you might be pleasantly surprised by their offer. When my vehicle was totaled a couple of years ago, the insurance company offered the highest retail value they could find, and it was no way, no how worth as much as they gave me.
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Like I said the NADA is $7,200.00.
But, that makes sense about presenting from a 'retail value' rather than a 'traded in car' value.
Nothing can place value on the MINT PERFECT condition it was in though...and low miles.
I don't think?
It's possible that varies by state.
Again..I'm a newbie at totalled vehicles.
This forum has already turned out to be really helpful!
Unfortunately, License fees are refunded by the DMW at about 75 cents on the dollar, as right after paying for annual taxes I had a car totaled, and somehow seemed to get refunded an amount that cost me prorated 3 months worth for 2 weeks of use. I was mad! :mad:
Having your car valued at "excellent condition" makes up for the "mint" condition. Excellent is a high standard.
That may be, but there are certainly insurance companies in CA operating with a standard OP (operation procedure) to act in bad faith on every claim ever presented to them.
So if they settle for say $7500, in CA, then you can figure an additional 10% or so on top of that.
I don't know all the state insurance laws but the insurance agent certainly does.
It is very sucky indeed that the victim ends up possibly being short-changed, but then, insurance companies have ended up writing most of the insurance laws, so there you go....
I was very pleasantly surprised when the insurance company also reimbursed us for the sales tax we had paid. This was several years ago and things may have changed, but I think you still have a chance.
In many states, you don't pay the sales tax to the dealer, you pay your sales tax directly to the state when you tag the car. Your accident happened so quickly it brings up the question, has the dealer already paid the sales tax or not? And does he have to now? Might make a difference. Just thinking out loud here.
2013 LX 570 2016 LS 460
The dealer is obligated to pay the ST as there was a sale. Consider it a "transaction" tax.
Every time I've had a newer vehicle, comprehensive goes up because the value of my vehicle is higher. Every time I've traded for an older vehicle, comprehensive goes down. Your driving record is factored into the rate that you already pay, and whatever discount you get (as a percentage) won't change based on your vehicle. Options in your newer vehicle may lower your premiums - if, for example, your newer vehicle has more safety features, those may be factored into the premium you pay.
As I mentioned, there are plenty of members here who are more knowledgeable, so if you get responses from them, they're likely to be more helpful and accurate.
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If collision is the cause of the total, comprehensive does not enter into the equation.
Comprehensive is a term to include most other causes of trama to the vehicle other than collision that happens suddenly and accidentally. Some hazards: Fire, theft, vandalism, falling objects, flood, earthquake, animal collision, glass breakage, but not inherent vice or gradual deterioration.
Premium for Comp & Collision will rise according to the value of the vehicle.
The Comp and Collision rates will probably increase slightly, but I wouldn't expect it to be more than $100 or so more per year. The reason is simple math- your 2013 is worth more than your 2004. If you total it, it will cost them more. Their exposure risk is increased, so your rate is increased.
The Liability portion of your policy will very likely go down a bit. You are far less likely to cause a high dollar accident in a full-size sedan than in a massive, uber-tank SUV!
Overall, I suspect you will see an increase of less than $100 per year total. If you don't mind, let us know when you find out. I'm curious.
My mom bought a new 2013 Mazda CX-9 (large Crossover/SUV) to replace her 2007 Ford Explorer last year. Her premium increase was only $23 per year.
Called my insurance agent to see what the difference would be for insurance - no changes in coverage or deductibles.
The Juke would have been about $45 cheaper, per year, than the Mazda.
Go figure.
Wife didn't love the Juke, so we didn't pull the trigger.
I found out today that she does have insurance, State Farm. She just called.
I am having our Jeep towed to a repair shop to get an estimate on repairs. It's in such mint condition, I'd really like to keep it, if possible.
With both air bags deployed, I'm sure it'll be totaled by the adjuster.
So, if the numbers are right, I'll have it fixed.
If it's too far gone, then that's ok too.
Just want to give the Jeep a chance.
It's a beauty.
That's not a guarantee one way or the other, frankly.
Most insurance companies have a threshold where the cost of repairs are too much based on the value of the car. That's when you'll get notified that they want to total it.
If the car is worth, say $7500, and the threshold is 60% (just a number - don't know what it really is), then if the repairs are going to cost more than 60% of $7500 - $4500 - they'll let you know.
Good to know the other party was insured.
EDIT - did you choose the repair shop? You should have that right, based on state law.
I was backed into in a private parking lot last year. Guy wanted to give me a few hundred cash since the damage wasn't major. I told him no, that I wanted to get an estimate from my body shop. Guy was horrified to learn that the estimate was $1100. He swore that his "buddy" could fix the car for much less.
I told him he had 48 hours to either A) come up with the $1100, or call his insurance company. After 48 hours I told him i would call my insurance company and file a claim. His insurance company called me the next day and wanted their adjuster to review the damage.
Turns out their adjuster knows my body shop real well. The revised estimate was something like $950 - only difference was the cost of the pinstriping, I think. I took a check from them and didn't fix the car - hey, it's an '06 Saturn with a bunch of miles on it that I use only for pizza delivery.
BTW - Saturns do dent, it turns out.
Yes, I chose the repair shop. I've had a lot of work done there and he's the absolute best in town.
I just got off the phone with the shop and it got there too late for them to get an estimate. (it's Friday!) That's fine.
But, he's the owner, and he said he walked out and looked at it and said actually, the damage was not as bad as he would have thought it would be.
We'll know more Monday. He did comment on what exceptional shape it's in and he understands me wanting to keep it.
I told him I wasn't sure how all of this worked but the bottom line is I have $8400.00 tied up in that Jeep. I don't know about percentages, allocations, insurance red tape.
I just want my Jeep back exactly (as possible) like it was.
He seemed to think, especially since the other vehicle was there, and he was dealing with both at the same company, that he can make this work out.
He also said since we had only had it 3 days, he had worked with this insurance company a lot, and my asking for it to be fixed..based on the total of my $8400.00 investment...would be honored by her insurance company.
So we'll see I guess. I feel good about it.
I guess I feel good in knowing I'm doing what I can to make a bad situation right..and yes, I want to get behind of that fine Jeep again. I'm thinking I'll keep it and get my son something else. Save the miles on my diesel truck.
Hate it about your Saturn buddy. Those are pretty good rides though.">
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Seeing as the NADA is $7,200.00, I guess it'll have to be totaled.
And this just totally hacks me off.
'Be glad your family is ok! So sorry for you. Hate it for you. That's what insurance is for.'
I mean, I've just never dealt with this.
Just seems so wrong some peabrained lady can just TOTALLY mess something up, and now not only do I loose something I was so proud of....
I gotta start allllll over finding another vehicle. All of my time lost, all of my dealings.
Ain't right.
I know, that's whining...but it is what it is.
But I don't have to like it.
Ain't right.
I know, that's whining...but it is what it is.
I don't think it's whining. I think people should be more careful, as 99.8% of accidents aren't really accidents, but perhaps should be called "negligents" and "incompetents."
That being said, you should go after every penny against that ladies insurance company:
I'd be claiming the following:
1) equivalent rental car (jeep or equivalent) while you look for a new vehicle up to 3 weeks.
2) Lost time and purchasing research at $50/hour (approximately what? maybe 12 hours?).
For the amount you get you should be able to find a very similar jeep.
you might get a car rental through your OWN company,however.
As for the final settlement, as I mentioned, you can fight it out.
Have they given you a firm offer yet?
I've received rentals from the "at-fault" insurance company before.
You have to insist that the rental isn't a "Kia Rio" to replace your "nice" car, and they will resist, but you must resist equally forcefully in the opposite direction. There is no logical reason you should have to put up with a "lesser" vehicle, even temporarily.
3 weeks may be a bit much, I would rush and wouldn't push it much past a week.
Inconvenience is not to be considered or covered - that's life - man up.
Purchasing research at $50/hour is not property damage, but resultant expense not directly connected to the impact. :P
And, sorry your job as an advice columnist didn't work out.
In GA, if your car is repaired, you get a rental car, generally, for as long as the shop deprives you of your vehicle...if your car is totalled, they will usually only give you 3-5 days of a rental, since totalling your car is the functional equivalent of simply buying your car from you...
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But in THAT span of 5 days:
-The wife's van died (it was an expected death..it was in autohospice, painless but it had lived a good life).
-Our clothes drier died (completely unexpected) and we had to order one that took a 5 days to get here. We rack dried stuff for that 5 days. Crispy dried clothes and towels was weird.
-My wife's mom had to have emergency surgery and they found cancer. Her father already has had a stroke and needed her mom to care for him, now she and the other kids are having to care for them both. Our local Enterprise was OUT of cars that day of the wreck. She is driving the in laws van for right now.
-My son's Playstation 3 died (unexpected)
These are just the abnormal things that happened, in addition to the normal life things that get sideways.
And then, the perfect vehicle I'd been looking for showed up! Been used by an ole lady for church/Walmart for 10 years then back in the garage, with only 97K on it. PERFECT/shiny mint condition.
And then, 2.5 days later, it's totaled because this lady frank pulls right out in front of my wife on a bypass, 2 more foot and she'd have tboned the woman at 55 MPH in driver her door.
So...yes, normally I like the car looking thing.
Not so much at this point though.
So, join me for a whiney beer!! (or two)
The trick to drying clothes on the line is to take them down when they are first "dry". If you let them hang around they turn to corrugated cardboard. I do mine that way in the basement, but then again, I'm
cheapfrugal.That reminds me, my insurance is due and it's been a year since I got quotes.
Thanks man for the clothes dryer advice.
Corrugated cardboard was weird underwear. :shades:
>Corrugated cardboard was weird underwear.
Talking about underwear, check out this latest use for old underwear: shoes from Jockey.
2014 Malibu 2LT, 2015 Cruze 2LT,
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Right. That won my belly laugh of the day award--after I realized it was a joke. I read into the link for a minute before I caught on. But my toes were cringing at the thought of being inside someone else's old underwear.
2014 Malibu 2LT, 2015 Cruze 2LT,
That came out the same day that Redbox sent me an email that they were now selling bologna/ham/swiss cheese in their kiosks. LOL.
I needed that laugh.
It doesn't take a rocket scientist to figure out that would happen. If there's little consequence to causing accidents, then people won't care and therefore you have more accidents. Sometimes I think 5% of the drivers are causing 95% of the wrecks; any data on that?
Michigan Tops Another Auto-Insurance Cost List (SB Wire)
Idaho is a "comparative negligence" state and our insurance was about half there - same vehicles, just older now (as are the drivers :shades: ).
There comes a point at which a car might not worth enough to carry comp/coll. We've had this discussion before as to what that value might be (when to drop comp/coll) but we never reached a consensus.
IIRC, some of us thought around $5000 or less for the car's value.
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Of course, if your agent forgets to check the UMPD box and only puts you down for UM-L, then you get shafted by your insurance company.
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Insurance is intended to prevent a financial catastrophe, not cover maintenence losses so carry high limits of Liability and high deductibles.