Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
Options
Comments
Use five year old paint."
Is there a numerical value to the dollar ratio?
The "choice factor" of choosing the insurance with the lowest "percentage to total" would only work if it is YOUR insurance paying to repair the car and it was your fault or the other driver was uninsured...
In a collision in a "fault state" like Georgia, it is the other guy's insurance that pays for repairs, so you would not, of course, have the ability to choose the other guy's insurance...
One possible loophole is if you have the "better" insurance with the lower percentage, you could use your company to total the car, then they would get reimbursed by the other company...might work...
Hope that helps...
Bob
Thanks for your info.
Maybe a bit more info might help out.
My 2006 Honda Odyssey Minivan was struck by a Red-light runner.
He is insured..
My vehicle has 3000 miles on the odo and is still very new..
I purchsed the Honda for $33,550..
So far to date for the repairs to get the van back on the road is estimated at $22,000. The estimate is still subject to change.
The damage is extensive in so that the front end had to be removed and is being pieced together again.
I would prefer the Honda be totaled out and I be paid back for the van so I can get another one.
The driver is the one at fault so the insurance will be getting back their monies.
Do any of you know what percentage State Farm uses in determining value before considering a total?
Also any way to ask the insurance to consider totaling out the Honda?
Thanks
Larry
Which model...?
Terry.
Sky blue and with 3000 miles.
Larry
"I'd offer you a new vehicle less $1,000 on the wrecked one."
Also in the accident my wife was injured and reqired emergency surgery to fix her shattered hand.
Sorry but I've never dealt with insurance in this great a manner.
Larry
In the meantime .... the vehicle "was" worth in and around the $29ish range BA (before accident) on a trade .... now, it might "maybe" could be worth the $15/$19ish zipcode range *depending* on the finish work and if everything is OEM parts, no frame damage and the paintwork is puuuuurfect, maybe ...
The bad thing about this type of damage (not including the Mrs) is the body shop is sittin' on the $22 figure ... by the time they get thru the final tear-down and find a this and a that, I have a funny feelin' you'll be staring down the barrel of something closer to $24++ ...
Body shops loooove deals like this ... your on the hook, the vehicle is in pieces and they call the adjustor every other 3rd day and drop another $350 piece, plus the labor at em' ..... I'm going to guess this is already on Carsmack.? ... trying selling that to a dealer or a private party come trade side ...
Can we spell - Total .....?
Terry
a basic idea of the two coverages are as follows:
collision coverage covers damage to your car caused by your car damaging other things. comprehesive is better known as "other than collision" or OTC. it covers damage to your car caused other things damaging your car. they are considered 1st party claims and pay provided a 3rd party is not at fault.
Keep me posted on your progress!
Knowing of her injury and to keep control of the claim I would offer you a new vehicle less $1,000 for having had use of your wrecked one.
You can settle the damaged/totaled car separate from your wife's injured hand. If she is a concert pianist, you are going to get the max. Good Luck for a painless and speedy recovery.
Doesn't the ins co use retail value plus sales tax to determine the total value? Then, something like 80% of that figure to determine whether or not to fix it or total it.
That was how it worked when my 96 Jeep Cherokee was rear ended by a drunk driver while we were sitting at a red light, luckily no serious injuries. The Jeep was eventually totalled, but not until they tore it down after first saying they could fix it.
Rogu187, hope you're wife's hand injuries aren't serious. Good luck.
She already had the surgery to repair the damage.
She'll get the pins removed in another two or so weeks..but the screws will stay in.
After that comes the Physical Therapy.
I looked at the van at the shop and saw that they had to remove the entire front end to fix.
It looks like something you see at the factory when they build the can..only thing missing is the front section which they are trying to rebuild.
There is no front interior as the dash and everything in front of the foward pillars have been pulled off.
Engine's out as is part of the tranny.
Wheels are off and eveything is hanging in places like the brake lines.
If you didn't know what you were looking at you would say the shop is building a car for fun.
Everything from the front doors back is still in factory condition.
Thank goodness they build those van solid.
Larry
Not all state laws require the inclusion of Sales Tax on a total. However, when repairs are made the law allows the ST. When you have to pay ST on a replacement the laws should be amended to include ST on totals. On the other hand, the claimant can take the insurance check and not replace the vehicle. In not replacing the vehicle there isn't an incurred or earned Sales Tax.
Some state laws allow the pro rating of license fees on totals. All depends on where the crash happened.
Also, this is why I recommend that folks carry UM up to $100K, and then add another $1 Million umbrella policy to that...mine costs $120 year...if she loses the use of her hand, or, if it required amputation, and the other guy only had $25-50K liability, it would pay out the max but $50K isn't much for a hand...
For those who think that we attorneys are mercenary, is there ANYBODY out there that does not believe his wife deserves compensation for her possibly permanent hand damage???...and does anyone think that a mere $25 or 50K is enough for the possible loss of use of a hand???...and, if the guy only does have $25K, which covers both medical costs and pain and suffering, can you see why UM and umbrella policies are useful???
For every 20 injuries that are covered by a 5K or 10K policy, there may be one that breaks $100K...how do you know that you will not be that one???...that is why I keep hammering on $100K medpay, $100K UM plus umbrella, rental car insurance (to cover you for a rental while the other company dilly-dallies on processing, your own ins will be quicker)...these things can and do happen, and if you are depending on the other guy to carry enough insurance, you may be left holding quite a large bag...
I just had a client who was infuriated that the other guy had the legal minimum liability, which is $25K in Georgia, as her meds were $18K, so her pain and suffering were virtually uncompensated (he lived in a trailer park, so suing him would be an exercise in futility)...when I asked her how much SHE had in liability, she produced a policy with.......................go ahead, guess................
...............................yep.............$25K limits...if she wasn't injured, it would be funny.....
Bob
I've never heard of an ins. co. going to the DMV and have points assessed against you, maybe it's specific to your state.
OH the DMV never did assess my driving record with any points. That is also a point how can an insurance co raise your rates based on DMV print out that shows clean record, my point is how can they themselves decide i am at fault.
The state's insurance commissioner sees to that. All rates have to be filed and reviewed before they can be increased. Some states have "file and use" laws, but the rates are eventually reviewed.
Competition is the best factor in pricing rates.
Nah, that wouldn't be any fun
It seems that your vehicle, not the semi or any other vehicle was the one careening between all three lanes. It seems that your vehicle was the one out of control -- likely due to the semi being stopped, but hey, it's a semi -- they have a pretty big footprint.
Likely if I understood that from a few sentences that you typed, your insurance carrier thought the same from the statement they took from you and the police report. Often you will not be cited at a scene as you may have done nothing illegal (though usually you'll get a driver inattention or something all encompassing like that) but you likely were at least a contributing negligent party. You should know that cited or not, your carrier can still find you at fault -- in fact, they are likely protecting you from an exposure by doing so.
To that end, they can and will raise your rates -- don't worry though, do the math. It's not like 200.00 a month is going to get them their money back anytime soon. You said they paid out 25.5k for property damage alone -- thats about 10 years of 200.00 a month. Your rates will likey decline far quicker than that.
Also, I've never heard of a carrier filing points with the DMV -- in fact, usually they couldn't care less about what the DMV has on record -- they use what is called a CLUE report -- in addition to the MVR they will pull on you every three years or so. Likewise, the DMV would have no need to contact you either -- unless you have too many prior points on your record and they want to pull your lic. But to be honest, I think you should count your blessings that no one, including yourself, was badly injured.
Why don't you ask AAA why they paid out on your negligent behalf? You don't have to be given a ticket to be at fault. You just have to be lucky.
My question: Why did you not simply come to a controlled stop? All of your bobbing and weaving suggests driving too fast for your ability.
Unfortunately my bad luck streak has not ended. Last week thanks to a car accident in progress in front of me and an oily road I was forced to lay my motorcycle down. Luckily I was not hurt bad and I did not hit the cars that colided in front of me. However I did about $2,500 damage to my motorcycle.
I was deeply concerned about this so I asked my agent what would happen to my policy if I had 2 claims in a 2 month period? This in itself might be a mistake because such information could be used against me. However I did not know at the time. She called back later in the day and said its hard to say. It goes to a board and several factors come into play. However speaking from experience my motorcycle insurance would be dropped or doubled as would my automobile coverage. Because I have 5 vehicles insured this would be additional $3,700 over a 3 year period. So applying some voodoo economics it would be best to pay this one out of pocket.
However I just can't seem to get over this philosophy. I mean the bike is insured. You get insurance to cover unfortunate circumstances like this so why should I even consider paying out of pocket? Something just does not seem right. I mean why do I even have full coverage if I can't realistically use it? I guess I am stuck between a rock and a hard place.
For now I am planning on paying out of pocket. Is this the correct thing to do?
I also agree with your assessment of why you have insurance ... there just is no good answer. Its legal extortion, plain and simple.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
The motorcycle accident was your fault. Nobody else was at fault.
In every crash, there is fault.
Because you can drive only one vehicle at a time, the most expensive of your five insured vehicles should be surcharged and the other four covered at much lower rates.
In this world of information gathering, how concerned should you be of your employer becoming aware of your driving record?
what are all the details of your truck? (miles, LTD or SR5 or base, 4cyl or 6cyl, auto or stick, options, etc)
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Where in the insurance policy does it say, "Settlement will include any balance due (on a loan)regardless of TMV."
Just because you are upside down in financing doesn't command the insurance company to be sympathetic.
You WILL pay off your debt after settling with the company for TMV.
120 thousand miles LTD, 6 cyl, auto, power everything, brand new tires, AM / FM C.D. Stereo w/ removable face, very well taken care of, oil change every 3 thousand miles, just spent $500 on the 100,000 mile tune up, interior perfect. it would have drove another 200,000 easy, well until the pole came between us.
But I'll bite.
IF it's 4wd, the "national" auction average is right at 120k miles -- so that makes it easy -- and the average auction price is $8,100. IOW, $10 is what you need from you insurance co. so you can buy a similar truck, with tax. Plus or minus a grand, this is not an exact science, and location really matters.
If 2WD, it's $7 ,500 at the auction, with the rest scaling appropriately.
BUT: 2WD in Texas is OK; in FL it's just dandy, in MI or MA or any state that sees snow it's the kiss of death; I'd put the difference for a 2wd in those states at nearly $2k.
To put it differently: 2WD in the south is expected, and 4wd gets you less than $1k more when you're selling a 4runner.
In the North, 4wd is expected, and 2wd is a $2k hit, at least in the winter... maybe $1,500 in the spring.
What do you owe on this thing?
And: Do you have GAP insurance? 'cuz if you do, you've got nothing to worry about...
-Mathias
Get a copy and read it over -- look for an appraisal clause and excercise it. Or .... have you presented other comp vehicles that you've found that are selling higher than their valuation .. note the word "selling." Start there before you work up to the appraisal clause. But again, there is likely in your policy something set aside to specifically deal with this very issue. You would be wasting your money on legal help if you obtained it prior to exhausting all avenues through your own carrier.
Ah, ya know, maybe its the mileage... I get $8200, as you indicated ... but for 88K miles. The 120k on this truck is a $2k penalty.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
2k penalty for a Chevy Blazer maybe ... not a 4runner LTD with a "fo by fo" ..... (unless it's been in a terrorist attack) ..
I think where the numbers are getting screwed-up is the guy owes $$ and we haven't yet found out where he lives ...... but I'll be walkin' the floors and staying up late til' we find out ...
Terry. :shades:
As far as 747 pilot goes, I just hope his flying is better than his driving... :P
Oh by the way this is about 10;00 P.M., no alcohol ( I haven't drank alcohol in over 13 yrs) it was a clear night. I will admit I panicked and stomped on the brakes, trying to handle a van in that situation is quite terrifying, the main point here is I never would have to swerve around semi or the black car that was wrecked from hitting side concrete barrier, why didn't my insurance co. go after them for them being cause to accident? I would have been ok if the car that hit me also did not have to swerve around semi. Also my ability of driving is very good I have been driving since 1966, 2 speeding tickets and those were over 15 yrs ago, have driven all over the U.S. and into Canada in all kinds of inclemental weather without incident........
I think that maybe a good adjuster could argue a certain percentage of liability (small) due to the semi being stopped without dropping flares etc... but the fact still is that you should have seen it prior to the point where you had to swerve hard to miss it, that or you may have been following the party in front of you too closely -- blind curves shouldn't/don't exist for those going 55 mph -- if they do then you have a duty to NOT go 55.
Seriously though, this explanation still tells me that your vehicle was the one that lost control -- why didnt the car in front of you strike any other vehicles?
But that's just they way I've seen things go, the last one pays.
2014 Malibu 2LT, 2015 Cruze 2LT,
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Repairperson from dealership picked up my vehicle for a routine maintenance and had an accident, with estimated damages of 6K.
My question is: should the dealership replace my car due to the fact that it was not my responsibility?
If the dealership was of the "highest caliber", I would hope to think they would offer you a buy-out and put you in a 2006 EX at very, very attractive price. It might cost you a few bucks to move into a 2006 Honda but I would be willing to pay it so that I wouldn't be driving a wrecked new car.
I would think they have no obligation to do anything but fix your car and put it back in the condition before the accident.
Good luck and keep us posted on what happens.
Mark