To sell or keep damaged Enclave

brindles01

Looking for some advice. We have a 2014 Buick Enclave, loaded Premium package. We owe about $28,000. High mileage (around 65k) AND "someone" backed it into something and caused major damage to the liftgate. The estimate I've received to repair it is around $2000 plus rental car expense. Our insurance company says it will significantly impact our costs on the entire umbrella if we have the repairs paid for by insurance. The trade in value per KBB is in the range of 19,533-21,958 for "fair condition." I'm obviously not in a no-win position. We have never loved the car and have discussed trading it in prior to the incident. What would you do? Would you suck it up, fix it and keep it? Fix it and trade it in? Or try to trade it in as is?

kyfdx

brindles01 said:

Looking for some advice. We have a 2014 Buick Enclave, loaded Premium package. We owe about $28,000. High mileage (around 65k) AND "someone" backed it into something and caused major damage to the liftgate. The estimate I've received to repair it is around $2000 plus rental car expense. Our insurance company says it will significantly impact our costs on the entire umbrella if we have the repairs paid for by insurance. The trade in value per KBB is in the range of 19,533-21,958 for "fair condition." I'm obviously not in a no-win position. We have never loved the car and have discussed trading it in prior to the incident. What would you do? Would you suck it up, fix it and keep it? Fix it and trade it in? Or try to trade it in as is?

Why would you trade it in, if you have $8K of negative equity? Just keep driving it.

If a $2000 accident causes your insurance to skyrocket, you need a new insurance company. If that's really the case, pay for the repair out of pocket.

Mr_Shiftright

I also think that is an OUTRAGEOUS position by your insurance company. I'd keep the car, dump the company. l You'll have to fix it to trade it in anyway, to avoid taking an even greater financial hit beyond your negative equity. Once repaired, you can decide at your leisure if you want to trade up or down, and how much of that negative equity you are willing to absorb.

berri

Since they already notified the insurance company, won't the rate go up anyway whether they pay themselves or insurance pays?

kyfdx

berri said:

Since they already notified the insurance company, won't the rate go up anyway whether they pay themselves or insurance pays?

Usually, if you don't make a claim, then no effect.

brindles01

Hmmm... thanks for the responses. Could perhaps be a case of my husband hearing what he wanted to hear, as he's never been a fan of the Enclave. I'll have to do a little more research on the insurance situation.