insurance total

Turtle

Addict
Mar 21, 2011
828
127
Hey guys,

I need some advice/information.

On new years day my car someone decided to do a hit and run while my car was parked. Hit my fender, headlight and bumper REALLY GOOD. Crunched the fender right into my tire. Took my like 20 minute with a pry bar to keep it from rubbing.

Pretty much my infiniti is going to be total per body shop. Its a 2005 G35x with 130k, KBB should be like $4-6k. Somehow the repairs are $3k+, because a reman HID lamp is $700, bumper is $500, needs a radiator core and $300 fender plus painting everything.

The car runs and drives, i just need to get the fender to stop rubbing on turns.

I'm still waiting for insurance to call me tomorrow but I'm guessing with my $500 deduct, i should be seeing $3500 at least and an option to buy back the car. I can get all the work done for $1500 or $1000 without paint. How much would the car buy back normally be? I have SAFECO insurance if it makes a difference.

I'm assuming i buy it back and they issue me a salvage title, is it really that hard to insure? At this point i would only want liability coverage. The car is in really solid shape and i'm not exactly ready to buy a newer car. I've never had to make any insurance claims at all so sorry for the noobie questions. Or is dealing with salvage titles just a hassle I should just go buy another car.

Is there anything i should ask the insurance directly?
 

Eagle

Nemo me impune lacessit
Moderator
TCG Premium
Mar 1, 2008
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Woodsticks, IL
I think KJ is suggesting that you do you homework up front so when insurance calls with the numbers, you can laugh at them and provide your research as evidence as to why you want more for the car.

Buying it back will be pretty cheap, probably around $1500-2000. Call your insurance and ask if they'll insure a rebuilt title vehicle?
 

Yaj Yak

Gladys
TCG Premium
May 24, 2007
122,206
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Niche score of 2,363
That's if you're buying something else from a dealer within 30 days time IIRC.

No I don't think that's true necessarily...

One of our work vans got tottalled out last fall. we didn't purchase anything, and we got sales tax on it...

edit. it looks like you are actually correct that they don't "have" to.


https://insurance.illinois.gov/autoinsurance/total_loss_auto.pdf



Cash Settlement
If the insurance company elects to make a cash settlement for your totaled vehicle, they must first
determine its retail value. Companies normally use guidebooks or computerized data marketed by
various sources.
If your vehicle is not listed in one of these sources, the company can use written dealer quotes.
Ordinarily, however, newspaper advertisements are not acceptable sources of market value.
Payment of Sales Tax
If within 30 days of a cash settlement, you can prove that you have purchased another vehicle, the
company must pay the applicable sales tax, transfer and title fees in an amount equivalent to the
value of the total loss vehicle. If you purchase a vehicle with a market value less than the amount
previously settled upon, the company must pay you only the amount of sales tax that you actually
incurred and include transfer and title fees. Your insurance company must give you written notice of
this procedure.
Betterment Deductions
The insurance company is allowed to make deductions from the retail value if your automobile has
old, unrepaired collision damages. There is no limit to the amount of the deduction. The insurance
company can also make deductions for wear and tear, missing parts and rust, but the maximum
deduction may not exceed $500.00. All deductions must be itemized and specified as to dollar
amount.
 

Yaj Yak

Gladys
TCG Premium
May 24, 2007
122,206
87,805
Niche score of 2,363
No I don't think that's true necessarily...

One of our work vans got tottalled out last fall. we didn't purchase anything, and we got sales tax on it...

edit. it looks like you are actually correct that they don't "have" to.


https://insurance.illinois.gov/autoinsurance/total_loss_auto.pdf



Cash Settlement
If the insurance company elects to make a cash settlement for your totaled vehicle, they must first
determine its retail value. Companies normally use guidebooks or computerized data marketed by
various sources.
If your vehicle is not listed in one of these sources, the company can use written dealer quotes.
Ordinarily, however, newspaper advertisements are not acceptable sources of market value.
Payment of Sales Tax
If within 30 days of a cash settlement, you can prove that you have purchased another vehicle, the
company must pay the applicable sales tax, transfer and title fees in an amount equivalent to the
value of the total loss vehicle. If you purchase a vehicle with a market value less than the amount
previously settled upon, the company must pay you only the amount of sales tax that you actually
incurred and include transfer and title fees. Your insurance company must give you written notice of
this procedure.
Betterment Deductions
The insurance company is allowed to make deductions from the retail value if your automobile has
old, unrepaired collision damages. There is no limit to the amount of the deduction. The insurance
company can also make deductions for wear and tear, missing parts and rust, but the maximum
deduction may not exceed $500.00. All deductions must be itemized and specified as to dollar
amount.

Interesting. Must've changed since the Yukon accident.

BTW Gary Lang offering $10,000 off leftover 2017 GMC Vans.

i might be wrong... id still fight for it though :rofl:
 

Turtle

Addict
Mar 21, 2011
828
127
Listen to KJ. I can provide the same insight but yeah, what he said.

I got $12,800 for my Yukon with a $4,600 initial offer. Kept truck and title, clean no salvage/rebuilt.



What did you provide them?

I can only final local postings on cars.com and autotrader. I'm thinking of finalized eBay auctions.

I would like to push for every penny. Since insurance companies always get us for every penny.




That sales tax thing is a interesting add on. I think city of Chicago is still 10.25%.
 

Yaj Yak

Gladys
TCG Premium
May 24, 2007
122,206
87,805
Niche score of 2,363
What did you provide them?

I can only final local postings on cars.com and autotrader. I'm thinking of finalized eBay auctions.

I would like to push for every penny. Since insurance companies always get us for every penny.

That sales tax thing is a interesting add on. I think city of Chicago is still 10.25%.

you may have an uphill battle in dealing with safeco, but it will be interesting to hear how it goes.

i would start out with cars.com/autotrader and then if they aren't moving on those use final auction stuff.
 

b4black

before black
Jun 6, 2008
1,331
542
Oswego
Who cares if it has a salvage title? You don't. It only matters to the value of the car if you try to resell it. But you already got paid of the car, so any money is good money.

Just decide if the car is worth the cost to fix to you. Sounds like it would be.

I got a $2,900 payment on an old car that was totaled. Buy back was $89. Took the new battery and factory CD player out, drove to the junkyard and got $200 for scrap.
 

Turtle

Addict
Mar 21, 2011
828
127
Who cares if it has a salvage title? You don't. It only matters to the value of the car if you try to resell it. But you already got paid of the car, so any money is good money.

Just decide if the car is worth the cost to fix to you. Sounds like it would be.

I got a $2,900 payment on an old car that was totaled. Buy back was $89. Took the new battery and factory CD player out, drove to the junkyard and got $200 for scrap.



I don't care too much about the title status but some have mentioned it might be harder to insure or some won't insure...

If I buy the car back it's going on liability insurance so I don't care.

I have the cars and Autotrader bullets ready to fire.
 

boostedguy05

not well known
TCG Premium
Dec 18, 2010
34,180
25,511
I dont think you can put FULL coverage on a salvage car, but they can be insured. but that may also be different between each independant company.

keep up the good fight. either let them fix the car, or dont let them total it out without a 5k check sitting in your pocket after you buy back the car.
 

Turtle

Addict
Mar 21, 2011
828
127
I dont think you can put FULL coverage on a salvage car, but they can be insured. but that may also be different between each independant company.



keep up the good fight. either let them fix the car, or dont let them total it out without a 5k check sitting in your pocket after you buy back the car.



They will not salvage my car because it's over 10 years old. So that part isn't an issue. Maybe getting the full amount if I was to ever get into another accident with the car. I'll most likely go with liability after.

I'll keep updating as we go. Hopefully people chime in on strategy or ways for them to see it more my way. With the buyback cost being so low, I'm most likely buying it back once we agree on a payout number.
 
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