• Hi Guest, welcome to TCG 2.0. Please refer to the FAQ in User Support before you do anything else. It will make the transition MUCH easier.

    IF YOU ARE SEEING AN "OOPS" ERROR PAGE, IT IS LIKELY BECAUSE YOUR BROWSER HAS NOT UPDATED YOUR CACHE. YOU CAN EITHER CLICK FORUMS AT THE TOP LEFT OR VISIT THECHICAGOGARAGE.COM AND BOOKMARK THAT. - Love, Mook

insurance total

Turtle

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
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?
 

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
there's a lot going on here.

do you have the title currently? in your possession?

find comparables to your car on dealer websites and be ready to fight for more money

it won't be hard to insure
 

Turtle

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
Well I'm waiting for insurance to give me the numbers.

But title is in my hand right now.
 

Eagle

Nemo me impune lacessit
Super Moderator
Joined
Mar 1, 2008
Messages
62,545
Reaction score
18
Location
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

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
don't take their first offer

be ready with comparables to get them to raise their offer

don't give up the title.
 

Turtle

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
Do I have an option of not giving up the title?

I thought I have to turn over title to get paid.

Found two very similar comparables on cars.com listing at $7500ish.
 

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
you would have to turn it over to get paid if you were giving up the vehicle.
 

Outlaw

Well-known member
Joined
Jul 24, 2009
Messages
15,635
Reaction score
8
Location
Johnsburg
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.
 

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
and I also could be mistaken, but maybe not, but I think in IL you get sales tax now also if totalled... so $7500 would be 7500 + 7.5% or whatever tax you're at.
 

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
actually im pretty sure that's how it goes.
 

Outlaw

Well-known member
Joined
Jul 24, 2009
Messages
15,635
Reaction score
8
Location
Johnsburg
That's if you're buying something else from a dealer within 30 days time IIRC.
 

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
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.
 

Outlaw

Well-known member
Joined
Jul 24, 2009
Messages
15,635
Reaction score
8
Location
Johnsburg
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...
Interesting. Must've changed since the Yukon accident.

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

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
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

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
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

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
89,339
Reaction score
185
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.
 

Outlaw

Well-known member
Joined
Jul 24, 2009
Messages
15,635
Reaction score
8
Location
Johnsburg
I sent them comps of my truck in similar condition, I mention rigorous maintenance and found one owner dealer maintained as comp. I got them to the point where a 3rd party appraisal company came in to do it.
 

b4black

Well-known member
Joined
Jun 6, 2008
Messages
1,046
Reaction score
0
Location
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

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
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.
 

Turtle

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
Got some updates... Was offered $3500 after my deductible of $500.

Buy back for $800, will not salvage car.

Confirmed if I buy something new within 30 days, sales tax of $4xx can come back to me.

I declined and showed them comps of my car being valued at $6-9k
 

boostedguy05

not well known
Donating Member
Joined
Dec 18, 2010
Messages
21,281
Reaction score
94
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.
 

DEEZUZ

Escrow shortage crew
Donating Member
Joined
Nov 20, 2008
Messages
44,060
Reaction score
190
Location
NWI
GTP has salvage title and as far as I know it's still insured
 

Turtle

Well-known member
Joined
Mar 21, 2011
Messages
682
Reaction score
0
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.
 

Omicron

From Russia With Love
Donating Member
Joined
Jan 13, 2013
Messages
1,155
Reaction score
2
Location
McHenry
You could reach out to your broker for professional advice and options as well ya know
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Top Bottom