Anyone out there know what the legal definition of "totalled" is? Specifically, are they gonna try and drag Rumford away from me, kicking and screaming? Or do I actually get to fix her?
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the insurance company basically "buys" the car from you at some previously-determined (sometimes sub-market) price. this constitutes a declaration that "the car cannot be fixed by a competitive-market mechanic for less than its current market value." you can decline this offer, much as you might decline to file a claim in cases of fender-bender, but this may have ramifications in cases of other-party damage (i.e., you might incur some liability over the other guy/girl's car, depending on whether your insurer permits fix-the-other-car-only claims, it seems like they would *not* want to do this as most insurance claim monetary amounts are actually negotiated behind-the-scenes ('subjugation') independent of whatever monetary amounts/points appear on your own personal record).
the insurer sometimes likes to repossess wrecks as they can reconstruct them into basically-operable condition via prior negotiations with cheap mechanics. hawkhandsaw's CRX was totalled, reclaimed and rebuilt in this fashion; she later found it on a used lot bearing some of its crash/skid damage. sometimes you can work out a deal with a mechanic to "estimate low" -- that is to say, filing an official estimate of $1800 damage, when the real cost might be $2300, and you pay the $500 delta out-of-pocket. this is frequently done, but don't let the insurer know if you do succeed in working out a side deal with the body shop.
My body guy can fix my bumper for $500. How is it possible that the Insurance Company can value it at less than that? And does it matter that a lot of the parts are brand-spanking new?
Basically, the insurer will do one or more of the following:
1) Send out a claims adjuster, who will evaluate the damage 2) Tell you to bring the car to one of "their" mechanics 3) Take a written estimate from a mechanic you bring it to
In the case when my truck was totaled, the insurance company had it towed to NH to one of "their" mechanics (on their dime, luckily).
Then, they will compare the damage estimate to the estimated value of the car (blue-book value, if not exact, is usually a decent reference in my experience). If the damage estimate is less than the car value, they pony up the money. If not, they pony up the value of the car, and they get it, to do with as they wish (sell for parts and scrap, refurb, whatever). Depending on what parts are new, it might matter. You should definately ask the agent about it. I know that the radio and bedliner in my truck bumped the value of it by a couple grand.
As Sven mentioned, especially in the case #3, you can work out a deal with the mechanic. I've known people, depending on who their insurer is, and their relationship with their agent, to be able to convince the adjuster or agent to perform a similar service, valuing the repair work a couple hundred short of "totaling".
There is also some weirdness dealing with salvage titles, that I'm mostly unsure of. I think a friend of mine managed to convince his insurance agent to give him teh "totaled" cost of the car, but kept the salvage title of ownership for himself. Then he did all the body work himself and put it back on the road. I'm not exactly sure how that worked, though.
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(no subject)
Date: 2006-07-01 12:39 am (UTC)the insurance company basically "buys" the car from you at some previously-determined (sometimes sub-market) price. this constitutes a declaration that "the car cannot be fixed by a competitive-market mechanic for less than its current market value." you can decline this offer, much as you might decline to file a claim in cases of fender-bender, but this may have ramifications in cases of other-party damage (i.e., you might incur some liability over the other guy/girl's car, depending on whether your insurer permits fix-the-other-car-only claims, it seems like they would *not* want to do this as most insurance claim monetary amounts are actually negotiated behind-the-scenes ('subjugation') independent of whatever monetary amounts/points appear on your own personal record).
the insurer sometimes likes to repossess wrecks as they can reconstruct them into basically-operable condition via prior negotiations with cheap mechanics.
-- sven
(no subject)
Date: 2006-07-01 04:21 am (UTC)(no subject)
Date: 2006-07-01 09:33 am (UTC)1) Send out a claims adjuster, who will evaluate the damage
2) Tell you to bring the car to one of "their" mechanics
3) Take a written estimate from a mechanic you bring it to
In the case when my truck was totaled, the insurance company had it towed to NH to one of "their" mechanics (on their dime, luckily).
Then, they will compare the damage estimate to the estimated value of the car (blue-book value, if not exact, is usually a decent reference in my experience). If the damage estimate is less than the car value, they pony up the money. If not, they pony up the value of the car, and they get it, to do with as they wish (sell for parts and scrap, refurb, whatever). Depending on what parts are new, it might matter. You should definately ask the agent about it. I know that the radio and bedliner in my truck bumped the value of it by a couple grand.
As Sven mentioned, especially in the case #3, you can work out a deal with the mechanic. I've known people, depending on who their insurer is, and their relationship with their agent, to be able to convince the adjuster or agent to perform a similar service, valuing the repair work a couple hundred short of "totaling".
There is also some weirdness dealing with salvage titles, that I'm mostly unsure of. I think a friend of mine managed to convince his insurance agent to give him teh "totaled" cost of the car, but kept the salvage title of ownership for himself. Then he did all the body work himself and put it back on the road. I'm not exactly sure how that worked, though.
(no subject)
Date: 2006-07-01 12:53 pm (UTC)(no subject)
Date: 2006-07-01 12:48 am (UTC)My car was totalled at $3000 or less. You remember that car (it remembers your driveway) =)
I will paying for my new car for 4 more years....