Vehicle totaled

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Tom,
I don't know of any wording in an insurance policy for a vehicle about replacing it if it is paid for. If it's in there it will surprise me.
A few years ago, I had put a car in a ditch. Since it was paid for they just gave me a check after the estimate was written. They never made sure I spent the money on the car for repairs. I think they do that only if there is a lien on the car.
Debbie
| We are not | > going to replace it since it was a 3rd vehicle (the oldest of the 3). | > | What does your policy say about paying up when you are not going to replace | the vehicle? I suspect that might make a difference in the settlement | amount. | |
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Debbie, My daughter in law recently wrecked her 95 explorer that she bought new. The insurance gave her $7800. after they kept $1000 for her deductible. HTH, Kathy
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| > | We are not | > | > going to replace it since it was a 3rd vehicle (the oldest of the 3). | > | > | > | What does your policy say about paying up when you are not going to | > replace | > | the vehicle? I suspect that might make a difference in the settlement | > | amount. | > | | > | | > | > | | | Debbie, | My daughter in law recently wrecked her 95 explorer that she bought new. The | insurance gave her $7800. after they kept $1000 for her deductible. | HTH, | Kathy | | Kathy, Was it a 4-door Explorer or a 2-door Explorer? Was it 4-wheel drive? Debbie
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Kathy wrote:

Wow! She got a good deal. I don't think I could expect anything close to that for my 4 door, 4wheel drive 6 cyl (don't think they made 8 cyl in 1994). At least I've never sold a car for anything near what I paid for it. (Paid $6,000 in 1998 at which time it had 25,000 miles , now has just over 40,000 miles).
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message
: Kathy wrote: : : > Debbie, : > My daughter in law recently wrecked her 95 explorer that she bought new. The : > insurance gave her $7800. after they kept $1000 for her deductible. : > HTH, : > Kathy : > : > : Wow! She got a good deal. I don't think I could expect : anything close to that for my 4 door, 4wheel drive 6 cyl : (don't think they made 8 cyl in 1994). At least I've never : sold a car for anything near what I paid for it. (Paid : $6,000 in 1998 at which time it had 25,000 miles , now has : just over 40,000 miles).
I was wrong, it was a '98.
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I read in a forum somewhere I cant find now... lady totaled car and insurance offered blue book and she wanted replacement & insurer told her to find exact yr and similar miles,,, only then would the insurance co wrote her a check for a replacement. She found one - Difference in price was extreme. I forget but blue book was say $5k and only thing she could find was say $8k. She stood her ground for her required replacement then just pocketed the bucks, like you, she didn't need it anyhow.

not
a
it
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That's pretty much what happened to me. Insurance offered a lowball value, we found comparables for several thousand dollars more, adjustor said "okay" and wrote the check. However, my car was only one year old, so it was easy to find several local comparables. Their first offer is always that - an *offer*. Even if they call it a "final settlement," it's just a first offer. Also, if they total it, they need to pay the price of the tag as well.
Tracy
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DebbieG wrote:

Hi, Glad he is OK, that's no. 1 important. Don't expect too much. Can't just win against big insurance company. If you want fight, they'll wear you out. Hope you have more than one vehicle in the family. Good luck, Tony
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Most insurers use an industry database that tracks all sorts of variables on used vehicle sales -- they'll adjust the value based on mileage, mechanical and cosmetic condition, option package, etc. They'll get back a report ten pages long with details of your car and the comparables. Go over that report carefully and pick out any errors, it can make a big difference.
The last time I had a vehicle totalled, the other driver's insurance company got back a CCC report that put the value of my van under $3000, and they wouldn't budge. I put in a claim on my own policy instead, and the exact same vendor, CCC, returned a value over $5000. Accuracy matters.
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DebbieG wrote:

It won't be much. I bought my 1994 in 98 for $6,000. It still has only 40,000 miles on it and would suspect it would sell for $3-4,000 but whoever bought would be getting a hell of a bargain because it is cherry. The insurance company will likely use the Kelly blue book and it will be the lowest rate because of the high mileage. They don't care what it looks like if it was totaled, they just look at the mileage and the options to see what the lowest cost of replacement would be. Depending on the company, they may just offer you cash, or you may have an option of a replacement of a similar vehicle if they can find one. If you don't like what they offer you could get an attorney, but his cost would be likely much greater than any amount he could improve on a 1995 vehicle with 170,000 miles.
What you might want too worry about is that the insurance on your other vehicles is likely to go up radically or even be canceled.
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I would be interested in a comparison between the insurance premiums you paid over the car's lifetime and what they give you for a total.
--
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Well, what you actually want is a comparison of the insurance premiums minus the liability.. I carry liability insurance, but I figure if my $2000 car gets totalled, I'll just buy a new one. Insurance is for things you CAN'T afford.
--Goedjn
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Nick Hull wrote:

Won't tell you much, the amount they will give you is pretty much a regional figure, the amount you pay on insurance can be highly local and individual. I assume you are looking to see what the value of the coverage was compared to the cost. The only part of the insurance that is relevant in that comparison is the collision part and maybe the comprehensive since there was a lot of glass damage. Liability, medical, and uninsured motorist may be mandated by the state.
I can give you an idea, I have a 1994 Explorer and currently the cost of comprehensive is 24.30 (full coverage) and collision ($100 deductible) is 42.60 each 6 months. Those costs have been close since 1998 when I bought the machine. So that is about $135 per year. Thats only $806 for 6 years, so if I totaled my machine, assuming I got $3800 I would be $3000 ahead. Or, another way of looking at it, is that my machine will be worth at least $2000 for as long as I have it, so I can pay those costs for nearly 15 years and break even. If you want to compare to having or not having the vehicle, it is very different since the required insurance part is nearly 150 percent of the collision and comprehensive cost.
Like I said, the costs are highly local and individual. A person in another city even with a good driving record could be pay 3 times what I pay. and I am sure some pay as little as 1/2 of what I pay.
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First, it makes a difference if you are dealing with your insurer, or the insurer of someone who hit you. Since you give no indication that anyone else was at fault, it will be your insurer you will be dealing with.
They will ask you if you intend to replace the vehicle. That affects the amount they will pay you.
Buried in your policy is a description of what value they will place on the vehicle. Look that up, and go to some of the web sites that give such information. Bear in mind that this can vary with your location, and with features of the car. Look on the website for features that increase the value, and be sure you meet with the adjuster and point out all of those features. You won't have to point out the high mileage; he will find that himself. Give him a copy of your spreadsheet as an indication that the car was well maintained and in very good condition.
Most companies will pay the fair market value of the car, less any deductible, plus any costs you will incur in replacing it (if you told them you intend to replace it), such as sales tax on the FMV, and any title transfer or licensing fees you will incur.
You can also probably keep the car itself for a very nominal cost if you want to buy it from them and repair it, but you will then have to get a salvage title.
If you don't like their offer, there is probably an appeal process described in your policy, but you might have better luck talking to your insurance company, giving your reasons, and asking for a reappraisal.
All of this could vary with where you live and who your insurer is.
DebbieG wrote:

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Look in the local papers for a comparable vehicle and that should get you in the ballpark. When this happened to me they offered me about 65% of what the vehicle was worth. I called them back and told them to look in todays paper and rethink this or get me the exact replacement vehicle. They called back with a full settlement. I don't know what state you are in but in California you can require the insurance company to get you an exact replacement.....Good Luck and watch that ice....Ross
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Having this happen to me...totaled the car, where the ex was at fault..anyway, one thing to remember is that you were in an accident and aside from the car, you may have suffer some harm. Hopefully not, but the insurance company will want to sign a waiver someplace along the line....do not do this until you have the property settled. We all know that bodily injuries cost the insurance companies much more.
Use this a bargaining chip in you talks.
John
wrote:

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Update:
It is totaled but waiting to hear if they are going to up the amount -- I wasn't happy with the amount. I asked him if he had added the options that made the vehicle more expensive and he said they don't count those on older vehicles. My response was we pay for full coverage we should get full credit. He told me that he was glad my husband wasn't hurt and that you can always replace a vehicle ... my response "If you give me enough money we can replace it!"
Also, a lady from the insurance company called my husband to get the details of the accident. She asked about the lien on the vehicle. I told her that the vehicle was paid for in 1997 and that if we still had a lien on it after 10 years we're in big trouble. She said we could have refinanced it. She also told me that lien holders don't notify the insurance when it is paid off. I had her check our other vehicles and 2 of them still showed liens where there are none. One of them is a 1987 ATV! I called our agent to tell him to remove the liens so we don't have problems later. Just thought I would share that in case it might help someone else.
Debbie
| My husband wrecked our 1995 Ford Explorer Sport last night on the ice. He | rolled it and more than likely it will be totaled. We'll know in a few | days. Fortunately, he walked away from it although he kinda looks like a | prize fighter today due to the air bag. | | We have never had a vehicle that has been totaled and I wondered, since I | never trust insurance companies, how much were not going to get. We are not | going to replace it since it was a 3rd vehicle (the oldest of the 3). | | Does anyone know what insurance companies use to come up with the value of | the vehicle? I've gone to Edmunds, NADA, and Kelly Blue Book websites and | they all stated different amounts. | | We bought the vehicle new and it has been insured with the same insurance | the entire time so they know it has never been in a wreck (we've never had a | claim on it). It WAS in very good shape and had almost 170,000 miles on it | and we planned on it giving us a few more good years. I know that will be | considered high mileage but that's not bad for a 10-year-old vehicle. It | looks bad now so how would adjusters know what kind of shape it was in | before it was wrecked? | | Also, if they come up with an amount that we don't like, do we have any | options? | | Is there anything else we need to think about that I haven't mentioned? | | I just want to make sure we handle this correctly at the right time. | | Thanks for any help/suggestions, | Debbie | | |
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I just had my 1996 Bonneville totaled by a dope who drove out in front of me on a nice sunny day. No other cars were on the road. He had a stop sign. Most of the repair expense would be for the air bags that both deployed. The car body wasn't bashed in that much but the crash caused structural damage in odd places such as around the windshield on the roof and also on the dash board. The hood was pushed up on the right side as well as the windshield being shattered.
Everyone keeps saying how old my car is. Well, I had it nicely maintained and it was an excellent running car that should have lasted many more years. I didn't have any scratches on it since I always parked far out in parking lots away from other cars.
I phoned my mechanic and he explained about the state law that requires a car to be totaled if the repair is a certain % of the book value. My insurance company gave me the highest it could. I had low mileage and it was in excellent condition. The other insurance company has to pay so my company I guess tried to give the most it could.
I sent my car title to my ins. co. and I should be receiving a check soon. Big deal. I still don't have a car and I'll never find a good one as I had (with the check I'll get). BTW, I'm now driving a 1978 truck instead. Talk about an adventure just to drive to the store. It has to be warmed up for at least 10 minutes or else it'll stall out attempting to drive too soon.
I was taken to the hospital by ambulance due to neck pain, and was released. The stupid part is the neck brace they made me wear for 5 hours bruised my jaw and throat. Damned stupid drivers that don't even look!! I even had daytime headlights for crying out loud. geesh! (there, i vented) Marina
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says...

If you have an older car in significantly better-than-average condition, you might want to ask your insurance agent about agreed-value coverage. Basically, you get your car appraised for what it's really worth in unusually good condition, rather than average market value for that make and model, and the insurance company agrees that if the car is ever totalled, they will pay that agreed value for your car.
It costs more, of course, but the more your car is worth, the more sense it makes to insure it to full value.
Agreed value coverage is most common for collector cars, but it can make sense for daily drivers, too.
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Well, it's finally been settled. They started at $4,000 but I was insistent that wasn't enough. My husband hates dealing with stuff like this and would have agreed to their first offer so I take care of stuff like this. They came up in small increments every time I talked to them. They offered $4,400 so I called a Ford dealership to see what they thought it would be worth and the used car salesman thought that was a great offer. They finally came up to $4,750 but I wanted $4,850. My husband kept saying, "Just let it go" but I just couldn't. My parents said "It's only $100 ... settle already!" My brother said "I didn't know you could negotiate what an insurance company pays for a totaled vehicle. I'll remember that!" I think they were sick of me and finally agreed to what I wanted just to make me go away ... we got the check today!
FYI: I'm also the one that does the negotiations when purchasing a car. It's funny because when they come back with a counteroffer they always look at him and he just points to me and says "Talk to her." In fact the last car we bought, he went to look at it with me, we went back home to get some paperwork and he didn't want to go back so I went alone to finish the negotiations. His strengths lie elsewhere -- thank goodness opposite attract!
Thanks to all of you for your advice and suggestions. Debbie
| My husband wrecked our 1995 Ford Explorer Sport last night on the ice. He | rolled it and more than likely it will be totaled. We'll know in a few | days. Fortunately, he walked away from it although he kinda looks like a | prize fighter today due to the air bag. | | We have never had a vehicle that has been totaled and I wondered, since I | never trust insurance companies, how much were not going to get. We are not | going to replace it since it was a 3rd vehicle (the oldest of the 3). | | Does anyone know what insurance companies use to come up with the value of | the vehicle? I've gone to Edmunds, NADA, and Kelly Blue Book websites and | they all stated different amounts. | | We bought the vehicle new and it has been insured with the same insurance | the entire time so they know it has never been in a wreck (we've never had a | claim on it). It WAS in very good shape and had almost 170,000 miles on it | and we planned on it giving us a few more good years. I know that will be | considered high mileage but that's not bad for a 10-year-old vehicle. It | looks bad now so how would adjusters know what kind of shape it was in | before it was wrecked? | | Also, if they come up with an amount that we don't like, do we have any | options? | | Is there anything else we need to think about that I haven't mentioned? | | I just want to make sure we handle this correctly at the right time. | | Thanks for any help/suggestions, | Debbie
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