Insurance screwing, how much for salvage?
Jan 4, 2011, 09:19 PM
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Insurance screwing, how much for salvage?
So I got rear ended just before christmas by a woman in a Ford Explorer. She has coverage through Farmers. I have a 2003 VIII with 73K on it. I also have a decent amount of mods done, exhaust, intake, cams, ic+piping, suspension.
Repair cost= I talked the company up to $10,200 from $9200 trying to get it totaled
Farmers quoted value of car (not including mods) = $15700
I am above the threshold for a totaled value, but they want to charge me $6K to retain the car.... sounded ridiculous to me and I bet they are trying to screw me and told the salvage company about the mods, etc. What do I do? I don't want to have a car with a lower value jsut because some chick can't drive... do the values sound right?
Repair cost= I talked the company up to $10,200 from $9200 trying to get it totaled
Farmers quoted value of car (not including mods) = $15700
I am above the threshold for a totaled value, but they want to charge me $6K to retain the car.... sounded ridiculous to me and I bet they are trying to screw me and told the salvage company about the mods, etc. What do I do? I don't want to have a car with a lower value jsut because some chick can't drive... do the values sound right?
Jan 4, 2011, 09:27 PM
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Is salvage auction and what I woudl buy it for different? Doesn't the auction comapny have to buy the car and then get whatever they can for it at auction? Would that be like saying it would have to go at auction for well over 6K for them to make a profit?
Jan 4, 2011, 09:40 PM
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not necessarily. most auctions sell salvage for the ins. co. and make the monies on the fees. your buy back is generally lower than what the car will bring at auction. Evos still bring high dollar at auction(in Cali anyway) . Ive seen really hammered high milers still going $5-7k and up at auctions with hardly any good body parts or hit so hard in front that engine or trans might be broke.
Last edited by MRevo916; Jan 4, 2011 at 09:43 PM.
Jan 4, 2011, 10:33 PM
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I would say try to talk them down if they will budge on the 6k. if not 6k isnt all to bad to be at if there is not major body damage( major fender pulling ect) or frame.
Jan 4, 2011, 11:38 PM
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Wow of course the wing made it. Amazing I've seen many rear end collisions and the wing always seems untouched. Don't know if this helps but mine got totalled also. It was an 03 with 68k on the clock. The idiot that hit me only had a $10k in insurance. My insurance company (USAA) assessed the value of the car at $18k andI owed $15k on it. Believe it or not, my buy back was $1200.00. I was shocked. It was a no brainer. The damage to the car wasn't bad at all. I'll have it back on the road for less than $5k in parts.
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Jan 5, 2011, 12:44 AM
#8
Mods do not affect the price of a car when it comes to insurance companies.
They could care less if your turbo is made by ABC, and xyz makes your fmic. They see it as - your car came with one, it should have one on it. Period. So don't expect money for your mods.
It is my understanding that ONLY rebuilt transmissions and motors add value.
05 with 61K on it SSL - fully built totaled in july 2010, I got $24,000 for it, minus $6000 buy back. Car was not rebuildable in any way. I just wasnt about to lose $15k+ in parts.
They could care less if your turbo is made by ABC, and xyz makes your fmic. They see it as - your car came with one, it should have one on it. Period. So don't expect money for your mods.
It is my understanding that ONLY rebuilt transmissions and motors add value.
05 with 61K on it SSL - fully built totaled in july 2010, I got $24,000 for it, minus $6000 buy back. Car was not rebuildable in any way. I just wasnt about to lose $15k+ in parts.
Jan 5, 2011, 09:44 AM
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i tried buying my first evo back but apparently i cant do that in illinois. anyways progressive said it would have been 5.5k to get it back so it sounds about right
Jan 5, 2011, 08:26 PM
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Thanks for all the feedback. It sounds like whether I like it or not, That's about all I"m going to get for it. 6K in salvage jsut seemed really high to me. Farmers uses a company called Copart. I think I am goign to get with my insurance company who also uses the same salvage company to see if they get he same number.
Anyone have any thoughts on how I can weasel some extra "actual cash value" out of them? They actually include taxes in the payout so I will end up netting $11100 with getting the car back. Can't buy much for that price...
Anyone have any thoughts on how I can weasel some extra "actual cash value" out of them? They actually include taxes in the payout so I will end up netting $11100 with getting the car back. Can't buy much for that price...
Jan 5, 2011, 08:43 PM
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Before I knew what I was going to do with my car, my adjuster told me to take anything of value off of the car before they took it. He didn't care as long as it was replaced with a similar part. I don't know if it was just that particular agent or what but I ended up buying my car back for the rediculous sum of $1200.00.
