I got in a car accident.

i this coming a mile a way when you first started this thread. "never ever never... never ever never" (/shaq) gonna get close to full retail when a car is totaled.

not trying to be a smart arse about this... just wanna get the story straight.

1. you owed about 16k on the car
2. this car was deemed a total loss est around 11.5k
3. you can put the 11.5k toward your new suzuki
4. you will only owe 4.5k instead of the 16k that you started out with

is that right? also, the 11.5k isn't that only an estimate of damage and not the amount that you get back from the insurance agency? you may want to email codell through the board.

 

Wouldn't he still owe the 16K + what's left on his new car?

 

never mind. I'm an idiot. You are right.

 

Interestingly a few months ago I had a car accident in almost the exact same circumstances (guy pulls out turning left and I can't see him because of a car to my front/right). Their insurance company took care of everything but they didn't total my car and none of my airbags deployed as well.

Good luck with the repair and look into making a Diminished Value Claim on their insurance.

 

Most companies pay for a rental for only a specified amount of time Don't think putting it off keeps you in a free car. You need to find out how long that is so you don't get a bill you weren't expecting.

Also, I've never heard of a case where the person was entitled to their down payment...only what the value of the car was at the time of the accident. This isn't going to be a profit making enterprise for you. Odds are that you are still going to owe some on your wrecked vehicle...best case scenario is that you get back what you owe and maybe a little more if you sign off that you won't make any further claims.

In other words, don't get greedy.

 

Eddie,

I will give you my straight honest advice on all this.

1) The decision whether to total the vehicle is going to be based on several factors. A) Is the vehicle structurally repairable (if not, it is considered a "structural total loss"). B) If structurally repairable, the ins. co is going to look at the market value of your vehicle, the salvage value of what is left of your vehicle, and possible extras, including rental and possible loss of value if repaired.

Here is an example:

Say your vehicle's market value is $12,000, the cost to repair is $8,000 and the salvage value is $3,000. Based on this, your vehicle would be repairable as the ins. co's net loss is less to repair than it is to total. But say the salvage value is $4,500. Then the ins. co is likely to total, again based on the lesser net loss.

A few myths to clear up. 1) The ins. co doesn't owe you replacement cost, at least, not here in the state of Texas. They would owe you what we refer to as FMV (fair market value). That is, the value of what YOUR vehicle would be on the market, not a replacement (i.e. what could you have sold your vehicle before immediately before the loss). 2) The amt you owe on the loan is going to be given ZERO consideration, as again, that doesn't have anything to do with the FMV of your vehicle. 3) Most ins co. are not going to let you drag your feet and stay in a rental while you "hold out" for more money. Once they present you with a settlement, they are within their rights to then set an end date on your rental.

If you are unhappy with their offer, research Autotrader and send them copies of comparables (at least 3-5). Make sure you compare "apples to apples"; if you send in comps of the next model up, they are going to be dismissed as they are not comparable. Find the same year, make, model and package as yours with mileage within 10% of your vehicle, mostly the same options and condition. Stay within a 100 mile radius of your home zip code. Make sure you factor in dealer listings as well as private party listings as you are not entitled to full retail value since you are not a dealer.

If all else fails, and you can't come to an agreement with them, I would recommend filing under your own carrier (you have more options with them if you disagree with the value since it is your policy) and letting them handle through subrogation. As long as the 3rd party has accepted liability, your carrier will usually waive your deductible.

If you need any help, feel free to email me at costilwell@gmail.com. You can send me all the details on your vehicle and I can give you my opinion on what you should accept.

 

Go to:

http://www.edmunds.com/tmv/used/2009/suzuki/sx4/index.html

and appraise your car. You can also go to kbb.com

 

speak of the devil.

not according to the retail price of his ride ride online and to what cod said in his post.

 

Do you have "gap" insurance?

Sounds like you are going to hope you do.

 

FYI this is not going to be accurate as no insurance company I know of pays off of any type of book values.

 

Your suggestion was that he use the 11.5k towards the price of a new car. He still has to pay off his old car (16k) and whatever the 11.5k doesn't cover on the new one. The loan for the old car doesn't just disappear.

Unless I misread you and by "new suzuki" you meant the car that he was in the wreck with.

 

Dodge Neon, 98 I think. Radiator destroyed and air bags deployed. totaled.

good luck dude and hope you feel okay

 

You are right (as if there was any doubt) but I posted before I saw your reply.

Listen to codell. My son totalled his car and they gave me a listing of 3 comparable cars (same make, model, mileage, etc) that sold in the area within the past 6 months. They were low balling me but I still made money since I got such a great deal.

 

oops.

my bad. was thinking of my similar situation in which my car was already paid off. thx, art.