When a car is in an accident when does the cost of repair cause the insurance company to total a car?
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Insurance totaling a car
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Either when the repair cost exceeds the pre-loss market value of the vehicle, or when the cost of repair/projected rental/potential diminution of value MINUS the salvage value (what the car is worth in it's wrecked condition) exceed the market value. The 25% figure mentioned above is a traditional general ball-park expectation of salvage value. A total loss can be declared for other, unique conditions also - submersion in water (anticipated electrical damage), severe structural damage, parts not available, etc.
Stu
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Sometimes you can buy the car back at a lower price, and still get the insurance money. And then have your car fixed. It depends on the damage, but talk to your insurance company to make sure they will still insure the vehicle AFTER you have it fixed. I have done this once before, came out slightly ahead, since an auto body guy owed me a favor, and there was no frame damage.
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Originally posted by stinkbelly View PostDo you have any options once an insurance company says a car is totaled due to repair costs?
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Originally posted by WItoTX View PostTotal the car, then buy it back from them with the money they give you. Then stick the rest into fixing it, if there is any left over. Your insurance agent will help with this.
But you will only be able to carry basic liability from that point on....if that matters
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Originally posted by WItoTX View PostTotal the car, then buy it back from them with the money they give you. Then stick the rest into fixing it, if there is any left over. Your insurance agent will help with this.
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A friend had a nice older Duramax that got enough water to get the carpets wet in Harvey. Insured with USAA. They totaled the truck but would not consider letting him keep it for the salvage value. The adjuster said that is their policy since Hurricane Sandy. After Sandy there were cars with water damage that would set off the airbags for no apparent reason.
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