Car insurance question

[RiverRat1]

Say your car gets hail damage and insurance totals the car. They say it's 10k (which is fair) and they keep the car. But if you want to keep the car they only give you 5k.

I'm just curious if there's any way to negotiate a better # and keep the car. And what do they do with the car?

[rferg84]

Say your car gets hail damage and insurance totals the car. They say it's 10k (which is fair) and they keep the car. But if you want to keep the car they only give you 5k.

I'm just curious if there's any way to negotiate a better # and keep the car. And what do they do with the car?

Normally isn't that big of a spread but would depend on the salvage value of the vehicle.

You are basically buying back the salvage. So if the salvage value is $5k then your scenario is right.

[TransPecos]

Also can you insure the car if you keep it and continue to drive it?

[Big Lee]

Did you get your quote through a body shop or through an insurance adjuster?

[elhefe]

Most companies will allow you to insure the vehicle but just liability coverage

[randal]

Last time I had one totaled out the insurance said they do not do buy back no matter if it’s totaled for hail or stolen and found later, a lot of insurance companies will do the buy back but don’t be shocked if they say no..

[RiverRat1]

Normally isn't that big of a spread but would depend on the salvage value of the vehicle.

You are basically buying back the salvage. So if the salvage value is $5k then your scenario is right.

What is "salvage"? The car is driveable just cosmetic beat up.

Did you get your quote through a body shop or through an insurance adjuster?

The adjuster just said it was totaled.

I was just curious how the salvage could be so much...And making sure insurance isn't being shady. No big deal.

[RifleBowPistol]

Normally isn't that big of a spread but would depend on the salvage value of the vehicle.

You are basically buying back the salvage. So if the salvage value is $5k then your scenario is right.

You are correct. The salvage value determines what you will get if you choose to keep it.

[pontiac]

Salvage value is their estimate of what the car will bring when they sell it at an auto auction.

There could be some room for negotiation on the ACV (actual cash value) and/or the salvage value.

If you keep it and get it repaired properly they may be willing to write Comprehensive and Collision coverage on it.

Every company has different approach and standards.

[Cottonfish]

Salvage on hail damaged vehicle is normally around 50-60% of ACV, because the damage is cosmetic rather than sheet metal or structural. Normal collision salvage runs about 25% of ACV. Most insurance companies use historical data from the salvage yards they use to auction their salvage, in order to determine what % to apply if the customer wants to retain salvage as part of the total loss settlement. They will also apply a deductible to the remaining amount. One issue to be aware of is how owner retention may affect your title status, that's a discussion to have with your adjuster. You should also have a discussion with your agent about what coverage(s) may or may not be able to be retained.

Stu

[Oleman]

Talk with the adjuster and negotiate. You may be surprise what he/she may do.

[Huntindad]

From what I have seen, the adjuster does have a lot of descretion in the outcome.

[Jon B]

I argued it last year. Kept the car and was able to forgo the salvage title. Took the cash plus what I made selling the other and rolled it into a newer ride.