Insurance/damage questions
11-05-2004, 11:30 AM
#1
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Insurance/damage questions
I had a guy hit my Dodge this weekend. So far the damages are at $14800. What is the magic # for them to total it?
I have about 10k in extras on it too, would l be allowed to remove those items if it's totaled?
Thanks
Doug
I have about 10k in extras on it too, would l be allowed to remove those items if it's totaled?
Thanks
Doug
11-05-2004, 11:36 AM
#2
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You need to ask your agent about removing items from the truck.
If they're going to total it, and it didn't come from the factory, it probably won't be a problem.
Usually repairs totaling 80% of the value is the magic figure.
From this website:
http://www.edmunds.com/advice/insura...1/article.html
Some insurance companies consider your car totaled once repair costs exceed 51 percent of the vehicle's worth; others use 80 percent as their limit. Once it is determined that your car is totaled, your insurer will pay you the car's cash value, minus any deductible you may have in your coverage. If your insurance company considers your car totaled, but you want to keep it anyway, they will pay you the vehicle's cash value minus deductible, and then subtract the amount of money they would have gotten from the salvage yard as well. Then it's up to you to pay for the repairs. If you decide to do this, it's best to let your claims adjuster know up front; otherwise, you may have some difficulty recovering your car during auction at the salvage yard.
If they're going to total it, and it didn't come from the factory, it probably won't be a problem.
Usually repairs totaling 80% of the value is the magic figure.
From this website:
http://www.edmunds.com/advice/insura...1/article.html
Some insurance companies consider your car totaled once repair costs exceed 51 percent of the vehicle's worth; others use 80 percent as their limit. Once it is determined that your car is totaled, your insurer will pay you the car's cash value, minus any deductible you may have in your coverage. If your insurance company considers your car totaled, but you want to keep it anyway, they will pay you the vehicle's cash value minus deductible, and then subtract the amount of money they would have gotten from the salvage yard as well. Then it's up to you to pay for the repairs. If you decide to do this, it's best to let your claims adjuster know up front; otherwise, you may have some difficulty recovering your car during auction at the salvage yard.
11-06-2004, 07:24 PM
#3
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I had my insurance agent tell me when my Silverado got hit that 60+ was the number to get to or they would fix it.
Cash Value - Repairs + Salvage Value + deductable = Price of concideration.
I missed a total by less than 1K bucks. Man did that sting!!!!!!
They paid ~8500 bucks to fix a $13000 truck.
Cash Value - Repairs + Salvage Value + deductable = Price of concideration.
I missed a total by less than 1K bucks. Man did that sting!!!!!!
They paid ~8500 bucks to fix a $13000 truck.
11-08-2004, 10:59 PM
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Ouch
Thats a lot of dough! My truck is finally back on the road tonight. What I've learned from my accident is you can't ever trust the first estimate you get. In a nutshell, the State Farm adjuster wrote up 475 bucks for a new wheel, tire, and bumper step pad. They added 1200 to that after I met the adjuster with the truck, and also another 2500 when it went into the frame shop for a new (used) axle and 6 hours of straightening. They were only about $3700 off
Thats a lot of dough! My truck is finally back on the road tonight. What I've learned from my accident is you can't ever trust the first estimate you get. In a nutshell, the State Farm adjuster wrote up 475 bucks for a new wheel, tire, and bumper step pad. They added 1200 to that after I met the adjuster with the truck, and also another 2500 when it went into the frame shop for a new (used) axle and 6 hours of straightening. They were only about $3700 off
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