Wooot! My crappy little car got me through 4 years of college!!!!

[mystery3]

It's nice to have collision when your car isn't paid off but insurance is really for the unlikely event that you maim someone in an at-fault accident. I'd say carry as much liability coverage as you can afford at least 500,000 for medical.

[srgtlord]

So the insurance company called today and evaluated my car at $1824. Because I am keeping my car, I was told to expect a check for $1624. SCORE!

[8v-of-fury]

So the insurance company called today and evaluated my car at $1824. Because I am keeping my car, I was told to expect a check for $1624. SCORE!

Hellyeah buddy! That is frigging awesome. Did they tell you at all what determined the outcome of the payout?

[R.O.R-2.0]

so, you graduate, get in a wreck, then get rewarded with enough money for a new car, after graduating!

maybe the car gods thought you deserved something a little nicer now

[srgtlord]

The person who rear ended me had the insurance agent come out and look at the damage. Told me that because the car was so old that it would cost more to fix than the car was worth. He also said that the company that evaluates the value of vehicles values older cars higher than newer cars because there are fewer on the roads and the value increases. That and the fact that vehicles that old are usually in better shape thus increasing the value. So technically I could have received $1824 if i had surrendered my vehicle for scrap, but because I kept the vehicle I was technically buying back my car for the price of scrap, which is $200. $1824 minus the $200  scrap value is $1624.
Happy graduation to me lol.

[ToddA1]

2 summers ago, I got hit and totaled; the adjuster wrote my car as "dealer ready".  I was offered $1,000.  I told the claims rep to find me a car in this condition within 800 miles (their criteria).  It took about a month, of fighting but I eventually got the max KBB value for my car... $3,750.

I also had to pay scrap value; that was the first time that ever happened.

-Todd

[theman53]

This bullcrap of "paying" scrap value is retarded IMHO...IF YOU OWN THE CAR. Why do I have to re buy my car back? If I owned it and took it to the scrap then I get that 200.00, not my insurance company. So if someone hits me and total losses my car it is now the insurance companies car and I have to pay them for it...funny the title is still in my name.
I know this is how it always has been this way, but I wouldn't settle when it was my truck. Their end game was to re evaluate and not total it...
Good deal to you sir, happy graduation.

[ToddA1]

Their reasoning was that I was agreeing to settle for the fair market value of the car.  They didnt want me to further profit from the situation.

If wanted to keep the car, I was charged the scrap value.  If I wanted to get rid of the car, they'd have it picked up and I'd get the full settlement.

I've lost a bunch of cars to accidents that weren't my fault, and that was the first time that the scrap value thing came up.  Back in the day, scrap value wasn't as high, either.

-Todd

[theman53]

My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back, or be charged a scrap fee. I could settle for them not giving the value, but it is just principle for me.

[R.O.R-2.0]

that does make a good point..

they just dont want to give you the full value of your car, then have you turn around, and also scrap the car..

you would be profiting off the situation more than the insurance company wants.. so they charge you scrap value for your car if you wanna keep it. so, then, even if you do turn around and scrap it, you are basically at zero again. no loss, or gain, unless the price of scrap changes..

[mystery3]

My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,

It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.

[billybobf]

My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,

It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.

thats my thought, if you accept the payment for the insurance value, then it is their car. then you must buy it back. I think the reason they do it this way is to cover their tail. If they dont "buy" the car from you, and the payment made is for damage done, not the complete purchase of the car, you could always come back saying that it didnt cover the loss of the vehicle. If they buy it, then sell it back, they paid you what you wanted for the car. then sold it back to you as SCRAP so that they are not liable for anything other then providing you the scrap as agreed

[theman53]

My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,

It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.

I wouldn't think it is theirs until they go to that hell called the BMV and get the title changed. I know this is the way it has been and their arguement is you don't have to take it, but I don't like it. Even if it is scrap, it is my scrap, I was paying the insurance so that I got paid for its "good" value to be reembursed for it. I think if the car is mine before someone totals it, it should be mine to do what I see fit after someone totals it, not have to pay for it again. Why isn't it their car then if it is not a total loss? Say it was worth 1000.00 over the total limit, why don't you have to buy it back to repair it then? I don't understand why they think they can own it if they say it is a total loss. I own all my cars free and clear, I may feel different if I didn't...this is a hard point for me to convey, but it makes sense in my head, sorry guys. My brother in law is my insurance agent and he mildly hates me