My car was totaled. Do any of you have experience with this process?
My car was totaled. Do any of you have experience with this process?
I hit some ice the other night and went off the road, hitting a telephone pole and a box that was full of wires (knocking the cover off). While I was okay, my car was not.
I received a message the other day stating that the car was totaled and I will need to call the insurance company back tomorrow. I'd like to complete this process ASAP as I'm paying for a rental (unfortunately did not select that option for my plan).
I am assuming they will make an offer to buy the salvaged car from me and to settle the claim. Is this more of a negotiation or are most of the big name insurance companies typically good with giving one what the car is worth? Is there any chance they would try to lowball me?
Once I agree to a number, is there any chance that the phone company pursue damages? It does not look like there was much damage. There was no damage to the pole itself, it's mainly the plastic cover as well as the nearby box that houses wires as the cover flew off. Do I need to contact someone to see if I am responsible for damages or is that on the insurance company? I noticed on the website that they have closed the "damages to other property" section. If the phone company were to demand damages once the claim is resolved, is the insurance company no longer liable?
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
I received a message the other day stating that the car was totaled and I will need to call the insurance company back tomorrow. I'd like to complete this process ASAP as I'm paying for a rental (unfortunately did not select that option for my plan).
I am assuming they will make an offer to buy the salvaged car from me and to settle the claim. Is this more of a negotiation or are most of the big name insurance companies typically good with giving one what the car is worth? Is there any chance they would try to lowball me?
Once I agree to a number, is there any chance that the phone company pursue damages? It does not look like there was much damage. There was no damage to the pole itself, it's mainly the plastic cover as well as the nearby box that houses wires as the cover flew off. Do I need to contact someone to see if I am responsible for damages or is that on the insurance company? I noticed on the website that they have closed the "damages to other property" section. If the phone company were to demand damages once the claim is resolved, is the insurance company no longer liable?
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
- ResearchMed
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Re: My car was totaled. Do any of you have experience with this process?
For starters, in terms of "value" you'd want to negotiate with your insurer, start now to search CarMax and other similar sites (also dealers who have used cars), and see if you can find a few same year/similar model (including trim level and other add-ons), and print those out.CobraKai wrote: ↑Sun Nov 18, 2018 11:03 am I hit some ice the other night and went off the road, hitting a telephone pole and a box that was full of wires (knocking the cover off). While I was okay, my car was not.
I received a message the other day stating that the car was totaled and I will need to call the insurance company back tomorrow. I'd like to complete this process ASAP as I'm paying for a rental (unfortunately did not select that option for my plan).
I am assuming they will make an offer to buy the salvaged car from me and to settle the claim. Is this more of a negotiation or are most of the big name insurance companies typically good with giving one what the car is worth? Is there any chance they would try to lowball me?
Once I agree to a number, is there any chance that the phone company pursue damages? It does not look like there was much damage. There was no damage to the pole itself, it's mainly the plastic cover as well as the nearby box that houses wires as the cover flew off. Do I need to contact someone to see if I am responsible for damages or is that on the insurance company? I noticed on the website that they have closed the "damages to other property" section. If the phone company were to demand damages once the claim is resolved, is the insurance company no longer liable?
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
Don't accept anything like "but those include the markup" or such, as these are the prices that YOU would need to pay, all in.
And don't forget to include all taxes and fees.
The only time this happened to us (fault admitted to police by other driver on the spot), our insurer was pretty good about this.
(Our insurer got involved and ran interference with the driver's insurer to some extent, which helped.)
RM
This signature is a placebo. You are in the control group.
Re: My car was totaled. Do any of you have experience with this process?
I have done a bit of research on prices and have an idea what my number is. It seems like CarMax is more expensive than other dealers, although I must say that I like their warranty options, although I have never purchased a car there. Good point re the taxes and fees. I'll have to see what I paid last time to get a general ballpark figure.ResearchMed wrote: ↑Sun Nov 18, 2018 11:12 am For starters, in terms of "value" you'd want to negotiate with your insurer, start now to search CarMax and other similar sites (also dealers who have used cars), and see if you can find a few same year/similar model (including trim level and other add-ons), and print those out.
Don't accept anything like "but those include the markup" or such, as these are the prices that YOU would need to pay, all in.
And don't forget to include all taxes and fees.
The only time this happened to us (fault admitted to police by other driver on the spot), our insurer was pretty good about this.
(Our insurer got involved and ran interference with the driver's insurer to some extent, which helped.)
RM
How long did the process take for you? I'm hoping to wrap it this week, as I have been paying for a rental car, but that may not be realistic.
Re: My car was totaled. Do any of you have experience with this process?
Don't forget to add new license costs and title and dealer fees for the next car as you will have to pay that as well. Then you need to contact whoever owns the utility boxes you hit and get some sort of waiver or letter in writing saying you are not liable for any damage or there is no damage. I do not think your insurance company will do this leg work for you.
Good Luck.
Good Luck.
Re: My car was totaled. Do any of you have experience with this process?
Ok I guess that is on me. That is going to draw out the process a bit I'm sure. I'm not sure anyone has even notified the phone company as the scene is still the same.btenny wrote: ↑Sun Nov 18, 2018 11:53 am Don't forget to add new license costs and title and dealer fees for the next car as you will have to pay that as well. Then you need to contact whoever owns the utility boxes you hit and get some sort of waiver or letter in writing saying you are not liable for any damage or there is no damage. I do not think your insurance company will do this leg work for you.
- ResearchMed
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Re: My car was totaled. Do any of you have experience with this process?
That doesn't need to draw out the process of settling on an amount for you car.CobraKai wrote: ↑Sun Nov 18, 2018 12:09 pmOk I guess that is on me. That is going to draw out the process a bit I'm sure. I'm not sure anyone has even notified the phone company as the scene is still the same.btenny wrote: ↑Sun Nov 18, 2018 11:53 am Don't forget to add new license costs and title and dealer fees for the next car as you will have to pay that as well. Then you need to contact whoever owns the utility boxes you hit and get some sort of waiver or letter in writing saying you are not liable for any damage or there is no damage. I do not think your insurance company will do this leg work for you.
There can be multiple parts to a claim.
For example, we settled about an amount for the car reasonably soon. (Our rental was also paid by the other driver's insurer.)
But there were some medical bills, some lost consulting income, etc., and those took longer.
RM
This signature is a placebo. You are in the control group.
Re: My car was totaled. Do any of you have experience with this process?
Ok so they would send me a check while the claim remains open? I'm paying for the rental so it's in my best interest to resolve ASAP.ResearchMed wrote: ↑Sun Nov 18, 2018 12:19 pmThat doesn't need to draw out the process of settling on an amount for you car.CobraKai wrote: ↑Sun Nov 18, 2018 12:09 pmOk I guess that is on me. That is going to draw out the process a bit I'm sure. I'm not sure anyone has even notified the phone company as the scene is still the same.btenny wrote: ↑Sun Nov 18, 2018 11:53 am Don't forget to add new license costs and title and dealer fees for the next car as you will have to pay that as well. Then you need to contact whoever owns the utility boxes you hit and get some sort of waiver or letter in writing saying you are not liable for any damage or there is no damage. I do not think your insurance company will do this leg work for you.
There can be multiple parts to a claim.
For example, we settled about an amount for the car reasonably soon. (Our rental was also paid by the other driver's insurer.)
But there were some medical bills, some lost consulting income, etc., and those took longer.
RM
- ResearchMed
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Re: My car was totaled. Do any of you have experience with this process?
Can you afford a car prior to getting a check?CobraKai wrote: ↑Sun Nov 18, 2018 12:22 pmOk so they would send me a check while the claim remains open? I'm paying for the rental so it's in my best interest to resolve ASAP.ResearchMed wrote: ↑Sun Nov 18, 2018 12:19 pmThat doesn't need to draw out the process of settling on an amount for you car.CobraKai wrote: ↑Sun Nov 18, 2018 12:09 pmOk I guess that is on me. That is going to draw out the process a bit I'm sure. I'm not sure anyone has even notified the phone company as the scene is still the same.btenny wrote: ↑Sun Nov 18, 2018 11:53 am Don't forget to add new license costs and title and dealer fees for the next car as you will have to pay that as well. Then you need to contact whoever owns the utility boxes you hit and get some sort of waiver or letter in writing saying you are not liable for any damage or there is no damage. I do not think your insurance company will do this leg work for you.
There can be multiple parts to a claim.
For example, we settled about an amount for the car reasonably soon. (Our rental was also paid by the other driver's insurer.)
But there were some medical bills, some lost consulting income, etc., and those took longer.
RM
Might there be a 0% financing available somewhere (are those still out there?)?
You should be able to figure a reasonably approximate figure from the comps that you can find.
They'd be hard pressed to come up with a significantly lower figure if you've got decent comps, I would think.
Are you able to get them to help with a lower rental rate in the meantime? They might have corp rates for their insured drivers who *do* have that coverage... just a thought.
RM
This signature is a placebo. You are in the control group.
- quantAndHold
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Re: My car was totaled. Do any of you have experience with this process?
Go get a loan and buy a car. Just make sure the loan doesn’t have a prepayment penalty. Then pay off the loan when you get payment from the insurance company.
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Re: My car was totaled. Do any of you have experience with this process?
My car was totalled several years back after it was stolen and retrieved (stripped). I remember the insurer asked me if I wanted to buy it back for the salvage value (a few 100$, but it was a cheap car). I then got it fixed up minimally and drove it for another 2-3 years before it gave up the ghost.CobraKai wrote: ↑Sun Nov 18, 2018 11:03 am
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
There was no (or minimal) paperwork that I recall, but then I did not need to transfer title. I simply had to ask the body shop to tow it from the salvage yard.
And this may be locking the barn door, but this is why one should have rental car coverage !
Last edited by SlowMovingInvestor on Sun Nov 18, 2018 12:42 pm, edited 1 time in total.
- RickBoglehead
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Re: My car was totaled. Do any of you have experience with this process?
Your insurance company will be responsible for all damage that you caused, whether the telephone (or cable or utility company) bills you now or in the future.
As a kid I hit a pole and totaled a family car. Utility company billed us for a new pole. Pole was never replaced (just scratched), power didn't go out, service wasn't interrupted. Insurance company told utility company to get lost.
As a kid I hit a pole and totaled a family car. Utility company billed us for a new pole. Pole was never replaced (just scratched), power didn't go out, service wasn't interrupted. Insurance company told utility company to get lost.
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Re: My car was totaled. Do any of you have experience with this process?
How would the telephone company know it was you (the OP) that hit the box?
Re: My car was totaled. Do any of you have experience with this process?
I can only comment about negotiating value of a totaled car.
Our car was towed to our local body shop, where the adjuster declared it totaled. The car would remain at the shop until an agreement was reached on value. The body shop owner told me that the insurance company has to pay the shop a daily storage fee ($30 or $40) so there is an element of urgency on the insurer's part to keep that cost down, and not take their first offer if I had a reason that justified more.
I immediately researched prices of "comparable" cars for sale in our area - same year, model, trim and close to the same mileage. Then I gathered the repair receipts of the last year because we had major work done on the car - new exhaust, new tires (less than 3K miles on the tires), new brakes. I brought all this to the adjuster to lobby for a higher settlement. My position was that the exhaust, brakes and tires absolutely increased the value of our car. He wanted me to email scans of the receipts and screenshots of the cars for sale I felt were comparable. After a couple rounds of slightly increased offers, the adjuster called with his supervisor on the phone and we settled for $1K more than their original offer. Not life-changing, but worth the effort. And I definitely got the sense that the insurer was feeling the pressure of the storage fees.
Our car was towed to our local body shop, where the adjuster declared it totaled. The car would remain at the shop until an agreement was reached on value. The body shop owner told me that the insurance company has to pay the shop a daily storage fee ($30 or $40) so there is an element of urgency on the insurer's part to keep that cost down, and not take their first offer if I had a reason that justified more.
I immediately researched prices of "comparable" cars for sale in our area - same year, model, trim and close to the same mileage. Then I gathered the repair receipts of the last year because we had major work done on the car - new exhaust, new tires (less than 3K miles on the tires), new brakes. I brought all this to the adjuster to lobby for a higher settlement. My position was that the exhaust, brakes and tires absolutely increased the value of our car. He wanted me to email scans of the receipts and screenshots of the cars for sale I felt were comparable. After a couple rounds of slightly increased offers, the adjuster called with his supervisor on the phone and we settled for $1K more than their original offer. Not life-changing, but worth the effort. And I definitely got the sense that the insurer was feeling the pressure of the storage fees.
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Re: My car was totaled. Do any of you have experience with this process?
My son had a similar experience. He was driving on a night when there was fog and at the top of a hill, it had flash frozen. A black car was parked on one side of the road and kids were fooling around at 11pm at the end of a driveway on the other side. He hit the ice and threaded between the car and the kids as the car slid. It hit a telephone pole. The vehicle had brand new ice tires on it. The tow truck who came for the vehicle went off the road.
Anyways, the vehicle was totaled. The insurance company gave me well over what I paid for it new 9 months earlier.
Anyways, the vehicle was totaled. The insurance company gave me well over what I paid for it new 9 months earlier.
Bogle: Smart Beta is stupid
Re: My car was totaled. Do any of you have experience with this process?
I've had two cars totaled by insurance companies. Both were hit by commerical vehicles, one was parked, the other was moving slowly through city traffic. In both cases the insurance settlements were done within 10 days and were very fair, I had nothing to dispute. The appraisers of course consider mileage but also tire wear (one of mine had tires that were recently replaced), vehicle license fee, and sales tax.
The closest helping hand is at the end of your own arm.
Re: My car was totaled. Do any of you have experience with this process?
This was my experience with Erie Insurance when my car was totaled.
The adjuster looked at newspaper/online ads for cars on sale that were similar to mine. Then he did an adjustment for mileage, etc., similar to a real estate appraisal with comparable properties. Because they use the asking price for the car, not the sale price, you actually get much more than your car is really worth.
Basically, they give you whatever it would take to buy your car used, with no negotiation on your part, less your deductible.
The adjuster looked at newspaper/online ads for cars on sale that were similar to mine. Then he did an adjustment for mileage, etc., similar to a real estate appraisal with comparable properties. Because they use the asking price for the car, not the sale price, you actually get much more than your car is really worth.
Basically, they give you whatever it would take to buy your car used, with no negotiation on your part, less your deductible.
- Artful Dodger
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Re: My car was totaled. Do any of you have experience with this process?
This was my comment a couple months back to a question about when to drop collision coverage...
We had a 2009 Tucson that my daughter totaled last fall. Before her accident, I had thought about dropping the coverage, but had not gotten around to it. I'm not sure I would have dropped it, but took the time to look up the value on Edmunds and KBB. Truthfully, the car had seen better days, and I wouldn't have given $2000 for it, and the Edmunds had it in the upper $2000s at fair condition. I was surprised when the insurance co valued it at $5100.
So my experience, yes, the insurance company was more than fair. They picked the auto shop where it was towed. After the decision to total, they took care of disposing the car.
I don't know the answer for the telephone pole. It seems you would have some liability, and if the utility company identified you as the cause, they would come after you, but I think your insurer would be on the hook. Was there a police report, and did they notify the utility?
We had a 2009 Tucson that my daughter totaled last fall. Before her accident, I had thought about dropping the coverage, but had not gotten around to it. I'm not sure I would have dropped it, but took the time to look up the value on Edmunds and KBB. Truthfully, the car had seen better days, and I wouldn't have given $2000 for it, and the Edmunds had it in the upper $2000s at fair condition. I was surprised when the insurance co valued it at $5100.
So my experience, yes, the insurance company was more than fair. They picked the auto shop where it was towed. After the decision to total, they took care of disposing the car.
I don't know the answer for the telephone pole. It seems you would have some liability, and if the utility company identified you as the cause, they would come after you, but I think your insurer would be on the hook. Was there a police report, and did they notify the utility?
Re: My car was totaled. Do any of you have experience with this process?
The Insurance company will determine the ACV(actual cash value) of your vehicle based on actual replacement vehicles sold or for sale in the last 90 days. You can ask for a list of the vehicles used to establish value for your vehicle.CobraKai wrote: ↑Sun Nov 18, 2018 11:03 am I hit some ice the other night and went off the road, hitting a telephone pole and a box that was full of wires (knocking the cover off). While I was okay, my car was not.
I received a message the other day stating that the car was totaled and I will need to call the insurance company back tomorrow. I'd like to complete this process ASAP as I'm paying for a rental (unfortunately did not select that option for my plan).
I am assuming they will make an offer to buy the salvaged car from me and to settle the claim. Is this more of a negotiation or are most of the big name insurance companies typically good with giving one what the car is worth? Is there any chance they would try to lowball me?
Once I agree to a number, is there any chance that the phone company pursue damages? It does not look like there was much damage. There was no damage to the pole itself, it's mainly the plastic cover as well as the nearby box that houses wires as the cover flew off. Do I need to contact someone to see if I am responsible for damages or is that on the insurance company? I noticed on the website that they have closed the "damages to other property" section. If the phone company were to demand damages once the claim is resolved, is the insurance company no longer liable?
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
The Insurance company will handle any subsequent property damage claims as long as the property owner has been notified of the damage and
your insurance company information.
Some state laws will not allow you to retain the salvage of a totaled vehicle. Missouri and Illinois(where I am located) both have laws governing when a totaled vehicle can be retained.
I agree it is too much of a hassle to wait for salvage value determination to retain your vehicle.
Spent 40 years handling total loss vehicles for Insurance companies and Body Shops.
Good luck on your claim,
Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” |
— Warren Buffett
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Re: My car was totaled. Do any of you have experience with this process?
Many moons ago, my ten-year-old Chevy was wrecked while I was a grad student. I had paid $800 for it three years earlier. The drunk driver's insurance company offered me $250 saying it was totaled. I said I pay ad valorem tax on $550 and here are similar cars for sale in the newspaper for $500-600. And do you really want to go to court in a college town and discuss your out-of-state drunk-at-noon client? They gave me $500. I had the car repaired and gave it to a sibling two years later for 16th birthday.
So, yes I negotiated, and yes I kept the car.
So, yes I negotiated, and yes I kept the car.
Re: My car was totaled. Do any of you have experience with this process?
My son hit a deer and totaled our 2006 Sonata. It was his grandpa’s car that we bought from him for $5000. It had very low miles (around 30k) but also some cosmetic issues as we probably should have taken grandpa’s keys away a little earlier. The adjuster said it was difficult to appraise due to the low miles but made what I thought was a fair offer (a little under $8k). He said we also could take the salvage title and they would reduce the payout by their estimated salvage value if we wanted to try to fix it - mainly due to the low miles but we decided to just let it go at that point.
Re: My car was totaled. Do any of you have experience with this process?
In California (other states may differ) you can buy back a totaled vehicle as part of the settlement procedures. We bought one back for the $600 salvage value. When this happens the DMV changes the title to a "Salvage" title so subsequent purchasers are aware of the vehicle history. California rules require the owner of a vehicle that is kept in a salvage situation has to get a formal brake and light inspection certificate from a licensed shop and bring it and the vehicle to DMV for an inspection before new license plates are issued. On the vehicle we kept the damage was all cosmetic and the vehicle got totaled because of the high cost of repair versus the vehicle value. Of course it can cost as much to repair cosmetic damage on an old vehicle as on a new one. A $4,000 required repair on a $20,000 car may be authorized by insurance company but a $4,000 repair on a vehicle worth $6,000 would result in the vehicle being totaled.
The closest helping hand is at the end of your own arm.
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Re: My car was totaled. Do any of you have experience with this process
I’m glad that you are ok. If the car was totaled, it likely now belongs to the insurance company. Your relative would have to negotiate with them. Or you may be able to do the same, and then pin pass it on to your relative. It will almost certainly have a salvage title when ownership changes from the insurance company.CobraKai wrote: ↑Sun Nov 18, 2018 11:03 am I hit some ice the other night and went off the road, hitting a telephone pole and a box that was full of wires (knocking the cover off). While I was okay, my car was not.
I received a message the other day stating that the car was totaled and I will need to call the insurance company back tomorrow. I'd like to complete this process ASAP as I'm paying for a rental (unfortunately did not select that option for my plan).
I am assuming they will make an offer to buy the salvaged car from me and to settle the claim. Is this more of a negotiation or are most of the big name insurance companies typically good with giving one what the car is worth? Is there any chance they would try to lowball me?
Once I agree to a number, is there any chance that the phone company pursue damages? It does not look like there was much damage. There was no damage to the pole itself, it's mainly the plastic cover as well as the nearby box that houses wires as the cover flew off. Do I need to contact someone to see if I am responsible for damages or is that on the insurance company? I noticed on the website that they have closed the "damages to other property" section. If the phone company were to demand damages once the claim is resolved, is the insurance company no longer liable?
Further complicating this situation is that I have a relative (a mechanic) who is possibly interested in purchasing the salvaged vehicle. It cannot be safely driven in its current form so it would need to be towed. Would I need to be able to negotiate with the insurance company? I'm thinking that I would have to buy the car (completing paper work), apply for a salvage title, sell the car (more paper work). Seems to me that this would hold up the process. I could keep it myself for parts if I buy a similar year/model vehicle but I'm no mechanic. Is either option worth exploring or should I just let it go? Hate to disappoint family members but it seems like too much hassle on my end when I want to get this over with.
Any tips would be appreciated!
Any third party damage is separate from any value you receive from your totaled car. As long as the third party makes the claim within the limitations statue timeframe, the liability portion of your insurance would pay a valid claim (or defend you) up to your limits.
If the phone company finds damage, it’s simple for them to find a police report or other incident report via insurance companies. If the damage is limited to a removed cover, I might theoretically consider the possibility of just replacing the cover back in place, and photographing any damage or lack of damage.
Re: My car was totaled. Do any of you have experience with this process?
Yes
Perhaps I should start looking regardless.
I am using the corp rental rate. It is approx $25 per day total which isn't bad although it does add up over time.ResearchMed wrote: ↑Sun Nov 18, 2018 12:25 pmMight there be a 0% financing available somewhere (are those still out there?)?
You should be able to figure a reasonably approximate figure from the comps that you can find.
They'd be hard pressed to come up with a significantly lower figure if you've got decent comps, I would think.
Are you able to get them to help with a lower rental rate in the meantime? They might have corp rates for their insured drivers who *do* have that coverage... just a thought.
RM
Re: My car was totaled. Do any of you have experience with this process?
I believe the car is still at the body shop. Nobody told me otherwise. Someone told me that I better watch out as they could be charging me a storage fee. That thought didn't even come to mind.SlowMovingInvestor wrote: ↑Sun Nov 18, 2018 12:40 pm My car was totalled several years back after it was stolen and retrieved (stripped). I remember the insurer asked me if I wanted to buy it back for the salvage value (a few 100$, but it was a cheap car). I then got it fixed up minimally and drove it for another 2-3 years before it gave up the ghost.
There was no (or minimal) paperwork that I recall, but then I did not need to transfer title. I simply had to ask the body shop to tow it from the salvage yard.
And this may be locking the barn door, but this is why one should have rental car coverage !
I actually thought I had rental coverage, couldn't believe I didn't. Either I wasn't asked or I was asked and thought about the # of times I needed a rental car in the past and decided against it. I think I will add it moving forward.
Re: My car was totaled. Do any of you have experience with this process?
That is good to hear. My concern was that the claim would be "resolved" and then the phone company later decides they want to be reimbursed.RickBoglehead wrote: ↑Sun Nov 18, 2018 12:42 pm Your insurance company will be responsible for all damage that you caused, whether the telephone (or cable or utility company) bills you now or in the future.
Interesting!RickBoglehead wrote: ↑Sun Nov 18, 2018 12:42 pmAs a kid I hit a pole and totaled a family car. Utility company billed us for a new pole. Pole was never replaced (just scratched), power didn't go out, service wasn't interrupted. Insurance company told utility company to get lost.
Re: My car was totaled. Do any of you have experience with this process?
That's what I was asking myself. Maybe they call the police department and ask if there was a report made? Or else the police department contacts them? That is the only way I can think of where they would know.
Re: My car was totaled. Do any of you have experience with this process?
Okay so that's on the insurance company and not me? Someone warned me that I could be on the hook for a storage fee. Perhaps I would be if I decided to keep the car?prudent wrote: ↑Sun Nov 18, 2018 1:10 pm I can only comment about negotiating value of a totaled car.
Our car was towed to our local body shop, where the adjuster declared it totaled. The car would remain at the shop until an agreement was reached on value. The body shop owner told me that the insurance company has to pay the shop a daily storage fee ($30 or $40) so there is an element of urgency on the insurer's part to keep that cost down, and not take their first offer if I had a reason that justified more.
Ok thanks for sharing. I should probably do a little homework before speaking to the insurance rep.prudent wrote: ↑Sun Nov 18, 2018 1:10 pmI immediately researched prices of "comparable" cars for sale in our area - same year, model, trim and close to the same mileage. Then I gathered the repair receipts of the last year because we had major work done on the car - new exhaust, new tires (less than 3K miles on the tires), new brakes. I brought all this to the adjuster to lobby for a higher settlement. My position was that the exhaust, brakes and tires absolutely increased the value of our car. He wanted me to email scans of the receipts and screenshots of the cars for sale I felt were comparable. After a couple rounds of slightly increased offers, the adjuster called with his supervisor on the phone and we settled for $1K more than their original offer. Not life-changing, but worth the effort. And I definitely got the sense that the insurer was feeling the pressure of the storage fees.
Re: My car was totaled. Do any of you have experience with this process?
How about gas? Just joking but it figures that I put a full tank of gas in the car just before the crash.123 wrote: ↑Sun Nov 18, 2018 2:03 pm I've had two cars totaled by insurance companies. Both were hit by commerical vehicles, one was parked, the other was moving slowly through city traffic. In both cases the insurance settlements were done within 10 days and were very fair, I had nothing to dispute. The appraisers of course consider mileage but also tire wear (one of mine had tires that were recently replaced), vehicle license fee, and sales tax.
Re: My car was totaled. Do any of you have experience with this process?
Hopefully it goes that smooth! I'll have to do a little bit of research ahead of time just in case. I don't think it's in the best interest of either party to draw this out any longer than it has to be.markfaix wrote: ↑Sun Nov 18, 2018 2:07 pm This was my experience with Erie Insurance when my car was totaled.
The adjuster looked at newspaper/online ads for cars on sale that were similar to mine. Then he did an adjustment for mileage, etc., similar to a real estate appraisal with comparable properties. Because they use the asking price for the car, not the sale price, you actually get much more than your car is really worth.
Basically, they give you whatever it would take to buy your car used, with no negotiation on your part, less your deductible.
I'm still questioning whether I should bother keeping the car and selling it to my relative a chance to buy it and make money. I have a feeling that this may not go as smooth as it sounds....what if he waits a few days to pick it up and I'm on the hook for a storage fee? Or he changes his mind and decides he doesn't want it and then I'm stuck with it? I'm having second thoughts about this idea.
Re: My car was totaled. Do any of you have experience with this process?
There was a police report but I am not sure if they notified the utility. I was not told by the officer that it was my responsibility to.Artful Dodger wrote: ↑Sun Nov 18, 2018 2:28 pm This was my comment a couple months back to a question about when to drop collision coverage...
We had a 2009 Tucson that my daughter totaled last fall. Before her accident, I had thought about dropping the coverage, but had not gotten around to it. I'm not sure I would have dropped it, but took the time to look up the value on Edmunds and KBB. Truthfully, the car had seen better days, and I wouldn't have given $2000 for it, and the Edmunds had it in the upper $2000s at fair condition. I was surprised when the insurance co valued it at $5100.
So my experience, yes, the insurance company was more than fair. They picked the auto shop where it was towed. After the decision to total, they took care of disposing the car.
I don't know the answer for the telephone pole. It seems you would have some liability, and if the utility company identified you as the cause, they would come after you, but I think your insurer would be on the hook. Was there a police report, and did they notify the utility?
Re: My car was totaled. Do any of you have experience with this process?
I'm not even sure who to call. It's definitely associated with a telephone company. There was no sticker on the box with a phone number if I recall. I can go back and see if I can find something that would have contact info on it.dwickenh wrote: ↑Sun Nov 18, 2018 3:30 pm The Insurance company will determine the ACV(actual cash value) of your vehicle based on actual replacement vehicles sold or for sale in the last 90 days. You can ask for a list of the vehicles used to establish value for your vehicle.
The Insurance company will handle any subsequent property damage claims as long as the property owner has been notified of the damage and
your insurance company information.
The more I think about it, the more I don't like the idea of keeping the car. Someone else told me that I should keep it for parts if I buy an identical car. Sounds good in theory but I'm no mechanic. If I take it to the shop, is the mechanic going to come to my house to remove the part that he needs? Not likely. Thanks
Re: My car was totaled. Do any of you have experience with this process?
I almost hit a deer tonight with my rental. I was on the expressway, switched lanes, and then a few seconds later noticed a deer standing still in the lane that I was just in previously. I don't want to imagine having to file two claims in one week after not filing ANY claims after so many years. I probably should have purchased the coverage that the rental company was offering but that is another $17 per day.Kenkat wrote: ↑Sun Nov 18, 2018 4:19 pm My son hit a deer and totaled our 2006 Sonata. It was his grandpa’s car that we bought from him for $5000. It had very low miles (around 30k) but also some cosmetic issues as we probably should have taken grandpa’s keys away a little earlier. The adjuster said it was difficult to appraise due to the low miles but made what I thought was a fair offer (a little under $8k). He said we also could take the salvage title and they would reduce the payout by their estimated salvage value if we wanted to try to fix it - mainly due to the low miles but we decided to just let it go at that point.
Re: My car was totaled. Do any of you have experience with this process?
So let's say I decided to sell the car to my relative. The car is paid off but I don't want him to know that (separate issue for a separate thread). He would know that it were paid off if I were to transfer him the title, correct?123 wrote: ↑Sun Nov 18, 2018 4:41 pm In California (other states may differ) you can buy back a totaled vehicle as part of the settlement procedures. We bought one back for the $600 salvage value. When this happens the DMV changes the title to a "Salvage" title so subsequent purchasers are aware of the vehicle history. California rules require the owner of a vehicle that is kept in a salvage situation has to get a formal brake and light inspection certificate from a licensed shop and bring it and the vehicle to DMV for an inspection before new license plates are issued. On the vehicle we kept the damage was all cosmetic and the vehicle got totaled because of the high cost of repair versus the vehicle value. Of course it can cost as much to repair cosmetic damage on an old vehicle as on a new one. A $4,000 required repair on a $20,000 car may be authorized by insurance company but a $4,000 repair on a vehicle worth $6,000 would result in the vehicle being totaled.
Re: My car was totaled. Do any of you have experience with this process
Would this have any impact in what they are offering me or would this be a separate transaction?criticalmass wrote: ↑Sun Nov 18, 2018 9:19 pm I’m glad that you are ok. If the car was totaled, it likely now belongs to the insurance company. Your relative would have to negotiate with them. Or you may be able to do the same, and then pin pass it on to your relative.
From what it sounds, this requires no action on my end and it's on the utility to settle with the insurance company.criticalmass wrote: ↑Sun Nov 18, 2018 9:19 pmIt will almost certainly have a salvage title when ownership changes from the insurance company.
Any third party damage is separate from any value you receive from your totaled car. As long as the third party makes the claim within the limitations statue timeframe, the liability portion of your insurance would pay a valid claim (or defend you) up to your limits.
If the phone company finds damage, it’s simple for them to find a police report or other incident report via insurance companies. If the damage is limited to a removed cover, I might theoretically consider the possibility of just replacing the cover back in place, and photographing any damage or lack of damage.
I did photograph the damage. The junction box is not something I could just replace the cover on as the box itself was damaged as well. I'm not sure if any internal components were affected or not.
Re: My car was totaled. Do any of you have experience with this process?
Police report. Insurance report. Honesty.
As others have said, insurance should cover the damage. I would think insurance company would be responsible for notifying owner of the telephone box. Wouldn't they be negligent if they didn't, seeing as they bear the financial responsibility? (Edit: Just noticed OP says this in above message.)
Re: My car was totaled. Do any of you have experience with this process?
I doubt it. Most likely some tech driving by will notice the cover is missing, and replace it with one in his truck.
I would not contact the police if I hit a pole. Personally, when I hit a deer a few years ago, I never called the police. People were shocked my insurance paid with out a police report. I don't understand their surprise.
- ResearchMed
- Posts: 16768
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Re: My car was totaled. Do any of you have experience with this process?
If this is what you were told, then I'd go with this absent any other information/directive (e.g., from an attorney).CobraKai wrote: ↑Sun Nov 18, 2018 11:32 pmThere was a police report but I am not sure if they notified the utility. I was not told by the officer that it was my responsibility to.Artful Dodger wrote: ↑Sun Nov 18, 2018 2:28 pm This was my comment a couple months back to a question about when to drop collision coverage...
We had a 2009 Tucson that my daughter totaled last fall. Before her accident, I had thought about dropping the coverage, but had not gotten around to it. I'm not sure I would have dropped it, but took the time to look up the value on Edmunds and KBB. Truthfully, the car had seen better days, and I wouldn't have given $2000 for it, and the Edmunds had it in the upper $2000s at fair condition. I was surprised when the insurance co valued it at $5100.
So my experience, yes, the insurance company was more than fair. They picked the auto shop where it was towed. After the decision to total, they took care of disposing the car.
I don't know the answer for the telephone pole. It seems you would have some liability, and if the utility company identified you as the cause, they would come after you, but I think your insurer would be on the hook. Was there a police report, and did they notify the utility?
Keep in mind... if you do NOT end up with a claim that is filed in a timely manner for this damage, it might end up being paid by you...?
RM
This signature is a placebo. You are in the control group.
Re: My car was totaled. Do any of you have experience with this process?
If there was a police report, the property damage claim will find you- and you can forward it to your Insurance company. You were insured at the time of loss, they will have to take care of the damage no matter when the claim is submitted.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” |
— Warren Buffett
Re: My car was totaled. Do any of you have experience with this process?
Standard mass market auto insurance policies only cover ACV (actual cash value) rather than the vehicle replacement value, so, if they tell you that they aren't going to be paying any markups and the like, all the tough talk in the world isn't going to do much, as this is exactly what your insurance contract provides for. In fact, many insurance companies even take the position that they don't have to cover any taxes or fees, as those aren't part of the ACV, but this will depend not just on the insurance company but also the state.ResearchMed wrote: ↑Sun Nov 18, 2018 11:12 amFor starters, in terms of "value" you'd want to negotiate with your insurer, start now to search CarMax and other similar sites (also dealers who have used cars), and see if you can find a few same year/similar model (including trim level and other add-ons), and print those out.
Don't accept anything like "but those include the markup" or such, as these are the prices that YOU would need to pay, all in.
And don't forget to include all taxes and fees.
New license costs, title and dealer fees for the next car have nothing to do with the actual cash value of the car that has just been totaled. So, with an ACV policy, this would generally be a non-starter.
The process varies widely company to company. With USAA, for instance, which is generally considered to have excellent claims handling, they used a third party company that came up with an appraisal report which greatly understated the value of the vehicle. USAA then refused to negotiate or to consider other data and acted as if their offer was set in stone, so if we didn't like it, we needed to sue them.markfaix wrote: ↑Sun Nov 18, 2018 2:07 pm This was my experience with Erie Insurance when my car was totaled.
The adjuster looked at newspaper/online ads for cars on sale that were similar to mine. Then he did an adjustment for mileage, etc., similar to a real estate appraisal with comparable properties. Because they use the asking price for the car, not the sale price, you actually get much more than your car is really worth.
Basically, they give you whatever it would take to buy your car used, with no negotiation on your part, less your deductible.
- ResearchMed
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- Joined: Fri Dec 26, 2008 10:25 pm
Re: My car was totaled. Do any of you have experience with this process?
We bickered just a bit, but had the comps for similar vehicles, all of which had considerably higher mileage than our totaled car had. We got more than any of the comps, and the insurer seemingly agreed about our being able to get another equivalent car. The words "actual cash value" weren't used, just the costs of the best comps we could find. And it included assorted fees; it was "what we'd have to pay to replace the car with an equivalent" - nothing better, but nothing worse.UALflyer wrote: ↑Mon Nov 19, 2018 8:34 amStandard mass market auto insurance policies only cover ACV (actual cash value) rather than the vehicle replacement value, so, if they tell you that they aren't going to be paying any markups and the like, all the tough talk in the world isn't going to do much, as this is exactly what your insurance contract provides for. In fact, many insurance companies even take the position that they don't have to cover any taxes or fees, as those aren't part of the ACV, but this will depend not just on the insurance company but also the state.ResearchMed wrote: ↑Sun Nov 18, 2018 11:12 amFor starters, in terms of "value" you'd want to negotiate with your insurer, start now to search CarMax and other similar sites (also dealers who have used cars), and see if you can find a few same year/similar model (including trim level and other add-ons), and print those out.
Don't accept anything like "but those include the markup" or such, as these are the prices that YOU would need to pay, all in.
And don't forget to include all taxes and fees.
New license costs, title and dealer fees for the next car have nothing to do with the actual cash value of the car that has just been totaled. So, with an ACV policy, this would generally be a non-starter.
We were very pleased (given that some crazed teen almost took out DH along with the car ).
And our insurer really helped with the interactions with the driver's insurer, including about this.
RM
This signature is a placebo. You are in the control group.
Re: My car was totaled. Do any of you have experience with this process?
You had a third party claim against another driver's insurance company, while the OP has a first party claim against his own insurance company. When you have a third party claim, you are not bound by that insurance company's insurance contract, so you may be able to recover additional damages not otherwise compensable under your own insurance contract. This is likely to be one of the reasons that ACV was never mentioned, as you weren't bound by the ACV limitation in the insurance policy.ResearchMed wrote: ↑Mon Nov 19, 2018 8:44 amAnd our insurer really helped with the interactions with the driver's insurer, including about this.
In short, your situation was quite different from that of the OP. Further, the way that different insurance companies handle these things tends to vary widely, so while the OP may still benefit from reading about different people's experiences and trying to negotiate/asking for additional compensation, he/she also shouldn't be surprised if his insurance company refuses to play ball and tells him that that's not how they do business.
Last edited by UALflyer on Mon Nov 19, 2018 9:07 am, edited 1 time in total.
Re: My car was totaled. Do any of you have experience with this process?
What is covered depends on the insurance contract.CobraKai wrote: ↑Sun Nov 18, 2018 11:25 pmOkay so that's on the insurance company and not me? Someone warned me that I could be on the hook for a storage fee. Perhaps I would be if I decided to keep the car?prudent wrote: ↑Sun Nov 18, 2018 1:10 pm I can only comment about negotiating value of a totaled car.
Our car was towed to our local body shop, where the adjuster declared it totaled. The car would remain at the shop until an agreement was reached on value. The body shop owner told me that the insurance company has to pay the shop a daily storage fee ($30 or $40) so there is an element of urgency on the insurer's part to keep that cost down, and not take their first offer if I had a reason that justified more.
Ok thanks for sharing. I should probably do a little homework before speaking to the insurance rep.prudent wrote: ↑Sun Nov 18, 2018 1:10 pmI immediately researched prices of "comparable" cars for sale in our area - same year, model, trim and close to the same mileage. Then I gathered the repair receipts of the last year because we had major work done on the car - new exhaust, new tires (less than 3K miles on the tires), new brakes. I brought all this to the adjuster to lobby for a higher settlement. My position was that the exhaust, brakes and tires absolutely increased the value of our car. He wanted me to email scans of the receipts and screenshots of the cars for sale I felt were comparable. After a couple rounds of slightly increased offers, the adjuster called with his supervisor on the phone and we settled for $1K more than their original offer. Not life-changing, but worth the effort. And I definitely got the sense that the insurer was feeling the pressure of the storage fees.
Re: My car was totaled. Do any of you have experience with this process?
Not if they are Century Link. We have those boxes all over town in various stages of disrepair. I don't think they fix them unless a customer calls in with a phone outage and they trace it back to the box. That stuff can look pretty beat up and still work.
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Re: My car was totaled. Do any of you have experience with this process?
I almost didn't. I was close enough to home that I thought I could make it, but the damage was more extensive than I thought and the officer wouldn't let me drive it home.RootSki wrote: ↑Mon Nov 19, 2018 6:26 am I doubt it. Most likely some tech driving by will notice the cover is missing, and replace it with one in his truck.
I would not contact the police if I hit a pole. Personally, when I hit a deer a few years ago, I never called the police. People were shocked my insurance paid with out a police report. I don't understand their surprise.
Re: My car was totaled. Do any of you have experience with this process?
I have some good news to report. I received a fair offer and was not low balled. I have had some not-so-great consumer experiences as of late and must admit that I was pleasantly surprised.
The claims rep said not to worry about the damage to the utility's equipment. That would be between the utility and insurance company if there is an issue there.
Now the only stumbling block (outside of finding a new vehicle) is a family member that was trying to convince me to keep the car so they can sell to another relative (who knows someone who owns a body shop) and make a buck. I would have to apply for a salvage title which would take 2-3 weeks. Then there is towing and possible storage fees. Then I think "what if he backs out of the deal" and then I'm stuck with the car? Seems to me that this would be more hassle than it's worth. Even the claims rep thought it would not be worth messing with.
The claims rep said not to worry about the damage to the utility's equipment. That would be between the utility and insurance company if there is an issue there.
Now the only stumbling block (outside of finding a new vehicle) is a family member that was trying to convince me to keep the car so they can sell to another relative (who knows someone who owns a body shop) and make a buck. I would have to apply for a salvage title which would take 2-3 weeks. Then there is towing and possible storage fees. Then I think "what if he backs out of the deal" and then I'm stuck with the car? Seems to me that this would be more hassle than it's worth. Even the claims rep thought it would not be worth messing with.
Last edited by CobraKai on Mon Nov 19, 2018 11:29 pm, edited 1 time in total.
Re: My car was totaled. Do any of you have experience with this process?
I would certainly have argued for the value what gas was in the tank if the insurance company was going to get it. But I only had a 1/4 tank and let the body shop guy siphon it out for the tip he gave me about storage fees.
Re: My car was totaled. Do any of you have experience with this process?
A couple of problem to look in with a salvage title;
1) I am pretty sure that you will not be able to get comprehensive of collision insurance on it. I am not sure if liability would be any different or not.
2) Your umbrella policy may have restrictions on a salvage vehicle. The problem is that if it is in an accident later then it being a salvage vehicle could be an issue that would affect liability.
3) The cars that I have owned that have been in even a modest fender bender were never the same. There is a good chance that you will not like the car after it is repaired.
4) Once the repairs are underway it is very likely that additional would will be found that also needs to be done. That could drive the price way up but by then you may have already racked up significant repair bills and the car could be difficult to sell if it partially disassembled.
1) I am pretty sure that you will not be able to get comprehensive of collision insurance on it. I am not sure if liability would be any different or not.
2) Your umbrella policy may have restrictions on a salvage vehicle. The problem is that if it is in an accident later then it being a salvage vehicle could be an issue that would affect liability.
3) The cars that I have owned that have been in even a modest fender bender were never the same. There is a good chance that you will not like the car after it is repaired.
4) Once the repairs are underway it is very likely that additional would will be found that also needs to be done. That could drive the price way up but by then you may have already racked up significant repair bills and the car could be difficult to sell if it partially disassembled.
Re: My car was totaled. Do any of you have experience with this process?
I might buy the same model/make car and would love to have one of the good tires. I wonder if I could make a deal with the body shop, he could have the if he lets me exchange the tire. I have an identical rim at home with a bad tire.
Re: My car was totaled. Do any of you have experience with this process?
Good points. I think his plan would be to sell it to a friend of his that owns a body shop (or have him fix it at a discount) and then sell it. There are too many things that can go wrong so I think I'm going to tell them no, and if they are upset, so be it.Watty wrote: ↑Mon Nov 19, 2018 1:36 pm A couple of problem to look in with a salvage title;
1) I am pretty sure that you will not be able to get comprehensive of collision insurance on it. I am not sure if liability would be any different or not.
2) Your umbrella policy may have restrictions on a salvage vehicle. The problem is that if it is in an accident later then it being a salvage vehicle could be an issue that would affect liability.
3) The cars that I have owned that have been in even a modest fender bender were never the same. There is a good chance that you will not like the car after it is repaired.
4) Once the repairs are underway it is very likely that additional would will be found that also needs to be done. That could drive the price way up but by then you may have already racked up significant repair bills and the car could be difficult to sell if it partially disassembled.