Car accident . Fix car or not ?

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madbrain
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Car accident . Fix car or not ?

Postby madbrain » Wed Jan 11, 2017 10:02 pm

My husband was involved in a car accident yesterday. Roads were flooded. He hit the brake abruptly and the car swerved and hit the divider. Major damage to the front passenger side. The car is still drivable, but a lot of parts are exposed, and no right front light.

The car is a 2011 Prius with 111,000 miles on it. We own it outright - no loan. I checked KBB value and it goes from $6011 - $7754 for trade in "good" condition (which it is not at the moment) to $9280 for "very good" private party. Prior to the accident, I think it would have qualified as very good. It had been in several minor accidents but all damage was cosmetic and repaired.

My husband got several body shop estimates today and they were between $4000 and $5000. We have a $1000 deductible for collision. A claim was filed. Insurance adjuster will look at it tomorrow.

$5k repair to fix a car that might only be worth $6k at the low end would be very high. On the other hand, we weren't planning on replacing the car for another few years - the plan was to get a new car shortly before the expiration of the 10 year/150,000 mile hybrid battery warranty which would be in about 2 years from now with his current annual mileage.
I don't know what the salvage value of the car would be for parts, but it has to be somewhat significant given the hybrid battery alone.

Questions :
1) Is it likely the insurance company would declare the car totaled in this case ? And if so, how do we ensure it is valued adequately ?
2) If it is not totaled, does it make more sense to use the insurance proceeds to repair it, or buy another car and try to sell the unrepaired car ?

dbltrbl
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Re: Car accident . Fix car or not ?

Postby dbltrbl » Wed Jan 11, 2017 10:10 pm

I think insurance company will decide whether car is totaled or not. If totaled by them, they will give you what value they think its worth and you can argue for more. Many times it depends on adjuster. No one would buy it in its present condition so you do not have that option. If you were thinking of replacing the vehicle in a year or 2 at most, given choice, I would just go for new one now. Be ready to provide photos, documents, bills to prove your point that car was in very good/excellent condition before the accident to get maximum from insurance company.

Zott
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Re: Car accident . Fix car or not ?

Postby Zott » Wed Jan 11, 2017 10:18 pm

It appears likely that the insurance company will consider the car totaled. When my son's motor scooter was totaled recently, the company (Allstate) sent along an analysis which included three supposedly real market values of the scooter based upon actual dealer listings. (the scooter was only 2 months old--procedure may be different with an older vehicle). I argued a bit, got nowhere, the value was a bit lower than I thought was right, but not much.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Wed Jan 11, 2017 10:38 pm

dbltrbl wrote:I think insurance company will decide whether car is totaled or not. If totaled by them, they will give you what value they think its worth and you can argue for more. Many times it depends on adjuster. No one would buy it in its present condition so you do not have that option. If you were thinking of replacing the vehicle in a year or 2 at most, given choice, I would just go for new one now. Be ready to provide photos, documents, bills to prove your point that car was in very good/excellent condition before the accident to get maximum from insurance company.


Don't know if anyone would buy it in its present condition - maybe a mechanic who thought he could fix it for less and resell it.

Don't have photos but do have repair bills for previous cosmetic damage. And the condition of the rest of the car is pristine on the outside except for where the accident happened.

Seems the formula for determining when a vehicle is totaled varies highly by state. And the value of the vehicle is an input to that formula. In other words, if the value was too high relative to repairs, they may not consider it totaled. I'm in California and have never been in the situation where repairs were so high relative to car value.

Horsefly
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Re: Car accident . Fix car or not ?

Postby Horsefly » Wed Jan 11, 2017 11:06 pm

A rule of thumb I've heard from a body shop is that if their estimate of repairs is 75% or more of the estimated value of the vehicle, the insurance company will declare it totaled. The reasoning is that the incidental costs that come up during repairs could easily raise the costs to above the value of the car. I think your car is toast. Probably need to get ready for some hard negotiations about the *ACTUAL* value of the vehicle, as your insurance company is sure to give you a low-ball offer.

Steve

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Watty
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Re: Car accident . Fix car or not ?

Postby Watty » Wed Jan 11, 2017 11:17 pm

madbrain wrote:My husband got several body shop estimates today and they were between $4000 and $5000. We have a $1000 deductible for collision. A claim was filed. Insurance adjuster will look at it tomorrow.


When I have had repairs for a fender bender there the repair shop has always found additional work that would need to be done once they started taking the car apart to work on it.

There is really no sense in worrying about it until you hear what the adjuster says.

madbrain wrote:Prior to the accident, I think it would have qualified as very good. It had been in several minor accidents but all damage was cosmetic and repaired.


A car with a history having been in several accidents would not be worth as much as a "very good" car that had never been in an accident even if the repairs were well done. After the prior accidents you could have likely gotten some payment for "diminished value" (Google this) because the resale value would be less but insurance companies are know for greatly underestimating that.

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StevieG72
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Re: Car accident . Fix car or not ?

Postby StevieG72 » Thu Jan 12, 2017 3:00 am

Don't stress too much over this decision.

If insurance company totals vehicle, let it go.

Insurance company uses numerous factors to decide if vehicle is a total loss and what the payout will be.

The price to purchase a comparable vehicle ( actual vehicles for sale in your area) with the same mileage, features etc. is one factor.

You may be pleasently surprised by the payout if vehicle is totaled.
Fools think their own way is right, but the wise listen to others.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 3:43 am

StevieG72 wrote:Don't stress too much over this decision.

If insurance company totals vehicle, let it go.

Insurance company uses numerous factors to decide if vehicle is a total loss and what the payout will be.

The price to purchase a comparable vehicle ( actual vehicles for sale in your area) with the same mileage, features etc. is one factor.

You may be pleasently surprised by the payout if vehicle is totaled.


The thing is that I know very little about cars and am not comfortable buying a comparable used car. I would rather have the current car fixed as I know how it's been maintained, but it sounds like I may not have a choice in the matter.

As far as buying a new car, the replacement new car I had in mind 2 years from now - either Chevrolet Bolt or Tesla III - are not readily available for purchase yet. The Bolt was just released but has a waiting list, and even then is also pretty much selling at MSRP. I'll try to find out how long the wait is. But if it's 1-3 months as I suspect it is, I don't what what we can do in the meantime. We live in a non-urban, car-dependent area (hills, very isolated) and it's not practical for us to have just one car for that long. Not sure what a 1-3 months rental would cost.

denovo
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Re: Car accident . Fix car or not ?

Postby denovo » Thu Jan 12, 2017 5:31 am

Horsefly wrote:A rule of thumb I've heard from a body shop is that if their estimate of repairs is 75% or more of the estimated value of the vehicle, the insurance company will declare it totaled. The reasoning is that the incidental costs that come up during repairs could easily raise the costs to above the value of the car. I think your car is toast.
Steve


This is very important, OP. You should be hoping they declare it totaled. Repairing a car with major body work is a huge PITA. They will invariably need to stop work at least one time because they found something when they opened it up and call the adjuster, and everything just takes a long time.
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denovo
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Re: Car accident . Fix car or not ?

Postby denovo » Thu Jan 12, 2017 5:33 am

madbrain wrote:
As far as buying a new car, the replacement new car I had in mind 2 years from now - either Chevrolet Bolt or Tesla III - are not readily available for purchase yet.


Why not buy a Honda or Toyota hybrid that is new and hold it for 2-3 years then get the Bolt or Tesla III? The car will have bumper to bumper warranty and those brands hold their value pretty well. It's winter time and gas is cheap so you can snag a good deal.
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madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 6:47 am

denovo wrote:
madbrain wrote:
As far as buying a new car, the replacement new car I had in mind 2 years from now - either Chevrolet Bolt or Tesla III - are not readily available for purchase yet.


Why not buy a Honda or Toyota hybrid that is new and hold it for 2-3 years then get the Bolt or Tesla III? The car will have bumper to bumper warranty and those brands hold their value pretty well. It's winter time and gas is cheap so you can snag a good deal.


I'm just not crazy about adding a new car payment vs currently no payment to continue driving the same type of vehicle - even if new vs used. This is the risk that insurance is supposed to protect against.

Next car was supposed to be EV and not gas, also.

But hypothetically, if I considered it, it seems like I would take a significant hit on depreciation buying new and then selling it at only the 2-3 year mark.

Just did a check on kbb - about $27k for new Prius IV and $16k private party for a 2015 Prius IV with 40,000 miles on it.
Ie. about $5.5k of depreciation per year. This might be more than I would be spending/year on the Bolt/Tesla III if I finance.

Bolt Premier trim fully loaded with DC fast charging is is $43,905 MSRP. Call it $48k with CA tax & license. Less $7500 federal tax credit and $2500 CA incentive.
About $38,000 to pay upfront or finance. I believe I could get 1.99% from my credit union on a 7 year loan of that amount.
That's actually $5,820/year so pretty close to the amount of hypothetical depreciation on a gas hybrid over a 2 year period.
The Bolt will probably cost less in 2 years, though. On the other hand, the $7500 federal tax credit might also be gone with the new administration by then.

By going EV now vs gas hybrid, I believe I would spend somewhat less on electricity at home vs gas on a gas hybrid, though, as I have solar - it might not be completely free, but would be less than the price of gas . But PG&E changes the price of electricity every 3 months, so it's difficult to predict over long periods of time. Right now I do have some excess on my bill - had $400 of negative annual electricity charges that were zeroed in December - not because of net negative electricity usage (it was about net 0), but because of the time shifting benefit that solar provides.
Gas on a Prius is not much though - for 20k miles/year we're talking about 400 gallons or $1200/year assuming $3/gallon (premium costs about $3 gallon here still, though Prius takes regular).
20,000 miles in a Bolt would be about 5700 kWh at 3.5 miles/kWh. Assuming off-peak baseline electricity prices, about $850/year. This might move me to tier 2 though and cost more. Less the $400 credit I currently have, about $450/year estimated increase in electricity bill. So still less than $1200/year of gas.

Looks like the lead time on orders for the Bolt is about 6-8 weeks.

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TomatoTomahto
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Re: Car accident . Fix car or not ?

Postby TomatoTomahto » Thu Jan 12, 2017 7:14 am

I can't determine what makes more sense for you, but I strongly favor going for an EV (CPO Tesla, Bolt, Or Tesla III). As much as I love the Tesla III, it is likely to be delayed more than one would hope. Getting a used Tesla has the advantage of free lifetime Supercharging, but it sounds like that's less of a benefit for you. I don't know the prices on CPO Teslas, but I have heard that they're competitive.

The one thing I would not do is fix your current car.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 5:35 pm

TomatoTomahto wrote:I can't determine what makes more sense for you, but I strongly favor going for an EV (CPO Tesla, Bolt, Or Tesla III). As much as I love the Tesla III, it is likely to be delayed more than one would hope. Getting a used Tesla has the advantage of free lifetime Supercharging, but it sounds like that's less of a benefit for you. I don't know the prices on CPO Teslas, but I have heard that they're competitive.

The one thing I would not do is fix your current car.


The very cheapest CPO Tesla is $49k right now. With tax, it would be about $55k. None of the federal and state incentives would apply, as they only go to the first owner. $55k is quite a bit more than $38k net of incentives for the Bolt. Really not in the same ballpark.
Looks like we will need to wait a few more days for the insurance company's adjuster.

Body shop told my husband yesterday that the Prius is not safe to drive. Insurance company gave him a rental car until then. We're going to test drive the Bolt now and then pick up the rental.

Edit: test drove the Bolt - it's nice, we both like it. But dealer says it's MSRP only right now, no discount. Even though I bought a Volt from the same salesman 18 months ago. And he was saying if we order one now with custom options, it wouldn't come until April. They may get inventory before that due to cancellations of pre-order, but it wouldn't necessarily be with the right trim/options/color that we want.
Last edited by madbrain on Thu Jan 12, 2017 9:52 pm, edited 2 times in total.

Ace$
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Re: Car accident . Fix car or not ?

Postby Ace$ » Thu Jan 12, 2017 6:45 pm

I'd be shocked if this isn't a total loss, and I would not consider taking a lesser settlement in return for keeping this salvage. Once a car has a salvage title, it will always have a salvage title which makes the value even more questionable and the vehicle very difficult to get rid of later.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 9:53 pm

Ace$ wrote:I'd be shocked if this isn't a total loss, and I would not consider taking a lesser settlement in return for keeping this salvage. Once a car has a salvage title, it will always have a salvage title which makes the value even more questionable and the vehicle very difficult to get rid of later.


I finally spoke to the adjuster at the insurance company today. He said they would have to send a field examiner due to the amount of damage. And there won't be one for another week. But he said that they would only consider it a total loss if the cost of the repair is greater than the value of the car. I asked about a hypothetical scenario with a car worth $6,000 and a repair $5,000 and he confirmed that in this case they would only pay to repair it, ie. $5000 minus deductible. Maybe this is California law, I don't know. I have been googling on this subject and coming up with conflicting information. And my agent isn't helpful on this subject either.

denovo
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Re: Car accident . Fix car or not ?

Postby denovo » Thu Jan 12, 2017 9:56 pm

madbrain wrote:
Ace$ wrote:I'd be shocked if this isn't a total loss, and I would not consider taking a lesser settlement in return for keeping this salvage. Once a car has a salvage title, it will always have a salvage title which makes the value even more questionable and the vehicle very difficult to get rid of later.


I finally spoke to the adjuster at the insurance company today. He said they would have to send a field examiner due to the amount of damage. And there won't be one for another week. But he said that they would only consider it a total loss if the cost of the repair is greater than the value of the car. I asked about a hypothetical scenario with a car worth $6,000 and a repair $5,000 and he confirmed that in this case they would only pay to repair it, ie. $5000 minus deductible. Maybe this is California law, I don't know. I have been googling on this subject and coming up with conflicting information. And my agent isn't helpful on this subject either.


Maybe you have a stingy carrier, Geico?
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madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 10:11 pm

denovo wrote:
I finally spoke to the adjuster at the insurance company today. He said they would have to send a field examiner due to the amount of damage. And there won't be one for another week. But he said that they would only consider it a total loss if the cost of the repair is greater than the value of the car. I asked about a hypothetical scenario with a car worth $6,000 and a repair $5,000 and he confirmed that in this case they would only pay to repair it, ie. $5000 minus deductible. Maybe this is California law, I don't know. I have been googling on this subject and coming up with conflicting information. And my agent isn't helpful on this subject either.


Maybe you have a stingy carrier, Geico?



Safeco. Never had to make a claim with them before on either auto, home or umbrella. I'm not sure if this is completely up to the carrier, though. California usually has some pretty good consume & insurance protection laws.

DSInvestor
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Re: Car accident . Fix car or not ?

Postby DSInvestor » Thu Jan 12, 2017 10:29 pm

TomatoTomahto wrote: Getting a used Tesla has the advantage of free lifetime Supercharging, but it sounds like that's less of a benefit for you. I don't know the prices on CPO Teslas, but I have heard that they're competitive.


I think Tesla is changing the free for life supercharging and CPO teslas may not get this feature. Buying one in a private sale may preserve this feature for the car.

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TomatoTomahto
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Re: Car accident . Fix car or not ?

Postby TomatoTomahto » Thu Jan 12, 2017 10:40 pm

DSInvestor wrote:
TomatoTomahto wrote: Getting a used Tesla has the advantage of free lifetime Supercharging, but it sounds like that's less of a benefit for you. I don't know the prices on CPO Teslas, but I have heard that they're competitive.


I think Tesla is changing the free for life supercharging and CPO teslas may not get this feature. Buying one in a private sale may preserve this feature for the car.


They are changing it, but not in the way you suggest. The free Supercharging is attached to the vehicle, not the owner, so a CPO Tesla will have free lifetime Supercharging, while one ordered after 1/15/2017 will have some free annual Supercharging (400kwh, or approximately 1000 miles), after which it will cost something (it is not intended to be a profit center).

Tesla discovered that it's not immune to the tragedy of the commons.

dwickenh
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Re: Car accident . Fix car or not ?

Postby dwickenh » Thu Jan 12, 2017 10:41 pm

madbrain wrote:My husband was involved in a car accident yesterday. Roads were flooded. He hit the brake abruptly and the car swerved and hit the divider. Major damage to the front passenger side. The car is still drivable, but a lot of parts are exposed, and no right front light.

The car is a 2011 Prius with 111,000 miles on it. We own it outright - no loan. I checked KBB value and it goes from $6011 - $7754 for trade in "good" condition (which it is not at the moment) to $9280 for "very good" private party. Prior to the accident, I think it would have qualified as very good. It had been in several minor accidents but all damage was cosmetic and repaired.

My husband got several body shop estimates today and they were between $4000 and $5000. We have a $1000 deductible for collision. A claim was filed. Insurance adjuster will look at it tomorrow.

$5k repair to fix a car that might only be worth $6k at the low end would be very high. On the other hand, we weren't planning on replacing the car for another few years - the plan was to get a new car shortly before the expiration of the 10 year/150,000 mile hybrid battery warranty which would be in about 2 years from now with his current annual mileage.
I don't know what the salvage value of the car would be for parts, but it has to be somewhat significant given the hybrid battery alone.

Questions :
1) Is it likely the insurance company would declare the car totaled in this case ? And if so, how do we ensure it is valued adequately ?
2) If it is not totaled, does it make more sense to use the insurance proceeds to repair it, or buy another car and try to sell the unrepaired car ?


Sorry to hear about the accident.

This vehicle is likely worth more than you think, KBB private value is usually low compared to Insurance Company value. Insurance value is based on actual sale price of vehicles at a dealership through a service like Audatex, CCC. or Mitchell.

Total loss is determined by Actual Cash Value less Salvage value( usually 25 to 35% of Actual Cash Value)

For example, 10,000 vehicle less 3500.00 salvage value for maximum repairs of 6500.00. The Insurance company will not repair on an original shop estimate of 6000.00 unless the shop can guarantee no supplements or additional damage.

You can check the value yourself with checking like kind and quality vehicles at auto dealers. Note that the advertised price has 10-15% for negotiation.

I handled total loss settlements for Insurance companies for 23 years and managed a Body Shop for 18 years.

I would be glad to answer any additional questions you might have.

Best to you,

Dan
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rallycobra
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Re: Car accident . Fix car or not ?

Postby rallycobra » Thu Jan 12, 2017 10:47 pm

Buy a new headlight on ebay. Unbolt the fender and beat it it back to shape with a hammer. Get a can of matching spray paint and do a few light coats. Bolt the fender back on, cash the check from the insurance company, and profit!
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madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 10:49 pm

dwickenh wrote:This vehicle is likely worth more than you think, KBB private value is usually low compared to Insurance Company value. Insurance value is based on actual sale price of vehicles at a dealership through a service like Audatex, CCC. or Mitchell.


I think you are right that my estimated value is low. We walked to the Toyota dealer that was right next to Chevrolet and went to look at their used Priuses. They didn't have any 2011, but they had one 2010 with lower miles that they were asking $13,995 for. And most of the later year models (2012+) were even higher. Ultimately, I don't know what they really sell for since those are just asking prices.

Total loss is determined by Actual Cash Value less Salvage value( usually 25 to 35% of Actual Cash Value)


I asked the adjuster specifically if salvage value played any part in their determination, and he said no. Is this perhaps different between Illinois and California ?

For example, 10,000 vehicle less 3500.00 salvage value for maximum repairs of 6500.00. The Insurance company will not repair on an original shop estimate of 6000.00 unless the shop can guarantee no supplements or additional damage.

You can check the value yourself with checking like kind and quality vehicles at auto dealers. Note that the advertised price has 10-15% for negotiation.

I handled total loss settlements for Insurance companies for 23 years and managed a Body Shop for 18 years.

I would be glad to answer any additional questions you might have.

Best to you,

Dan


Thanks, that's very helpful - I'm just not sure if it applies in CA or not. Neither body shops my husband went to could guarantee no supplements or additional damage for the $4K and $5K estimates we got as their could be invisible internal damage.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 12, 2017 10:54 pm

rallycobra wrote:Buy a new headlight on ebay. Unbolt the fender and beat it it back to shape with a hammer. Get a can of matching spray paint and do a few light coats. Bolt the fender back on, cash the check from the insurance company, and profit!


Thanks, but we are not handy.

Ace$
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Re: Car accident . Fix car or not ?

Postby Ace$ » Fri Jan 13, 2017 12:13 am

madbrain wrote:
Ace$ wrote:I'd be shocked if this isn't a total loss, and I would not consider taking a lesser settlement in return for keeping this salvage. Once a car has a salvage title, it will always have a salvage title which makes the value even more questionable and the vehicle very difficult to get rid of later.


I finally spoke to the adjuster at the insurance company today. He said they would have to send a field examiner due to the amount of damage. And there won't be one for another week. But he said that they would only consider it a total loss if the cost of the repair is greater than the value of the car. I asked about a hypothetical scenario with a car worth $6,000 and a repair $5,000 and he confirmed that in this case they would only pay to repair it, ie. $5000 minus deductible. Maybe this is California law, I don't know. I have been googling on this subject and coming up with conflicting information. And my agent isn't helpful on this subject either.


I'm a catastrophe property adjuster, so I don't actually work auto and have never been deployed to California. My wife, however, is an auto liability adjuster with responsibilities in California and I can confirm y'all have some jacked up insurance regs there. That answer on that hypothetical seems odd to me given the salvage value would likely be more than the $1000 difference, but each state regulates its own insurance industry so......

letsgobobby
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Re: Car accident . Fix car or not ?

Postby letsgobobby » Fri Jan 13, 2017 11:53 am

I'd presume it will be declared totaled. Buy a 3 year old used Prius off lease, rumor is their prices have dropped significantly recently because of the new model Prius as well as low gas prices. Then when the bolt or tesla 3 are ready for you, go for it.

madbrain
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Re: Car accident . Fix car or not ?

Postby madbrain » Fri Jan 13, 2017 5:15 pm

letsgobobby wrote:I'd presume it will be declared totaled. Buy a 3 year old used Prius off lease, rumor is their prices have dropped significantly recently because of the new model Prius as well as low gas prices. Then when the bolt or tesla 3 are ready for you, go for it.


Insurance company wants to send a field adjuster and they won't have one for a week (!). Their 2 network body shops also won't have an appointment for another week. So it looks like it's going to be a while.

In addition, we haven't been able to obtain a rental. The San Jose airport Enterprise location won't do insurance rentals. All other locations were closed yesterday evening. And today all San Jose Enterprise locations are out of cars due to the 3 day week-end. Sigh!

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Re: Car accident . Fix car or not ?

Postby madbrain » Mon Jan 16, 2017 8:16 pm

madbrain wrote:
letsgobobby wrote:I'd presume it will be declared totaled. Buy a 3 year old used Prius off lease, rumor is their prices have dropped significantly recently because of the new model Prius as well as low gas prices. Then when the bolt or tesla 3 are ready for you, go for it.


Insurance company wants to send a field adjuster and they won't have one for a week (!). Their 2 network body shops also won't have an appointment for another week. So it looks like it's going to be a while.

In addition, we haven't been able to obtain a rental. The San Jose airport Enterprise location won't do insurance rentals. All other locations were closed yesterday evening. And today all San Jose Enterprise locations are out of cars due to the 3 day week-end. Sigh!


We were able to take the car to another body shop in the insurance network today. We got a repair estimate for $5142.
Insurance adjuster says they don't consider it totaled, and the body shop should have told us in the estimate report if it was totaled.
So, we have the option of not repairing and taking a check for $4142, or repairing and paying a $1000 deductible.

A mechanic we have used before has offered to do the body work for $2000 . My husband is leaning towards taking the insurance check and using that mechanic to repair it. I rode in the car today on the way to the body shop and back, and it was as fine a ride as it's ever been, except I had to ride in the back since front passenger door wouldn't open. I think the car will likely be OK for another couple of years if repaired, and fixing and keeping it would be the more economical option.

The Bolt EV would be nice to get, but not at the MSRP that it's selling at right now. Local dealers won't budge as inventory is low and selling out as fast as it's coming in. Southern California dealers are selling it about $1000 less. I have coworkers who ordered one months ago with select options/color and are still waiting for theirs. So, it just seems like we would be overpaying if we were to purchase a new Bolt right now. Maybe we can fix the car for $2000, list it and sell it at a decent private party price, and by the time it's sold in a month or two, get a Bolt once the prices have come down to earth a little bit.

madbrain
Posts: 4125
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: Car accident . Fix car or not ?

Postby madbrain » Thu Jan 26, 2017 10:29 pm

madbrain wrote:The Bolt EV would be nice to get, but not at the MSRP that it's selling at right now. Local dealers won't budge as inventory is low and selling out as fast as it's coming in. Southern California dealers are selling it about $1000 less. I have coworkers who ordered one months ago with select options/color and are still waiting for theirs. So, it just seems like we would be overpaying if we were to purchase a new Bolt right now. Maybe we can fix the car for $2000, list it and sell it at a decent private party price, and by the time it's sold in a month or two, get a Bolt once the prices have come down to earth a little bit.


We got the Prius fixed for $2000 cash last friday. I listed the car on Craigslist for $9999 that evening. Did not get a single email, not surprisingly.
The insurance estimate was $5300, and the check we got was $4300 after deductible, so we ended up being $2300 ahead. The mechanic did not do the cleanest, greatest job, and used some aftermarket parts.

On monday morning, we signed a preliminary contract on a new red loaded Bolt Premier, at $1000 below MSRP, including the safety package, infotainment package, and DC fast charger option The Bolt had just arrived from the factory that morning, and was still being inspected by the dealer. We looked at it but did not test drive - we had already test driven at another dealership. The dealer offered $4500 for our Prius as trade-in value, which we thought was too low.

Right after signing that contract, I relisted the Prius on craigslist for $7999. Emails started to pile up.
We headed to Carmax, who wasted our time and offered only $3000 for our car, as they claimed there was frame damage and they would only auction it and not try to resell it. They did not like the way our mechanic repaired it. We thought that was BS as the car drove just fine as it did on day 1.

We headed back home in the Prius, and the $4300 insurance check was in the mailbox.
Someone came at 7pm to look at the Prius car and bought it for $7000 cash. The $100 bills were swallowed by the Chase ATM a few minutes later (in two deposits, only 40 bills at once).

So, we ended up getting $9300 from our 2011 Prius IV - $2300 from net insurance after repair, and $7000 from the buyer.

Out the door price on the loaded red (premium color) Bolt was a little over $47100 with CA sales tax & license. We will get a $500 Clean fuel rebate from PG&E in about a month - I just applied for it.
The California CVRP rebate will be another $2500, but I have to wait for the DMV plate and registration to arrive before applying - probably another 2 months before we get that check.
And then finally, on next year's taxes, we will get a $7500 EV tax credit.
This means a total of $10,500 of incentives, and total net vehicle cost of $36,600 . Less the $9300 we got out of the Prius, $27,300 to upgrade to the newest EV with a 238 mile range.
We took delivery on wednesday.

I also bought a Juicebox Pro40 Smart 40A L2 charger which should be installed on saturday hopefully, alongside the existing 15A L2 charger which currently charges my Volt. Our household gasoline consumption should drop to near 0 as my Volt drives 83% electric miles and the Bolt is 100% electric.
Last edited by madbrain on Fri Jan 27, 2017 12:08 am, edited 1 time in total.

sunny_socal
Posts: 716
Joined: Tue Mar 24, 2015 4:22 pm

Re: Car accident . Fix car or not ?

Postby sunny_socal » Thu Jan 26, 2017 11:56 pm

Nice! Happy ending 8-)


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