Car hit while parked, no note, just want damages as cash from insurance

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Goal33
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Car hit while parked, no note, just want damages as cash from insurance

Post by Goal33 » Fri Oct 26, 2018 7:12 pm

My car was hit in parking lot, no note was left...

Got a quote, it's about 3k in damage. The car is an old luxury car that is hard to value, it's anywhere from 4-8k depending on the potential buyer (before this damage). The car is totally drivable but the way they hit so many of the panels and the rim increased the cost

I have insurance with a 1k deductible for collision/comprehensive (though I understand this would fall under collision, if that matters)

My preference would be to get a 2k check (3k - 1k deduction) and not repair the car. I have insurance with progressive.

Does anybody have any advice as to how I go about this to get the damages as cash rather than having it repaired?

Is it possible this car is totaled?

Edit: I am located in CA
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by LadyGeek » Fri Oct 26, 2018 7:19 pm

This thread is now in the Personal Finance (Not Investing) forum (insurance).
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by White Coat Investor » Fri Oct 26, 2018 7:26 pm

Yea, just tell the insurance company. No biggie.
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by JGoneRiding » Fri Oct 26, 2018 8:24 pm

Did you file a police report? Most likely your insurance will want to see this then cover you under uninsured which is usually a lower deduction

Daryl
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Daryl » Fri Oct 26, 2018 8:41 pm

JGoneRiding wrote:
Fri Oct 26, 2018 8:24 pm
Did you file a police report? Most likely your insurance will want to see this then cover you under uninsured which is usually a lower deduction
Most states / insurance companies will require the contact information for the other driver before accepting a uninsured / underinsured motorist claim.

123
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by 123 » Fri Oct 26, 2018 9:00 pm

It can costs as much to repair damage on an old car (even a "beater") as it does on a new model. Because of the way cars are constructed what looks like simple wrinkles in the body can require extensive reconstruction so the "integrity" of the vehicle is restored. So an older car is more likely to be "totaled".

Typically in California if the insurance company totals your car you can buy it back from the insurance company as part of the settlement. So if the car was valued by the insurance company at $4K they will let you buy it back for something like $500 - $1,000 and send you a check for the difference (adjusting for your deductible). They don't care whether you buy it or they send it to a salvage yard. If the insurance company totaled the car you will end up with a "salvage" title. You will likely have to get a brake and light inspection certification from an authorized repair station. DMV will then issue you (after you stand in line and they do an inspection) a new set of license plates since the vehicle title has been changed.
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by nashirak » Sat Oct 27, 2018 12:00 am

As long as the vehicle isn’t financed then you can just ask to be paid for the damage that they can see. No requirement to fix the car. If the car is declared a total then you should have the option to keep the car (this is called a “retention” or “salvage buyback”, a couple other names out there too), “123” described that pretty well.

As far as uninsured motorist, if you have it on your policy then your state may allow you to file under it provided some guidelines are met (even with an unknown other party). For example, in Arkansas you have to have filed a police report within 24 hours of the incident (date of loss) to file uninsured with an unknown third party (called a phantom hit and run). Your adjuster can give you more details depending on state and company guidelines.

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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Lancelot » Sat Oct 27, 2018 1:52 am

White Coat Investor wrote:
Fri Oct 26, 2018 7:26 pm
Yea, just tell the insurance company. No biggie.
Years ago my ex hit a deer. The car was old so we asked for a check in lieu of repair; the insurance company balked but eventually settled for less than the cost of repair. Not disputing WC, just sharing my personal experience FWIW.
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Jb526 » Sat Oct 27, 2018 2:03 am

When I had the same incident happen to me, I filed a claim under the underinsured motorist property damage coverage on my auto policy. For a hit-and-run incident (which I believe your case would be), this coverage on my own policy had only a $300 deductible. Do you have this coverage? It only adds $23 per year to my premium, and I've read it being similarly cheap for others on this board. (Edited to add that I don't carry collision coverage.)

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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by quantAndHold » Sat Oct 27, 2018 7:24 am

Daryl wrote:
Fri Oct 26, 2018 8:41 pm
JGoneRiding wrote:
Fri Oct 26, 2018 8:24 pm
Did you file a police report? Most likely your insurance will want to see this then cover you under uninsured which is usually a lower deduction
Most states / insurance companies will require the contact information for the other driver before accepting a uninsured / underinsured motorist claim.
Ummmmm...no. If that were the case, you would never be covered in any kind of hit and run accident. I know by experience that isn’t the case. We were covered. We just had to eat the deductible because there wasn’t another driver to get it from.

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8foot7
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by 8foot7 » Sat Oct 27, 2018 7:43 am

Daryl wrote:
Fri Oct 26, 2018 8:41 pm
JGoneRiding wrote:
Fri Oct 26, 2018 8:24 pm
Did you file a police report? Most likely your insurance will want to see this then cover you under uninsured which is usually a lower deduction
Most states / insurance companies will require the contact information for the other driver before accepting a uninsured / underinsured motorist claim.
I don’t know that this is true and it certainly doesn’t match up with my experience. In my case, I was hit on an interstate by an undocumented immigrant. He refused to give any information to the police that showed up. I was covered.

retiringwhen
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by retiringwhen » Sat Oct 27, 2018 7:45 am

Definitely file a police report regardless for hit and runs and deer hits, my insurance company (NJ Manufacturers) will require a police report.

They will pay out cash only if the car is totaled AFAIK. I have done that twice and it worked well.

I got an estimate from my body shop (we are on a first name basis due to the # of deer we hit in my part of the world.) for the actual repairs required after the insurance company said the car was totaled.

you can then request that the insurance company give you cash pay out value for the total. What they do is subtract the salvage value of the car from the Fair Market Value of the car and offer you that much cash.

So for Example (basically what happened to my 2000 Accord in 2011)

Car has a FMV of $6,000

Car gets rear-ended, damages are estimated at $5,500 to repair (car is driveable but is not road worthy due to tail light damage)

Insurance company declares the car a Total Loss, they offer me $5,000 (after a $1,00 deductible).

I call my body shop and ask them how much to make the car road worthy and driveable for a few more years. Body shop says $4,000.

I tell the Insurance company I am interested in keeping the car.

They offer me $3,500 cash ($5K less $1,500 salvage value) and I retain title to the car.

I say yes, tell the body shop to fix the car after negotiating him down to $3,500 for the repair.

I still have my excellent car to drive for a few more years with a re-bent/straightened trunk lid instead of a new one. My son drives it until he has another accident (the kid was really really hard on cars...) We all came out way ahead, especially since the second accident finished off a car with essentially zero book value for me.

One thing to note, insurance companies will NOT give you collision or comprehensive insurance on a car after it has been totalled.

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8foot7
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by 8foot7 » Sat Oct 27, 2018 8:06 am

At least in NC, and at least as of a few years ago, as long as you haven’t financed the car, the insurance company will give you cash for the cost of repairs whether or not your car was totaled. Typically the lien holders/financing companies will demand that you repair the car to protect the value of their collateral.

quantAndHold
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by quantAndHold » Sat Oct 27, 2018 8:34 am

8foot7 wrote:
Sat Oct 27, 2018 8:06 am
At least in NC, and at least as of a few years ago, as long as you haven’t financed the car, the insurance company will give you cash for the cost of repairs whether or not your car was totaled. Typically the lien holders/financing companies will demand that you repair the car to protect the value of their collateral.
Yes. In CA, the insurance company told me I could choose between them working with the repair shop and paying the repair shop directly, or they would just send me a check, and I could fix it or not. If you’re getting it fixed, it’s to your advantage to have them pay the shop directly. Then you don’t have to be the middleman when the shop finds damage that wasn’t in the original estimate.

When our kid got hit and his 20 year old car was totaled because of some fairly minor damage, the insurance company gave him the option of either accepting the payout for the value of the car, and them taking the car, or a payout for the cost of the repairs (I think it was $800 less), and him keeping the car with a salvage title. He took the lower payout and had the repairs done, and got the salvage title cleared.

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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by jbuzolich » Sat Oct 27, 2018 9:03 am

Just had to total my car at the end of September. Hit from behind while we were stationary. Anyway our insurance emailed me the value estimate within a couple days and just gave two numbers. The higher number I mail them the title, the slightly lesser number I keep the car. We did not want the vehicle back so accepted the higher number. Either choice the funds came by direct deposit a few days later. Bad situation but relatively easy claim. We're still with Amica if anyone is interested and highly recommend them.

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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Daryl » Sat Oct 27, 2018 9:36 am

8foot7 wrote:
Sat Oct 27, 2018 7:43 am
Daryl wrote:
Fri Oct 26, 2018 8:41 pm
JGoneRiding wrote:
Fri Oct 26, 2018 8:24 pm
Did you file a police report? Most likely your insurance will want to see this then cover you under uninsured which is usually a lower deduction
Most states / insurance companies will require the contact information for the other driver before accepting a uninsured / underinsured motorist claim.
I don’t know that this is true and it certainly doesn’t match up with my experience. In my case, I was hit on an interstate by an undocumented immigrant. He refused to give any information to the police that showed up. I was covered.
This makes sense. In your situation the police report provides sufficient evidence that another driver was involved. I was focused on the "Hit and Run" situation from the initial post in this thread.

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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by White Coat Investor » Sun Oct 28, 2018 1:30 am

Lancelot wrote:
Sat Oct 27, 2018 1:52 am
White Coat Investor wrote:
Fri Oct 26, 2018 7:26 pm
Yea, just tell the insurance company. No biggie.
Years ago my ex hit a deer. The car was old so we asked for a check in lieu of repair; the insurance company balked but eventually settled for less than the cost of repair. Not disputing WC, just sharing my personal experience FWIW.
Make them repair it then. That's what I'd do.
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Goal33
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Goal33 » Tue Oct 30, 2018 3:32 pm

OP here:

Insurance company values the car at around 10k, so was not even close to a total loss.

Body shop estimates damage at around 3k

Progressive Adjuster estimates damage at around 2.3k

I can take 2.3k - 1k deductible and pocket 1.3k
OR
I can bring it to my preferred body shop and they'll work with insurance to get it repaired. The adjuster said usually the final price is between the body shop 3k estimate and his 2.3k estimate.

I am taking the 1.3k cash, and not repairing.
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Topic Author
Goal33
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Re: Car hit while parked, no note, just want damages as cash from insurance

Post by Goal33 » Tue Oct 30, 2018 3:33 pm

White Coat Investor wrote:
Fri Oct 26, 2018 7:26 pm
Yea, just tell the insurance company. No biggie.
You're right. This was a very simple process
A man with one watch always knows what time it is; a man with two watches is never sure.

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