2010 Prius totaled.... Now what?

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greg24
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2010 Prius totaled.... Now what?

Post by greg24 » Mon Oct 07, 2019 11:05 am

2010 Toyota Prius with 158k miles.

We were rear ended at a stoplight yesterday. The impact caused us to hit the car in front of us.

Early indications are that the car will be totaled.

We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.

We've never dealt with such a situation. Thoughts or advice?

Dottie57
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Re: 2010 Prius totaled.... Now what?

Post by Dottie57 » Mon Oct 07, 2019 11:08 am

greg24 wrote:
Mon Oct 07, 2019 11:05 am
2010 Toyota Prius with 158k miles.

We were rear ended at a stoplight yesterday. The impact caused us to hit the car in front of us.

Early indications are that the car will be totaled.

We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.

We've never dealt with such a situation. Thoughts or advice?
You will receive enough to buy a 2010 Prius. That’s all I have.

student
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Re: 2010 Prius totaled.... Now what?

Post by student » Mon Oct 07, 2019 11:10 am

I only have limited experience but typically you will get the amount in line with the blue book value and local market condition.

mervinj7
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Re: 2010 Prius totaled.... Now what?

Post by mervinj7 » Mon Oct 07, 2019 11:25 am

greg24 wrote:
Mon Oct 07, 2019 11:05 am
We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.
Hopefully, no one was hurt in this accident. As far as checks are concerned, you will likely get a check for the replacement cost of a 2010 Prius with ~160k miles. When this happened to us two years ago, we decided to put the money towards a new car instead of replacing it with a similar used car.

inbox788
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Re: 2010 Prius totaled.... Now what?

Post by inbox788 » Mon Oct 07, 2019 11:29 am

Lease a new 2019 Prius?

Next time, leave a larger safety zone in front of you so you don't hit the car in front? Seriously, looks like you could get up to $10k back, which isn't bad for such an older high mileage car.

You could start a new thread of what car to get for under $10k or search the old ones, but the answer typically is a Honda or Toyota. And with your higher mileage, the fuel efficiency of a hybrid makes sense. Then there's the used vs new and buy vs. finance vs. lease.

You're lucky because right now is a good time to buy or lease a new car.

"Subaru Breaks Sales Streak with 9.4 Percent Drop in September"
https://www.caranddriver.com/news/a2935 ... september/

Goal33
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Re: 2010 Prius totaled.... Now what?

Post by Goal33 » Mon Oct 07, 2019 11:30 am

Dottie57 wrote:
Mon Oct 07, 2019 11:08 am
greg24 wrote:
Mon Oct 07, 2019 11:05 am
2010 Toyota Prius with 158k miles.

We were rear ended at a stoplight yesterday. The impact caused us to hit the car in front of us.

Early indications are that the car will be totaled.

We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.

We've never dealt with such a situation. Thoughts or advice?
You will receive enough to buy a 2010 Prius. That’s all I have.
+1 and plus tax.
A man with one watch always knows what time it is; a man with two watches is never sure.

Jack FFR1846
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Re: 2010 Prius totaled.... Now what?

Post by Jack FFR1846 » Mon Oct 07, 2019 11:44 am

Is it currently driveable? If it is and you can bang out dents with a sledge hammer and maybe zip tie some plastic together while you're looking for used bumper covers in a junkyard. If the car is totaled, and you are willing to continue driving it, ask what the buy back is. I just recently went through this with a 2009 car. The offer, even after a $1000 deductible was double what I'd take to sell the car. The buy back was 10% of the salvage value and I would lose the tax/registration cost of about 5% of the value. In my case, I pounded out a fender (could have done nothing, was just dented), bought a junkyard mirror for $25 and continued driving the car. I've since had our state safety inspection and it passed without issue.

In our state, if the car is 10 years old, the title does NOT get branded. If it were newer, it would. Certainly, in the future, when I do sell this car, I'll point to the dents down the side of the car and say "it was in an accident". I dropped collision and saved $220.

All in all, I am way ahead because of this incident. The car owes me nothing and I'll get plenty of years out of it.
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Bortky
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Re: 2010 Prius totaled.... Now what?

Post by Bortky » Mon Oct 07, 2019 11:59 am

Jack FFR1846 wrote:
Mon Oct 07, 2019 11:44 am
Is it currently driveable? If it is and you can bang out dents with a sledge hammer and maybe zip tie some plastic together while you're looking for used bumper covers in a junkyard. If the car is totaled, and you are willing to continue driving it, ask what the buy back is. I just recently went through this with a 2009 car. The offer, even after a $1000 deductible was double what I'd take to sell the car. The buy back was 10% of the salvage value and I would lose the tax/registration cost of about 5% of the value. In my case, I pounded out a fender (could have done nothing, was just dented), bought a junkyard mirror for $25 and continued driving the car. I've since had our state safety inspection and it passed without issue.
I will echo what this poster said, if the car is still derivable, you can buy back the car from State Farm and get a salvaged title, but you can just reinspect/re-register the car and you are good to go.

I have had 2 cars get totaled (one from a tree, another from a deer) and both times SF paid out pretty well. You can challenge SF's value too so it may be a good idea to save some screenshots from auto trader as to what a '10 Prius is selling for. Make sure they classify the Prius at the right trim level.

A tree fell on my '11 Mazda with about 120k and it was totaled. I bought back the car for $500, spend $250 on a new windshield then another $100 to get it reinspected. There was no engine damage, only some body damage so now I drive a totaled car that has some body damage, but I am 6k richer. I will use the 6k to buy a replacement car whenever the time comes.

student
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Re: 2010 Prius totaled.... Now what?

Post by student » Mon Oct 07, 2019 12:06 pm

Bortky wrote:
Mon Oct 07, 2019 11:59 am
Jack FFR1846 wrote:
Mon Oct 07, 2019 11:44 am
Is it currently driveable? If it is and you can bang out dents with a sledge hammer and maybe zip tie some plastic together while you're looking for used bumper covers in a junkyard. If the car is totaled, and you are willing to continue driving it, ask what the buy back is. I just recently went through this with a 2009 car. The offer, even after a $1000 deductible was double what I'd take to sell the car. The buy back was 10% of the salvage value and I would lose the tax/registration cost of about 5% of the value. In my case, I pounded out a fender (could have done nothing, was just dented), bought a junkyard mirror for $25 and continued driving the car. I've since had our state safety inspection and it passed without issue.
I will echo what this poster said, if the car is still derivable, you can buy back the car from State Farm and get a salvaged title, but you can just reinspect/re-register the car and you are good to go.

I have had 2 cars get totaled (one from a tree, another from a deer) and both times SF paid out pretty well. You can challenge SF's value too so it may be a good idea to save some screenshots from auto trader as to what a '10 Prius is selling for. Make sure they classify the Prius at the right trim level.

A tree fell on my '11 Mazda with about 120k and it was totaled. I bought back the car for $500, spend $250 on a new windshield then another $100 to get it reinspected. There was no engine damage, only some body damage so now I drive a totaled car that has some body damage, but I am 6k richer. I will use the 6k to buy a replacement car whenever the time comes.
Talk about making a bad situation works for you.

UALflyer
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Re: 2010 Prius totaled.... Now what?

Post by UALflyer » Mon Oct 07, 2019 12:49 pm

mervinj7 wrote:
Mon Oct 07, 2019 11:25 am
As far as checks are concerned, you will likely get a check for the replacement cost of a 2010 Prius with ~160k miles.
Just so you know, in the absence of a special endorsement, all standard insurance companies pay the actual cash value, not the replacement cost of the vehicle. So, arguing that the insurance company's offer is too low to enable you to purchase an equal replacement to your car would be futile.

psteinx
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Re: 2010 Prius totaled.... Now what?

Post by psteinx » Mon Oct 07, 2019 12:55 pm

I've been through vehicles being totalled twice in the last decade or so.

If I recall correctly:
At least one of the times, the adjuster sent me or showed me a list of cars (used, at dealerships), for sale in our area, comparable to the totalled vehicle. The settlement check was enough to buy at least one of these (it may have been 5-10% less, but with some commitment from the dealer(s) that they'd discount by that amount if I went that route).

If anything, I would argue that the settlements were somewhat more (a bit, not a lot) than expected in both cases, and a good vehicle shopper/negotiator could come out somewhat ahead (in dollars - time is another story), given the settlements.

In both cases, we replaced with new, so yeah, that cost more than the settlements. But that was our choice.

FWIW, both of these were ultimately payments by 3rd party insurers when another driver's vehicle totalled ours.

DoTheMath
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Re: 2010 Prius totaled.... Now what?

Post by DoTheMath » Mon Oct 07, 2019 1:15 pm

UALflyer wrote:
Mon Oct 07, 2019 12:49 pm
mervinj7 wrote:
Mon Oct 07, 2019 11:25 am
As far as checks are concerned, you will likely get a check for the replacement cost of a 2010 Prius with ~160k miles.
Just so you know, in the absence of a special endorsement, all standard insurance companies pay the actual cash value, not the replacement cost of the vehicle. So, arguing that the insurance company's offer is too low to enable you to purchase an equal replacement to your car would be futile.
I believe this depends state to state. The OP should look at their policy and the relevant law in their state. In my state the value is based on similar cars for sale in the region. When my car was totaled the insurance company gave it's initial offer, but when I looked at cars of a similar age, mileage, and condition I saw that replacement cars were selling for quite a bit more. When I talked with the insurance company I asked for the comparables they used, pointed out that several weren't that comparable, and told them of the ones I had seen. They agreed and offered an extra $1000-1500 or so without hassle. Arguing is definitely an option.
“I am losing precious days. I am degenerating into a machine for making money. I am learning nothing in this trivial world of men. I must break away and get out into the mountains...” -- John Muir

UALflyer
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Re: 2010 Prius totaled.... Now what?

Post by UALflyer » Mon Oct 07, 2019 1:20 pm

DoTheMath wrote:
Mon Oct 07, 2019 1:15 pm
UALflyer wrote:
Mon Oct 07, 2019 12:49 pm
mervinj7 wrote:
Mon Oct 07, 2019 11:25 am
As far as checks are concerned, you will likely get a check for the replacement cost of a 2010 Prius with ~160k miles.
Just so you know, in the absence of a special endorsement, all standard insurance companies pay the actual cash value, not the replacement cost of the vehicle. So, arguing that the insurance company's offer is too low to enable you to purchase an equal replacement to your car would be futile.
I believe this depends state to state. The OP should look at their policy and the relevant law in their state. In my state the value is based on similar cars for sale in the region. When my car was totaled the insurance company gave it's initial offer, but when I looked at cars of a similar age, mileage, and condition I saw that replacement cars were selling for quite a bit more. When I talked with the insurance company I asked for the comparables they used, pointed out that several weren't that comparable, and told them of the ones I had seen. They agreed and offered an extra $1000-1500 or so without hassle. Arguing is definitely an option.
In the absence of a special endorsement, all auto insurance companies in every state pay ACV (actual cash value) rather than the replacement value of your vehicle. This is one of the basic tenets of auto insurance and is memorialized in every auto insurance policy. The only exceptions are in situations where you've purchased a separate endorsement (marketed as a "new car replacement" endorsement for nearly new vehicles, or "better car" endorsement, etc...) and/or in situations where auto insurance policies, primarily high value and collector ones, provide "agreed value" coverage.

How you go about determining what ACV is obviously varies, as cars don't have a convenient bar code that gets scanned to determine its ACV. So, there's definitely room to negotiate these things. My point above is that arguing about the vehicle's replacement value won't get you anywhere, as, in the absence of a special endorsement, that's not what the insurance company is paying you. Instead, you should be arguing about its condition, etc...
Last edited by UALflyer on Mon Oct 07, 2019 1:56 pm, edited 1 time in total.

John Z
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Re: 2010 Prius totaled.... Now what?

Post by John Z » Mon Oct 07, 2019 1:56 pm

If the battery is fairly new it is worth a good percentage of the vehicle price.

Whakamole
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Re: 2010 Prius totaled.... Now what?

Post by Whakamole » Mon Oct 07, 2019 2:35 pm

psteinx wrote:
Mon Oct 07, 2019 12:55 pm
I've been through vehicles being totalled twice in the last decade or so.

If I recall correctly:
At least one of the times, the adjuster sent me or showed me a list of cars (used, at dealerships), for sale in our area, comparable to the totalled vehicle. The settlement check was enough to buy at least one of these (it may have been 5-10% less, but with some commitment from the dealer(s) that they'd discount by that amount if I went that route).

If anything, I would argue that the settlements were somewhat more (a bit, not a lot) than expected in both cases, and a good vehicle shopper/negotiator could come out somewhat ahead (in dollars - time is another story), given the settlements.
My car was just totaled, and this was my experience.

FWIW, I received significantly more from the insurance company than CarMax had offered me.

cyclist
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Re: 2010 Prius totaled.... Now what?

Post by cyclist » Mon Oct 07, 2019 2:58 pm

Sorry to hear this. I hate the way this sounds, but when ours was totaled I actually paid for the ebook hawked at www.claimbuster.com. I got over $2,500 more from my insurance than they originally offered by following his script. I sound like an infomercial and I hate that, but it's exactly right.

Their website looks a little dodgy now. I wouldn't install Flash or let the Adobe Flash player do anything on that site. But the pdf he sells is spot on.

UALflyer
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Re: 2010 Prius totaled.... Now what?

Post by UALflyer » Mon Oct 07, 2019 3:00 pm

Whakamole wrote:
Mon Oct 07, 2019 2:35 pm
psteinx wrote:
Mon Oct 07, 2019 12:55 pm
I've been through vehicles being totalled twice in the last decade or so.

If I recall correctly:
At least one of the times, the adjuster sent me or showed me a list of cars (used, at dealerships), for sale in our area, comparable to the totalled vehicle. The settlement check was enough to buy at least one of these (it may have been 5-10% less, but with some commitment from the dealer(s) that they'd discount by that amount if I went that route).

If anything, I would argue that the settlements were somewhat more (a bit, not a lot) than expected in both cases, and a good vehicle shopper/negotiator could come out somewhat ahead (in dollars - time is another story), given the settlements.
My car was just totaled, and this was my experience.

FWIW, I received significantly more from the insurance company than CarMax had offered me.
Right, when you sell your car to Carmax, you are only paid based on your vehicle's wholesale value (minus Carmax's profit, etc...). Insurance ACV pricing is based on your vehicle's retail pricing (and you can frequently get sales taxes on top of that), so you should always get a lot more from an insurance company than from CarMax.
Last edited by UALflyer on Mon Oct 07, 2019 3:40 pm, edited 1 time in total.

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greg24
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Re: 2010 Prius totaled.... Now what?

Post by greg24 » Mon Oct 07, 2019 3:35 pm

Thank you for all the responses, very informative. I'm still listening if anyone else has anything to share.

Jags4186
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Re: 2010 Prius totaled.... Now what?

Post by Jags4186 » Mon Oct 07, 2019 3:51 pm

Sounds like you need to buy a car.

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nisiprius
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Re: 2010 Prius totaled.... Now what?

Post by nisiprius » Mon Oct 07, 2019 4:01 pm

Irrelevant to your situation, but it would be interesting to know whether the "pre-collision" systems available on new cars would have been able to slam on the brakes in time to prevent your hitting the car in front.
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SmallCityDave
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Re: 2010 Prius totaled.... Now what?

Post by SmallCityDave » Mon Oct 07, 2019 4:12 pm

We were recently in an accident and had to replace a bumper, they paid us nearly $1900 plus offered a rental car. The bumper was around $250 but I didn't want to mess with it so we took it to a local shop and $600 later we were done.

RobLyons
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Re: 2010 Prius totaled.... Now what?

Post by RobLyons » Mon Oct 07, 2019 4:13 pm

The process should go something like:
Get a free rental through their insurance company
Wait for estimate(s)
Most insurance companies have their own people for estimates
If you disagree, I believe you can contest the amount
If its totaled, wait some time and a check will be cut
Finally take that check and do whatever you want with it (buy new, lease, buy used, or put it in your EF)
Your decision going forward.
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Quaestner
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Re: 2010 Prius totaled.... Now what?

Post by Quaestner » Mon Oct 07, 2019 5:30 pm

nisiprius wrote:
Mon Oct 07, 2019 4:01 pm
Irrelevant to your situation, but it would be interesting to know whether the "pre-collision" systems available on new cars would have been able to slam on the brakes in time to prevent your hitting the car in front.
Sorry about the loss of the car. No fun. Maybe try to look at the brights side? As Nisiprius alludes to, the safety systems have improved since 2010. Maybe you can splurge on a new or recent similar car and enjoy the extra safety benefits? (FWIW, the tax credits with my Prius Prime (plug-in hybrid) made it cheaper than a regular Prius.)

rich126
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Re: 2010 Prius totaled.... Now what?

Post by rich126 » Mon Oct 07, 2019 5:59 pm

It is pretty frustrating and one reason I won't buy anything expensive. The last "expensive" car I had (relative to my salary at the time) was a Toyota MR2. It was tons of fun to drive and I did get 150,000 miles and 10 years out of it before I got rid of it. Also it was the only car I had that was stolen but fortunately found that night.

Back to the original post, I had a similar thing happen to me. In my case it was a really bad section of highway, stop and go, we briefly sped up (30MPH, maybe more) and then traffic stopped suddenly. I managed to stop behind a Kia but the guy behind me in his SUV hit me and pushed my car into the car in front of me.

And the car ended up being totaled due to frame damage. It was only 5 years old, the loan was just paid off (hard to resist low rate) and I got a check for a lot less than I would have liked since the car was in vg shape and very reliable. Then I had to scramble quickly to buy another car since they would only pay for a short time on a rental and the accident happened shortly before I was heading out of town.

Apparently you can buy back the totaled car and get it fixed on your own but I'm not a car guy and wasn't sure how much trouble I was getting myself into. A guy at work said he would have gone that route. I'd rather be safe when it comes to going down a path that I haven't gone before and don't want to set myself up for a bigger problem.

Good luck.

mmmodem
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Re: 2010 Prius totaled.... Now what?

Post by mmmodem » Mon Oct 07, 2019 8:00 pm

I was also rear ended at a stop light. The collision was so strong that the car that I hit in front of me also hit the car in front of it. That meant the person behind me was at fault for 3 vehicles at least. A check was cut for my totaled 1995 Acura Integra with 140k miles which I thought was fair as it would've bought me a similar used 1995 Acura Integra with 140k miles. Not at a dealer but private party. I received the check fairly quickly and had no issues. Medical payments and pain and suffering, though, took nearly a year to pay out with a lawyer and out of court settlement.

I used the settlement to pay for a bachelor's degree so the accident was a blessing in disguise. If something like this happened to me today I would use the amount as a downpayment on a newer used vehicle. A vehicle with 150k miles is on its way out so it only makes sense to buy something a little newer.

helloeveryone
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Re: 2010 Prius totaled.... Now what?

Post by helloeveryone » Mon Oct 07, 2019 9:53 pm

Dottie57 wrote:
Mon Oct 07, 2019 11:08 am
greg24 wrote:
Mon Oct 07, 2019 11:05 am
2010 Toyota Prius with 158k miles.

We were rear ended at a stoplight yesterday. The impact caused us to hit the car in front of us.

Early indications are that the car will be totaled.

We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.

We've never dealt with such a situation. Thoughts or advice?
You will receive enough to buy a 2010 Prius. That’s all I have.
Curious about this -
does insurance give the "clean retail" value or "clean trade-in" value?
I ran a guesstimate for 120,000 miles prius 5 and it ranges from $8625 vs. $5650 respectively.

Quite variable for what your insurance payout can buy you.

Dottie57
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Re: 2010 Prius totaled.... Now what?

Post by Dottie57 » Mon Oct 07, 2019 9:57 pm

helloeveryone wrote:
Mon Oct 07, 2019 9:53 pm
Dottie57 wrote:
Mon Oct 07, 2019 11:08 am
greg24 wrote:
Mon Oct 07, 2019 11:05 am
2010 Toyota Prius with 158k miles.

We were rear ended at a stoplight yesterday. The impact caused us to hit the car in front of us.

Early indications are that the car will be totaled.

We're mainly concerned we'll get a check from State Farm that is nowhere near enough to replace.

We've never dealt with such a situation. Thoughts or advice?
You will receive enough to buy a 2010 Prius. That’s all I have.
Curious about this -
does insurance give the "clean retail" value or "clean trade-in" value?
I ran a guesstimate for 120,000 miles prius 5 and it ranges from $8625 vs. $5650 respectively.

Quite variable for what your insurance payout can buy you.
I think there is a lot of dickering to be done. I think looking in local lots for very similar car would give the most”correct” answer”. I just know you won’t get the price of a new prius!,,

random_walker_77
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Re: 2010 Prius totaled.... Now what?

Post by random_walker_77 » Mon Oct 07, 2019 10:02 pm

Sorry to hear about the accident. First, make sure you're alright. The same thing happened to me, middle car that got squished. Also in a prius. I thought I was fine, but 2 days later, started getting a neckache, and then realized I had short term memory issues, fatigue, and ended up feeling "foggy-headed" for a couple of weeks. The doc said it was a mild concussion. So even though you might think you're fine, if you start feeling mentally "off" or start getting signs of whiplash, go see a doctor. Mine prescribed PT and a chiropractor, and I found that to be unpleasant but effective.

In my case, I only had liability, and not collision/comprehensive, so my insurance company left me to deal w/ the other person's insurance. They total'd the car, put me in a rental for a couple of weeks, and made me a low-ball offer, based on a CCC appraisal. Don't be in a hurry to accept. With the car on their lot, I ended up getting a fair offer simply by delaying. Details in this post: viewtopic.php?f=2&t=288930&hilit=whiplash#p4716193

Note that the latest camry hybrid gets 51MPG (LE only), accelerates a lot faster than a prius, and is bigger and safer.

random_walker_77
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Re: 2010 Prius totaled.... Now what?

Post by random_walker_77 » Mon Oct 07, 2019 10:11 pm

Dottie57 wrote:
Mon Oct 07, 2019 9:57 pm
helloeveryone wrote:
Mon Oct 07, 2019 9:53 pm

Curious about this -
does insurance give the "clean retail" value or "clean trade-in" value?
I ran a guesstimate for 120,000 miles prius 5 and it ranges from $8625 vs. $5650 respectively.

Quite variable for what your insurance payout can buy you.
I think there is a lot of dickering to be done. I think looking in local lots for very similar car would give the most”correct” answer”. I just know you won’t get the price of a new prius!,,
Agreed, there's a lot of negotiating to be done. The CCC appraisaI was given seemed skewed. Prices from dealerships, w/ questionable adjustments for anticipated selling price, condition, and being "showroom-ready". The prices didn't agree w/ KBB/edmunds, nor with what I was seeing on cargurus. And there was an approx ~$1000 delta being applied because the dealer cars were detailed and showroom-ready. It showed that my car was in "clean" condition but that $1000 seemed very squishy. There are also some sources claiming that since CCC gets a lot of business from insurance companies, their numbers are a bit biased: http://www.certifiedautoappraisers.com/cccarticle.html

Rather than argue point-by-point on specific appraisals, I ended up telling them I wasn't satisfied and asked them to make me a reasonable offer. Keep in mind that this was 3 months after the accident and 2 months after they'd mailed me a check, which I sat on. And that the car is sitting on their lot taking up space somewhere, and probably costing them money. They ended up making an offer that was very fair, and nearly 25% higher than their initial offer.

TBillT
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Re: 2010 Prius totaled.... Now what?

Post by TBillT » Tue Oct 08, 2019 5:36 pm

Well I was surprised they fixed my 2006 Prius vs. total but we did not have front end damage.
2010 has some minor concerns (oil loss etc) being the first year of Gen3, so see if you can swing a newer Gen3 or Plug-In Prius PiP (the older one). I would not mind the newest used PiP or newest used v (wagon size)

inbox788
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Re: 2010 Prius totaled.... Now what?

Post by inbox788 » Tue Oct 08, 2019 7:29 pm

UALflyer wrote:
Mon Oct 07, 2019 3:00 pm
Whakamole wrote:
Mon Oct 07, 2019 2:35 pm
FWIW, I received significantly more from the insurance company than CarMax had offered me.
Right, when you sell your car to Carmax, you are only paid based on your vehicle's wholesale value (minus Carmax's profit, etc...). Insurance ACV pricing is based on your vehicle's retail pricing (and you can frequently get sales taxes on top of that), so you should always get a lot more from an insurance company than from CarMax.
How did you get a totaled car to CarMax to get a quote? Are you talking about what CarMax offers for the totaled car or before it was totaled? They should be offering you what CarMax sells the equivalent 2010 Prius with similar mileage. After all, they're a no haggle dealership and you or the insurance company can walk in there and buy the car and you'd be made whole for the most part.

https://www.carmax.com/cars?search=2010+prius

If they're taking about tradein price at a dealership, then you're definitely not going to be able replace what you lost by several thousands. They've got several 125k units going for $10k if you search nationwide and sort by mileage.

https://www.carmax.com/cars/prius/2010

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greg24
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Re: 2010 Prius totaled.... Now what?

Post by greg24 » Tue Oct 08, 2019 7:59 pm

Thanks, everyone. The car is a loss and we're still waiting on their offer.

We're leaning towards replacing with a hybrid rav4.

:sharebeer

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whodidntante
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Re: 2010 Prius totaled.... Now what?

Post by whodidntante » Tue Oct 08, 2019 9:04 pm

It wouldn't cost much to get a 2010 Prius. At least, I hope not.

TBillT
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Re: 2010 Prius totaled.... Now what?

Post by TBillT » Tue Oct 08, 2019 10:12 pm

greg24 wrote:
Tue Oct 08, 2019 7:59 pm
Thanks, everyone. The car is a loss and we're still waiting on their offer.

We're leaning towards replacing with a hybrid rav4.

:sharebeer
Of course me too on RAV4...new one though I like the 2019+ best?
Now you're talking though...chance here to upgrade a notch

clutchied
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Re: 2010 Prius totaled.... Now what?

Post by clutchied » Tue Oct 08, 2019 10:14 pm

it's got to be a Tesla model 3!

UALflyer
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Re: 2010 Prius totaled.... Now what?

Post by UALflyer » Wed Oct 09, 2019 9:09 am

inbox788 wrote:
Tue Oct 08, 2019 7:29 pm
Are you talking about what CarMax offers for the totaled car or before it was totaled?
I am talking about the amount that CarMax would've offered you to purchase the vehicle before it was totaled.
They should be offering you what CarMax sells the equivalent 2010 Prius with similar mileage. After all, they're a no haggle dealership and you or the insurance company can walk in there and buy the car and you'd be made whole for the most part.
That's not going to happen. Once again, in the absence of a special endorsement, what they owe you is the actual cash value of your vehicle, not its replacement cost. So, you arguing that you can't replace your totaled vehicle for the amount of money that they're offering just tells them that you don't know how insurance works, which weakens your overall negotiating position. With CarMax, in particular, it is very easy for them to tell you that CarMax (or any other dealer) is attempting to sell its vehicles for an amount that is higher than their market value (after all, they'll tell you, there is a reason that the vehicles haven't sold) and are not, therefore, valid comps. An even easier argument for them is to say that CarMax's (or other dealers') vehicles are in showroom condition, whereas the condition of yours was significantly worse, so that their offer reflects your vehicle's actual condition.

This is all not to say that all insurance company offers are always going to be lowballs. In fact, there have been quite a few people out there who have been quite happy with the offers that they've received from insurance companies, which in a number of cases have been not just fair but even generous. The biggest issues, however, tend to arise in situations where a vehicle was fairly unique and very difficult to replace. I am not talking about expensive collector vehicles here, but about ultra reliable but heavily depreciated low mileage vehicles in superior mechanical condition. It's virtually impossible to just buy vehicles like that out there, so that the insurance company's offer tends to be insufficient, as the person has to pay more to buy something newer.

The best insurance companies offer "agreed value" policies, where the value of the vehicle is very generously set up front. So, if the vehicle is totaled, there is no back and forth negotiation, and the insurance company immediately cuts you a check for the entire agreed value without applying the deductible.

TN_Boy
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Re: 2010 Prius totaled.... Now what?

Post by TN_Boy » Wed Oct 09, 2019 9:39 am

Whakamole wrote:
Mon Oct 07, 2019 2:35 pm
psteinx wrote:
Mon Oct 07, 2019 12:55 pm
I've been through vehicles being totalled twice in the last decade or so.

If I recall correctly:
At least one of the times, the adjuster sent me or showed me a list of cars (used, at dealerships), for sale in our area, comparable to the totalled vehicle. The settlement check was enough to buy at least one of these (it may have been 5-10% less, but with some commitment from the dealer(s) that they'd discount by that amount if I went that route).

If anything, I would argue that the settlements were somewhat more (a bit, not a lot) than expected in both cases, and a good vehicle shopper/negotiator could come out somewhat ahead (in dollars - time is another story), given the settlements.
My car was just totaled, and this was my experience.

FWIW, I received significantly more from the insurance company than CarMax had offered me.
Which is what you'd hope, anyway. Carmax will offer a wholesale price, your insurance should give you a retail price (i.e. what it would cost you to BUY that car from Carmax).

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Re: 2010 Prius totaled.... Now what?

Post by Jack FFR1846 » Wed Oct 09, 2019 10:01 am

helloeveryone wrote:
Mon Oct 07, 2019 9:53 pm

Curious about this -
does insurance give the "clean retail" value or "clean trade-in" value?
I ran a guesstimate for 120,000 miles prius 5 and it ranges from $8625 vs. $5650 respectively.

Quite variable for what your insurance payout can buy you.
I'll give you specifics. My car is a 2009 Ford Fusion SE with 81k miles on it. A year ago, my mom owned it and bought a new Subaru Legacy. She was offered $2800 for it which she and I thought was way too low, so she kept it and gave it to me.

Fast forward and my son who recently got his license misjudged where a landscaping truck was and side swiped it while preparing for a turn. With a fender, 2 doors and a little body dented, the insurance totaled the car.

KBB says it was worth $3200 to $3500 at the time. It needs tires so probably take $500 off for that. The appraiser didn't write that down.

Come total offer time, the insurance offered $6800. After I got up from falling off my chair, they said with my $1k deductible, I'd get $5800. These numbers include sales tax and registration fees. I asked about buying back and they said 10% and because I was not surrendering the car, I would not get sales tax or registration, so a total of about $1000 less. Or they would give me a check for $4800 and I would keep the car. In addition, because the car is 10 years or older, there would be no title branding. If the car were a year newer, it would be branded (in my state) as "owner retained salvage".

In all honesty...if they had said that they would not sell it back to me and were only giving me $3500 for it, I'd have been happy. I've since put another 1000 miles on it along with a junkyard mirror for $25 and had it state inspected (due in September) and it passed without issue.

I guess this is why I'd recommend to just relax. Figure it out when the offer comes.
Bogle: Smart Beta is stupid

inbox788
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Re: 2010 Prius totaled.... Now what?

Post by inbox788 » Wed Oct 09, 2019 1:40 pm

UALflyer wrote:
Wed Oct 09, 2019 9:09 am
I am talking about the amount that CarMax would've offered you to purchase the vehicle before it was totaled.
How do you get the figure after the car is totaled? Whakamole, did you total the car right after you got a CarMax quote?

As far as market prices, Carmax and used department at new car dealers set the high mark on the retail market price and yes, they're generally newer and in better/showroom condition. I think Carmax asking prices are much closer to the trading prices than the new car dealers that you have to haggle to get there. So, while you won't get asking prices, you can hope to get closer to CarMax asking prices than trade in prices. YMMV. KBB has tradein/private party/retail dealer. I've generally found Carmax offers on the high end of tradein and sales prices right at retail, and there's still a wide margin to cover their costs and profit. I don't know if KBB is simply collecting and publishing Carmax figures or if Carmax is using KBB for their pricing; maybe a little of both.

ems2013
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Re: 2010 Prius totaled.... Now what?

Post by ems2013 » Wed Oct 09, 2019 2:07 pm

I was hit in my car in early Sept and would strongly suggest that you see a healthcare provider right away. I felt ok the day of the accident, but a few days later was in agony. It's easier to get any medical issues covered if you see your provider right away. Good luck!

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LilyFleur
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Re: 2010 Prius totaled.... Now what?

Post by LilyFleur » Thu Oct 10, 2019 11:38 am

random_walker_77 wrote:
Mon Oct 07, 2019 10:02 pm
Sorry to hear about the accident. First, make sure you're alright. The same thing happened to me, middle car that got squished. Also in a prius. I thought I was fine, but 2 days later, started getting a neckache, and then realized I had short term memory issues, fatigue, and ended up feeling "foggy-headed" for a couple of weeks. The doc said it was a mild concussion. So even though you might think you're fine, if you start feeling mentally "off" or start getting signs of whiplash, go see a doctor. Mine prescribed PT and a chiropractor, and I found that to be unpleasant but effective.

In my case, I only had liability, and not collision/comprehensive, so my insurance company left me to deal w/ the other person's insurance. They total'd the car, put me in a rental for a couple of weeks, and made me a low-ball offer, based on a CCC appraisal. Don't be in a hurry to accept. With the car on their lot, I ended up getting a fair offer simply by delaying. Details in this post: viewtopic.php?f=2&t=288930&hilit=whiplash#p4716193

Note that the latest camry hybrid gets 51MPG (LE only), accelerates a lot faster than a prius, and is bigger and safer.
Yes, please be careful. I was rearended on a Thursday, and I started getting dizzy Monday afternoon. Almost passed out in the ER. Couldn't drive or work for a month.
I didn't replace the new car that was totaled right away...finally I traded in a five year old Honda Accord for a new hybrid Accord with lots of new safety features. My insurance only went up about $50 a year, because of all the safety features. I would recommend a Camry hybrid or the Accord hybrid.

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