Just looking for general opinions - please move if needed!
I’ve scanned previous threads, but haven’t seen anything close to my situation, so here goes. My 1996 Tercel was hit by a young man trying to make a left turn on the road I was traveling on last Monday. Totally his fault, he admitted it right away, no citation for me. Damage – front fender ripped off, bumper damaged, can’t open hood, headlight damaged (light works!) no ww fluid.
My fiancée and I have planned to keep this car for another year despite its age and mileage. It has given us no problems. We did have some maintenance done on it earlier this year, a couple hundred dollar’s worth, and it was only that much because it was overdue. The car still runs fine, even after this accident. It’s an amazing car that seems to be made of Kryptonite.
There is, however, absolutely no doubt that his insurance co. will total the car. It’s book worth is probably something around $300 and salvage value is probably around 75. Its value to us, however, for the next year, is much more than that. We have a fairly good income, but have some obligations to clear over the next year before we feel good taking on a car payment. We’ve agreed we want to keep the car. Also, we have a son-in-law who used to work as a body man who can repair it.
My question is, how do I present my case to the appraiser next Wednesday? I’ll ask our son-in-law how much he needs to do the job – should I ask them to settle for that amount? Do I have to take the $50 or so dollars they’ll probably offer to me to let me keep the car? Should I ask for the moon and negotiate down?
IDK if HIS insurance company can make you settle for the value of the car. Maybe things have changed but my wife wrecked her Nissan in something similar and they put $3500 of repairs into a $1700 blue book car.
I had a car totaled that I wanted to keep. Instead of getting a payment for [total value], I got one for [total value - salvage value] + the car. I understand this is not uncommon, and would expect the insurance company (his or yours) to go along with it at your request.
IME, if insurance want’s to total a vehicle, there’s very little wiggle room to get out of it. Also IME, once you settle on the amount to total it, the next question they ask is do you want to buy the vehicle from them.
You can then either drive the vehicle as-is if it’s still safe and will pass inspection. Or repair it on your own and keep going.
Hmmm, that’s the confusion with me. My auto’s [total value - salvage value] is probably next to nothing, so can I still ask for substantially enough to cover the repair? Again, this is the other guys ins co., if that makes a difference.
In other words, how much power do I have here? The car is worth nothing to anyone but us, but we do want at least basic functional and cosmetic repairs covered and maybe some extra $. So is there any hope for that, is my question? Do I have to take what they offer, given the age and condition of the vehicle? How, for instance, did Lanzy handle this? Again, we want to keep the car, given it’s safe to drive.
Projammer, can you explain “settle on the amount to total it”? Sorry to be a dunce, but I just don’t know how this works.
The power you have, very little without getting a lawyer involved. Which will more than eat up any extra money you might get out of it.
And about my settle on the amount comment. Just like any other negotiation, his insurance will low-ball the first offer for the car. Check NADA and Kelley’s Blue Book for their estimates on the value of your car. Also check what comparable cars are listing for on Autotrader. Then go back to them with a counter offer more in line with the true value. Their second offer will be closer to their maximum if not the max.
I wouldn’t bother negotiating the buyback price as it will probably be rock bottom to begin with.