Depends on the insurance policy. In mine, if the car was written off (totalled) within 2 years of purchase, then yes, I would get a new car as replacement. If it can be repaired, then no.
I’d pay a lot closer to the new price than I would for one where the Carfax said it was in an accident.
2,630 miles according to the OP, but I’m not talking about the resale value (which a court would I suppose), it had that new car feel to the owner. The OP will never get that feeling back without a total replacement. I’d do everything I could to get a new car if I was in the OP’s position, or at least get compensated for the diminished value as Sauron suggests.
Thanks for the advice. How did you find your appraiser? I did a quick search and it looks like a lot of national companies advertise on Google. Did you do that route or find someone local to you?
I’ve been out of town for work all week, so my spouse has been handling most of the car details. They said repair costs would be $10,800, but my insurance company made a deal for $8,300. They will use all OEM parts. I have decided to drop the warranty (I have until June 29 to get the fulll cost back) and save the money to make any repairs past manufacturers warranty myself. The parts replaced by the accident will have their own warranty for a period of time.
Thanks for all the replies! This has been a very, very stressful situation. I even briefly thought about defaulting on the loan, but my credit is really good, and I still need a car.
I searched on Google, and found one that had good reviews and a good reputation: The St. Lucie Appraisal Company. They’re in Florida, which isn’t local to me. They charged me $200, I think (looks like now their going rate is $275).
What impressed me was their methodology – they provided the specifics of my vehicle (make, model, accessories, etc.), along with the list of repairs being made, to six used car dealers in a 200-mile radius of my location which specialized in Mazda vehicles. The dealers were told the vehicle wasn’t available for purchase, so they had no vested interest in the outcome. The appraiser consolidated these results to determine the average diminished value.
You can do the same thing yourself, of course; for me, it was worth the price to have it done by a licensed appraiser.
For what it’s worth, I was impressed by their service and professionalism, and would recommend them if you go this route.
Thanks!
I want to update this thread. I did get my car repaired to my satisfaction, dropped the extended warranty (the body shop has a lifetime warranty on the parts they fixed or replaced, and I figure I can pay out for other things myself with the money I’ll save).
I did file a diminished value claim. I contacted 5-6 companies that do that sort of thing, settled on a mid-priced one ($250), and the insurance company and I settled on $3500. That was pretty much what the majority of diminished value claim companies said I should expect, so I am OK with it. Thanks for alerting me to that Sauron! It softened the blow of my brand-new car getting damaged so badly a little bit.
Happy I could help you with that!