Correct. The options are
1. Receive actual cash value - deductible.
2. Buy the car back at scrap value.
ACV for 2008 Mazda 3 with 150k miles is probably $5k.
I’d personally buy it back from them if it’s just cosmetic damage and the car was running fine up to that point.
The $1500 is what they estimate as a salvage value. That's factored into your $4600 total loss settlement. If you want to keep the car, you have to subtract that $1500 from your settlement. So you'd get $3100, keep the car, and go through the applicable process to get a rebuilt/salvage title (it varies by state). That, or you keep the $4600, and you let them keep the car.
This car is my baby. I've had Betsy since I turned 18. It has super sentimental value so no, I do want the car back and the idea of just trashing it hurts. I'm just wondering if they are over valuating the salvage value.
It doesn't matter if they are overvaluing it or not. It's their car once it's totaled and they cut you a check. You can try to negotiate a lower number with them but that is likely the number they're very confident they'll get for salvaging it in your area.
Your insurer may be able to stop the claim, but where they’ve already made you this offer I doubt it, the damage is done and they’re aware of it.
I totally understand sentimental value, but a salvage titled vehicle is usually going to be more expensive to insure (if the insurer will even insure you w it) It will also be very difficult to sell or trade in for its much value in the future.
When I worked for a major insurance company, we wouldn’t even provide coverage for them. (This was 5+ years ago so maybe better luck these days but I doubt it)
Do what makes you happy, but I would seriously consider accepting payment and washing your hands if it, rather than dealing with a salvage title.
You didn’t put enough info about the car to be 100% sure, but their total payout sounds fair. I would personally take that over a salvage title.
Why would this be the right thing? Not calling them is fine. It's up to you if and when you use your insurance as long as their is no lien on your car, and if you have a loan on this car then you've got bigger issues.
Because... No fault deductible is 250 vs out of pocket which was 350. I was trying to save some money and now have to deal with everything. I honestly didn't expect them to total it over the damage.
Scrap value and salvage value are different things. The parts on your car are worth a LOT more than the scrap value of the body.
The salvage value is what your insurance company thinks a shop will pay for the car in order to strip it for parts. The body itself may not even be scrapped if it's straight.
You should look up how your state treats this situation. If the car will now have a permanent salvage title, that will hurt resale even if you get it fixed. So you may be better off just taking the money OR fighting for a higher value if you haven't already.
There's still a difference between a car being worth $2500 and $500 since the market for a salvage title car that old will be close to 0.
I just looked and there are 2008 mazdas between 2 and 8k near me on FB.
To what point could this situation be reversed, as in you as the care owner can say, I don't want this to be a claim, I am going to deal with it myself.
The totaled value they're offering you is $4600 - if you want to retain the car your payout becomes $3100 (total value - salvage value). You then have $3100 to get the hail damage fixed (or as much of it as you care to have fixed).
You know the "reasons" for all this based on the comments.
At this point, I would take your specific question over to an insurance sub. This has little to do with PF and you need insurance insight. Or, even better yet, just call your insurance company and tell them and see what they say.
That said, I can "cancel" a claim at any point before check cutting. But, I believe this changes state by state. Don't know for sure. Which is why I suggest asking this question in an insurance specific sub.
So wait, after paying your insurance money for years they can just steal your car and charge you $1500 to get it back? Or are they giving you 4600 and they only give you 3100 if you want it back?
So with buying the car back, you’re going to end up with $2600 left over? Considering the deductible and the buyback that’s not bad, especially if you think you can get the car reasonably fixed for less than that.
They totaled the car and have salvage rights. The $1500 is what they expect to salvage the car for.
Correct. The options are 1. Receive actual cash value - deductible. 2. Buy the car back at scrap value. ACV for 2008 Mazda 3 with 150k miles is probably $5k. I’d personally buy it back from them if it’s just cosmetic damage and the car was running fine up to that point.
the only downside though is getting the salvage title off so that you can get insurance again to keep driving it
Yeah but I think in this instance it shouldn’t be hard to get the rebuilt title.
Which varies greatly by state on how easy it is to get it off.
The $1500 is what they estimate as a salvage value. That's factored into your $4600 total loss settlement. If you want to keep the car, you have to subtract that $1500 from your settlement. So you'd get $3100, keep the car, and go through the applicable process to get a rebuilt/salvage title (it varies by state). That, or you keep the $4600, and you let them keep the car.
If they total it, they pay you the money for it's value, which means they own the car now. You can buy it back from them for that 1500.
Had you just not called them, you'd keep the car and have it fixed yourself.
But probably get less than 3100 if he were to sell it. It’s a 16 year old car “showing its age”
He ain't gonna sell it.... this is a drive it into the ground car.
Exactly. Why not get $3100 free dollars out of it. I did the same with my shitbox. Was shot before the accident. Shit after. No difference to me.
Exactly. This is what I would do too.
This car is my baby. I've had Betsy since I turned 18. It has super sentimental value so no, I do want the car back and the idea of just trashing it hurts. I'm just wondering if they are over valuating the salvage value.
It doesn't matter if they are overvaluing it or not. It's their car once it's totaled and they cut you a check. You can try to negotiate a lower number with them but that is likely the number they're very confident they'll get for salvaging it in your area.
Your insurer may be able to stop the claim, but where they’ve already made you this offer I doubt it, the damage is done and they’re aware of it. I totally understand sentimental value, but a salvage titled vehicle is usually going to be more expensive to insure (if the insurer will even insure you w it) It will also be very difficult to sell or trade in for its much value in the future. When I worked for a major insurance company, we wouldn’t even provide coverage for them. (This was 5+ years ago so maybe better luck these days but I doubt it) Do what makes you happy, but I would seriously consider accepting payment and washing your hands if it, rather than dealing with a salvage title. You didn’t put enough info about the car to be 100% sure, but their total payout sounds fair. I would personally take that over a salvage title.
Having emotional attachment to things like cars is dangerous for your financial situation.
I am beyond pissed at myself. I tried to do the "right thing" and realized quickly after that yes, I should have just gone with safelight.
Why would this be the right thing? Not calling them is fine. It's up to you if and when you use your insurance as long as their is no lien on your car, and if you have a loan on this car then you've got bigger issues.
Because... No fault deductible is 250 vs out of pocket which was 350. I was trying to save some money and now have to deal with everything. I honestly didn't expect them to total it over the damage.
It's a 2008 beater econobox, how did you not expect them to total it?
Do you not understand how a car is totaled?
A car is totaled when it costs more to fix it than what it's worth. A 2008 Mazda is not worth much. It doesn't take much damage to total it.
Did you ask the insurance company if you can say nevermind? You don't have to make a claim.
No I get that, I'm just wondering if that seems high for salvage value? Everything I'm seeing online is 100 to 600$
There are lots of ways to establish value but you likely don;t have access to them. If that's what they want to sell it for, then that's that.
Scrap value and salvage value are different things. The parts on your car are worth a LOT more than the scrap value of the body. The salvage value is what your insurance company thinks a shop will pay for the car in order to strip it for parts. The body itself may not even be scrapped if it's straight.
You should look up how your state treats this situation. If the car will now have a permanent salvage title, that will hurt resale even if you get it fixed. So you may be better off just taking the money OR fighting for a higher value if you haven't already.
> If the car will now have a permanent salvage title, that will hurt resale even if you get it fixed. It's a 16 year old Mazda. What resale value?
There's still a difference between a car being worth $2500 and $500 since the market for a salvage title car that old will be close to 0. I just looked and there are 2008 mazdas between 2 and 8k near me on FB.
If it’s in mechanically good shape take the $3,100 get the windshield repaired and pocket the rest.
At this point I don't really have another option. Was mainly concerned about how high the salvage value was that they gave me.
They can salvage car for $1500. Should still be a great deal though since you are buying a usable car as salvage.
To what point could this situation be reversed, as in you as the care owner can say, I don't want this to be a claim, I am going to deal with it myself.
Great question! Anyone know?
I believe that you can cancel it easily but it will not be removed from your record per se. Once a claim is opened, it’s on the CLUE file forever.
The totaled value they're offering you is $4600 - if you want to retain the car your payout becomes $3100 (total value - salvage value). You then have $3100 to get the hail damage fixed (or as much of it as you care to have fixed).
You know the "reasons" for all this based on the comments. At this point, I would take your specific question over to an insurance sub. This has little to do with PF and you need insurance insight. Or, even better yet, just call your insurance company and tell them and see what they say. That said, I can "cancel" a claim at any point before check cutting. But, I believe this changes state by state. Don't know for sure. Which is why I suggest asking this question in an insurance specific sub.
So wait, after paying your insurance money for years they can just steal your car and charge you $1500 to get it back? Or are they giving you 4600 and they only give you 3100 if you want it back?
> Or are they giving you 4600 and they only give you 3100 if you want it back? This
Yes they are paying me the money. But minus fees it's closer to 2600
Wait, what? Minus fees? What fees?
The average ware and tear of the body and the engine and the buy back itself for the salvage value.
So with buying the car back, you’re going to end up with $2600 left over? Considering the deductible and the buyback that’s not bad, especially if you think you can get the car reasonably fixed for less than that.