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Rear ended someone, bleh...

Well, an update:

Insurance body shop adjuster called and value of car is close to repair cost, which we know about, so insurance is total loss-ing it.

Now, i asked about buying it back, well, here is the story:

I have to pay tax on the total value of car (which isn't set yet as it is being set right now by them and will get a final answer on.) plus salvage bid value on it and title transfer cost and the deductible.

SO...they'd take all these final figures out of the check they'd cut me on the value of the car right now.

The deductible alone is $500...

F******* eh...blah...:cry: No contour buying it seems, sucks.

Contour SVT, somewhere, buying it seems, yay!
 
There should be $0 for taxes :confused:
$500 for buy back
There should be $0 for deductable, that is for when you get something fixed under insurance....

You need to fight them for keeping a clear title and re-estimate somewhere else that is cheaper to get the car fixed.
 
This is such a :censored::censored::censored::censored:ing headache, plus, the two morons that i rear ended WHO SHOULD HAVE NEVER been on the road driving with suspended licenses.

I am in for a headache and a half. :cry:
 
Numbers are in:

$4800 ACV actual car value
$348 sales tax added to this value
$80 title transfer fee
$5228 toal value of car right now

Then, this is the part that i need all folks that know to help me with to understand:

they take out $500 out of the $5228 for the deductible as this is a claim and the insurance has to deal with it as it is a claim and it was put through.

If i were to buy the car back from them, they take out the 20% salvage value and deductible and taxes and title crap it comes out to 3100 or somewhere aroudn there...

decisions decisions...:censored::censored::censored::censored:, i must have one by monday morning when i get back into town. :cry:
 
naujcdl said:
Numbers are in:

$4800 ACV actual car value
$348 sales tax added to this value
$80 title transfer fee
$5228 toal value of car right now

they take out $500 out of the $5228 for the deductible
Click to expand...

^this makes sence

naujcdl said:
If i were to buy the car back from them, they take out the 20% salvage value and deductible and taxes and title crap it comes out to 3100 or somewhere aroudn there...
Click to expand...
^this is wrong, the vehicle must be re-registered, re-titled, and inspected if the repairs are done after it is salvaged. If it is not repaired and the vehicle is parted or never put back on the road, then why do they credit you in the 1st quote and then take it back in the 2nd quote? :confused:

This is what happened to mine:
-bought car $5000 in 2000
-full coverage insurance
-hit a dear 6 weeks later
-totaled
-car valued by insurance credit $5300
-credit of tax, title, and license $375
-deductable $500
-bought car back for $500
-left with $4675
-repaired for $3000
-money in the bank $1675 & "newly" remodeled car

-state inspection, re-registration, re-title to get "salvage rebuilt" title after inspection(no re-taxing because you are not getting a new title to change owners, but it would be considered a title change for vehicle condition IE "salvage" or "rebuilt")
 
zorrex said:
That shouldn't matter. The driver of the other vehicle should have never been operating in the first place!
Click to expand...

Logical thinking!

A+ to you!:cool:

Law is the law, they shouldn't have been on the road, period.

Oh another thing, i am not worrying about the whole thing, i am just debating on what to do car-wise, not what should've, could've.
 
naujcdl said:
Hmmmm, shop called, after their checks, car is at value of repairs and is to see what adjuster says on it. Will receive call back next week on what they decide to do (insurance - total loss it or not...).

DON'T get your hopes up on part-out, sorry, but if and only if i get to buy it back, she'll be fixed and out on the road again. :cool:

Thanks.
Click to expand...
Your in IL, the law states since your vehicle is older than 8 model years you will always be able to get your car back for salvage value (usually only a couple hundred $$)
The shop cannot determine the value of your vehicle. They just have a ballpark figure in mind and when they write their estimate, if it gets close to it they halt everything and wait for insurance to decided what to do.
Also IL does not have a state total loss threshold. The company may have something internally that they run by, but that can never overrule state law. So if your adjuster comes back and says something like "Well sir, the cost of your repairs is at 80% of the value of your vehicle so we are declairing it a total loss." You can always fight that and demand that it be repaired. (if you hit 100% of the value though, I dont think you can do anything but buy it back)
Another thing you can do is fight the value of your vehicle which will put it further from their total loss threshold. Explain that this is an extemely rare car (which it is) and that it was in better than average condition. If you have any extras on it that you added, make sure they include some sort of fair market value for those as well. Also include any recent repairs (last 6mo to 1yr). You can even go to them with some comparables that you have found. They are suposed to pay what it would cost for you to get put into the exact same car, with same miles, options and condition.
 
naujcdl said:
Now, i asked about buying it back, well, here is the story:

I have to pay tax on the total value of car (which isn't set yet as it is being set right now by them and will get a final answer on.) plus salvage bid value on it and title transfer cost and the deductible.

SO...they'd take all these final figures out of the check they'd cut me on the value of the car right now.

The deductible alone is $500...
Click to expand...
I think you may have heard some things backwards or the adjuster is a moron.

Here is the way it works.

If you keep the car

Value of vehicle
(-)salvage value
(-)deductible
______________
= $$ you get plus you keep your car

If you let the insurance company keep the vehicle..

Value of vehicle
(-)deductible
(+)sales tax on a reimbursment basis when you buy a new vehicle (see below).
(+) Title and licensing fees.. It should be $143 for IL
__________________
= $$ you get but they keep your car.

The way the sales tax reimbursement works is that when you get a new car, you submit them proof of what you bought and what sales tax you paid on your new car. They will reimburse you the sales tax % of the value of your SVT. So lets say you paid 7% sales tax on your new car and you SVT was worth $4k. They will reimburse you 7% of $4k. If you buy a vehicle for less than your SVT was worth, they will reimburse you the sales tax for your new vehicle in full. Some insurance companies will make the title and licensing fees a reimbursement thing as well. So yes, you pay them up front but the insurance company will reimburse you for them in full.
 
Edit:

Sorry, I didnt read through the other posts, it looks like it was somewhat explained to you when they gave you the figures. Anyways, read my last two posts and I hope they help. If you have any questions feel free to ask before you give them a decision. I used to be a total loss rep in Naperville, IL so I know the game. Who is your insurance company?
 
I took the money. Just let go of the vehicle. Will start a new chapter soon with another one...
 
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