Auto Accident Advice

[leevena]

I am a health guy, would like some advice/thoughts for my 27 year old daughters car accident. I have never had an accident. Not her fault, police are filing the report with the other person as the cause and the estimated cost at $5,000. Damage is minimal, passenger side back door. Car is 2012 Toyota Corolla, estimated Kelley Blue book value is $6,000 without the accident factored into it.

Can she ask for the cash and not repair? Any other options? Thanks.

 

[solo2013]

My father got the into a accident last months. They declared the car a total loss. The adjuster said the repair cost is higher than actual cash value of the car.

In my father case the repair cost was close to 5k. They offered him $3800. He has old vehicle.
I think every insurance companies use their own criteria and state laws to determine when to total a car. I heard that insurance companies use a percentage to gauge whether a car is totaled.

For example - they could use 75% of the car' s value as cut off point.

 

[adjusterjack]

Not her fault, police are filing the report with the other person as the cause and the estimated cost at $5,000.

The police estimate the cost at $5000. The police estimate is meaningless.

Take the car to a body shop and get your own estimate or wait for the insurance company's adjuster to write it up.

Damage is minimal, passenger side back door.

Just the door? Not the pillars? Might be a lot less than $5000 to repair.

Can she ask for the cash and not repair? Any other options?

Here's how it works. The insurance company will determine the cost of repairs. If the cost does not exceed the total loss threshold she'll get the check and she can repair it or not repair it.

If the repair cost exceeds the total loss threshold then they will pay her the ACV of the car and she surrenders the car to the insurance company. If she wants to keep the car they will pay her the ACV less the salvage value which is typically 10% to 15% and may be required to have the title branded as a salvage vehicle. Depending on your state, the car may have to be repaired before it can be driven.

And, if not, her own insurance company might not want to cover the car for damage anymore.

I was in the insurance business for 35 years and have seen this situation from both sides. Keeping a total loss vehicle rarely works out.

 

[leevena]

The police estimate the cost at $5000. The police estimate is meaningless.

Take the car to a body shop and get your own estimate or wait for the insurance company's adjuster to write it up.



Just the door? Not the pillars? Might be a lot less than $5000 to repair.



Here's how it works. The insurance company will determine the cost of repairs. If the cost does not exceed the total loss threshold she'll get the check and she can repair it or not repair it.

If the repair cost exceeds the total loss threshold then they will pay her the ACV of the car and she surrenders the car to the insurance company. If she wants to keep the car they will pay her the ACV less the salvage value which is typically 10% to 15% and may be required to have the title branded as a salvage vehicle. Depending on your state, the car may have to be repaired before it can be driven.

And, if not, her own insurance company might not want to cover the car for damage anymore.

I was in the insurance business for 35 years and have seen this situation from both sides. Keeping a total loss vehicle rarely works out.

thank you so much, I appreciate your comments.