Hello!
I live in California. My car was in a serious accident. The lady who hit me only had $5k in liability for $30k in damages caused, which were distributed among the 3 cars she hit, so I was offered $1,200 out of a $5,800 value of my car (this was her insurance firm's valuation of my vehicle as a total loss). My insurance is not involved because I didn't have the coverage.
The settlement includes signing a waiver in which I agree not to sue the lady who hit me. Since the settlement offer is substantially lower than the car's value - not even a third! - I want to keep the totaled vehicle so I can at least sell it for junk. Can I argue that I should keep the car? I've left a voicemail for the insurance adjuster and written an e-mail, but haven't heard back after three days.
I keep reading that if you take a total loss settlement, the insurance firm keeps your car - then you can buy it back from them if you want. But in my case, with an extremely low offer due to policy limits, why would I accept 20% of the car's loss value AND let them keep it? (then *pay* them to give it back to me when they can't afford my wreck in the first place!). So:
1. Do I have to negotiate or specify with them that I'm keeping the car, or is it understood? Is me keeping the wreck reasonable under the circumstances?
2. Junk sites like cashforcars, etc, ask if it's a salvage title as part of their quote process. I still have the normal title. If the insurance company doesn't keep the car, it's technically not a salvage title, correct? Or do I say it's salvaged because the insurance co. will do that after I sign their waiver (even though I'm not buying it back)?
Thanks so much - I appreciate any insight you could provide!
I live in California. My car was in a serious accident. The lady who hit me only had $5k in liability for $30k in damages caused, which were distributed among the 3 cars she hit, so I was offered $1,200 out of a $5,800 value of my car (this was her insurance firm's valuation of my vehicle as a total loss). My insurance is not involved because I didn't have the coverage.
The settlement includes signing a waiver in which I agree not to sue the lady who hit me. Since the settlement offer is substantially lower than the car's value - not even a third! - I want to keep the totaled vehicle so I can at least sell it for junk. Can I argue that I should keep the car? I've left a voicemail for the insurance adjuster and written an e-mail, but haven't heard back after three days.
I keep reading that if you take a total loss settlement, the insurance firm keeps your car - then you can buy it back from them if you want. But in my case, with an extremely low offer due to policy limits, why would I accept 20% of the car's loss value AND let them keep it? (then *pay* them to give it back to me when they can't afford my wreck in the first place!). So:
1. Do I have to negotiate or specify with them that I'm keeping the car, or is it understood? Is me keeping the wreck reasonable under the circumstances?
2. Junk sites like cashforcars, etc, ask if it's a salvage title as part of their quote process. I still have the normal title. If the insurance company doesn't keep the car, it's technically not a salvage title, correct? Or do I say it's salvaged because the insurance co. will do that after I sign their waiver (even though I'm not buying it back)?
Thanks so much - I appreciate any insight you could provide!