OT: Help with car insurance claim

[Keith A]

Sadly my daughter totaled her car this past Monday. I am so grateful that she wasn't seriously injured, but her VW didn't fair as well. I am expecting that the insurance company is going to come back with a very low value for the buy out price on the totaled car. However, I have just spent quite a few $$'s (replaced all the A/C components, new master cylinder, new tires, etc) on the car that would still be worth something to me or on eBay.

So my question is, can I negotiate getting some of these parts or even buy back the whole vehicle from the insurance company? I have heard of other people doing this and wanted to see if anyone on the forum could provide some guidance on how to proceed.

[chrisroph]

Prepare your case regarding value. Go to local lots and see what similar cars are going for. Check the paper. Use your computer. Look at KBB and NADA retail values. Print the reports. Be ready to negotiate value with the ins co. They will present you with a report prepared by a company that specializes in feeding the ins cos the information they want --ie low values --re totaled vehicles. You can counter this with some good local information.

Once you negotiate a property settlement, be prepared to buy back the vehicle for salvage value, which typically is not much. You can then--if you want to go through the time and trouble--part the car out.

I had a similar experience to yours. I had a vehicle I gave to my daughter in which I had refurbed/repaired/replaced shocks, tires, brakes, AC system, to the tune of $3 or 4k just before she totaled it. The car was worth about $7500. Cars and kids=big $$$$, fact of life.

[Chad Engle]

Keith:
Glad to hear everyone is ok. +1 on everything chrisroph said, except for the conspiracy theory part. Do your homework and yes everything is negotiable.

Keep in mind that replacing wornout/broken parts does not always increase the value on a 1/1 ratio. If you simply fixed a broken part it doesn't really make the car worth more, it just makes it work. New tires are worth negotiating and would increase the value.

Re salvage value, do some checking on your own. Most companies get bids and sell the salvage to the highest bidder, some simply take it to the auction and it brings what it brings. You can get bids on your own to get an idea of what it is worth, most of that can be done over the phone.

If you have any specific questions feel free to pm.

[Serotta PETE]

Glad everyone is ok... When I had this happen, they would not even let me take the stereo out (which was only three months old). It was a HONDA and they gave me a very fair pair for the vehicle. As said before, things are negotiable to a point. If you know someone at the dealer or at a large garage, see what trade in values are for that year - as well as avg retail. (You will probably get somewhere in between)


Good luck PETE

ps - what insurance company is going to pay you? Hopefully not NATIONWIDE. They are ^)*(^&)(&)(* on payouts.

[Kevan]

let us know how this plays out, I'd be interested. Frankly, I'd be surprised if you find the Insurance company to be accommodating.

Good luck.

[C5 Golfer]

Glad she is ok first of all.
I am curious as to the year of the car she totaled and with what insurance company are you?

The older the car the bigger the fight with an insurance company due to the fact of your car’s better than average condition as you described. I have 27 yr old Mercedes but looks like a 5 year old car.. I have always wondered what would happen it it was totaled. I would be doing what Christopher said.. doing some homework and research to back up any claims you make if and I say IF your insurance company does not please you.

Good luck - Keep a cool head with your adjuster -- he is only doing his job and he may make what is normally a "first offer". They are always open to negotiation to keep their customer happy.

[Keith A]

Thanks for the input and concern for my daughter. As for some of the details, the car is a '95 Golf Sport and the insurance company is State Farm. I spoke with the adjuster today and they were very fair with the appraisal -- better than what I expected. SF uses the NADA average retail (NADA also has a low and high retail value) which is much better than using a wholesale or trade-in value for the car. I do have the option for purchasing the car back for $500 which is the average salvage price for the vehicle. I'm debating whether it is worth the hassle or not to buy the car back.

Pete -- I already snagged the stereo that I recently installed in the car. Fortunately, I kept the OEM one and put it back in there.

[Serotta PETE]

Good for you......Glad things turned out as well as they did. (Metal can be replaced) Daughter is the "priceless" one.

When my daughters and their friends were growing up, it was not a matter of "IF" they were going to have an accident it was only a matter of "WHEN".

Part of growing up -- - the accident does not have to be their fault, they just have not acquired the defensive skills....


Thanks for the input and concern for my daughter. As for some of the details, the car is a '95 Golf Sport and the insurance company is State Farm. I spoke with the adjuster today and they were very fair with the appraisal -- better than what I expected. SF uses the NADA average retail (NADA also has a low and high retail value) which is much better than using a wholesale or trade-in value for the car. I do have the option for purchasing the car back for $500 which is the average salvage price for the vehicle. I'm debating whether it is worth the hassle or not to buy the car back.

Pete -- I already snagged the stereo that I recently installed in the car. Fortunately, I kept the OEM one and put it back in there.

[Keith A]

When my daughters and their friends were growing up, it was not a matter of "IF" they were going to have an accident it was only a matter of "WHEN".So true...I have seen too many teens destroy cars. Which is why I would not spend much money on a 1st car for my daughter. However, I had hoped this car would make it through college for her :(