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by Kris Reid  May 11, 2010 7:03 am

OK – so it was this lady’s fault, smashed right into him. She’s admitted was her fault and she has full insurance, my son only has 3rd party.
Both doors and pillar damaged (maybe structural as well)
It’s not an expensive car, my son is 17 – first car, couldn’t afford a flash one – anyhow, so I would think the repairs would outweigh the cost of the car.

So does Insurance only pay out the market value only, or market value plus a bit more, or trade in value…

What could I expect as I’ve never dealt with Insurance before, just heard they screw everyone over :-(

Thanks.
What I mean about ‘extra’ is we’ve just spent a grand on it in the past 4 months, work done and new radiator etc….

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11 Comments

  1. by Ben May 11, 2010 at 7:13 am

    With what I know about the situation I think the insurance will only give you what the car was worth at the time of the wreck. The total for the car will be subjective and the insurance company will try and give you least amount possible for the value of the car. I would do my research on the total value of the car and be ready to fight for that number.

  2. by I <3 my Suby. May 11, 2010 at 8:01 am

    Generally, if repair cost exceeds 70 or 75% ov the fair market value of the car, you will get the fair market value of the car. I don’t know what they would pay extra for.If you get what your car is worth how are they screwing you? If you try to get more, you are screwing them, that’s okay?

  3. by ishouldbeworking! May 11, 2010 at 8:19 am

    use kbb.com or similar sites to settle on an average retail value for the vehicle based on mileage and condition.
    use that number as your expectation of value if the car is declared a total loss and fight for it if you have to!
    if the car isn’t totalled you will get whatever the cost to repair it is, and that’s up to the body shop.
    good luck.

  4. by Giru_DBGT May 11, 2010 at 8:39 am

    My car was just recently totalled, so I’ll just tell you what happened with mine. It was taken to an autobody shop and there it was appraised for the work that would need to be done to get my car back in working order. It ended up being more money than my car was in the blue book value. If your son had any added equipment (I had a 6 cd changer in my trunk) it is possible for the insurance to add a little extra money to what they pay you. It’s not a lot…I only got about $6000 for my car and it was in perfect working condition. While I couldn’t buy a new car with that much money, I still didn’t feel like I was totally screwed over.

  5. by I love dooneys May 11, 2010 at 9:18 am

    I was in a car accident couple yrs back and it was the other person fault the insurance paid the bare minimal and they paid 4 me a rental car that’s it , none left over, so I am guessing trade in value!

  6. by allamericanred2 May 11, 2010 at 10:06 am

    insurance pays the market value of the car–look it up at NADA.com see what retail is there with milage etc and expect them to pay you withing 55 of that.

    Insist they do….don’t settle for less than 90%

  7. by Deke May 11, 2010 at 10:58 am

    What insurance would pay is what they call the actual cash value of the car–the price that car would have brought on the open market if you had sold it moments before the accident. This is usually determined by book value or newspaper ads, and of course, is only the average. If your car was in particularly good or particularly poor condition, expect some adjustment (you may have to argue with them a little on the first).

    Market value would be higher than trade-in value.

    (This is how it would work most places in the USA–from your use of a Britishism like “flash” I realize you might be in a different country)

  8. by CwboyBill May 11, 2010 at 11:30 am

    If the repair costs do exceed the value of the car then the state requires it to be ‘totaled’ — at least it does here in the U.S. Insurance will pay market value only — factoring in condition, options and mileage may make the value go up or down. Repairs and maintenance are considered routine and necessary and rarely taken into account in a settlement.
    Contrary to popular belief insurance companies are not ‘out to screw’ everyone. Considering the mountain of paperwork and regulations they all have to adhere to it simply doesn’t make sense NOT to pay a fair settlement to customers. Always protect yourself by knowing what the car was worth prior to the loss BEFORE you settle with the insurer. There’s always the possibility he/she will make an error or not evaluate the car properly. Just keep your cool, remain professional and stand your ground if you really feel like the offer isn’t fair.

  9. by lblackvelvet May 11, 2010 at 12:28 pm

    Hello, First thing is you can’t compare situations with other accidents !!! People are quick to give you info on what happened to them !! Well, if you have reciepts for the work recently completed on your car, call your agent and tell them you are not willing to take ACV. Go to a DR. for a full check up to see if you may experience any problems down the road !! Ask for a rental car !! Check your coverage to see if you have replacement cost coverage instead of ACV. I carry replacement cost on my policy which allows me to collect the amount required to replace my vehicle, instead of the ACV. Call your agent if you are not satisfied with what the other company offers you, that is thier job to see you are compensated fairly. Good luck and i hope this helped you !!!!

  10. by lorquine May 11, 2010 at 12:59 pm

    First, the coverage you have on your own vehicle is first party coverage. What you are saying is that your son only carries liability coverage for the vehicle on his policy. Secondly, for a total loss, the insurance company owes you the Actual Cash Value or ACV for your vehicle. Be advised that this is not trade in value but rather private party value. If you have had recent repairs or acessories added to your vehicle you can submit those receipts for consideration. Keep in mind that radiators etc are wearable parts and the insurance carrier most likely will not give you dollar for dollar for what you have put into the car. Also, if the vehicle has special rims or stereo system and your son wants to keep those items and removes them from the vehicle it will reduce the vehicles value. Just make sure if you take the radio that you put a stock radio in the keep the value. Also make sure the insurance adjuster is aware of all the options available on your vehicle. You can also search KBB.com and look in auto trader to get an idea of what the same yr/mk/models as your sons vehicle are going for on the private market. Additionally, if the vehicle your son was driving has under 100k miles you can also make a claim for diminished value.

  11. by Nate W May 11, 2010 at 1:38 pm

    They will give you Actual Cash Value or ACV, which is what you would’ve been able to sell the car for just before the crash, new parts and all.

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