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 Posted: Thu Oct 16, 2008 5:05 am Post subject: Totaled-car Settlement |
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Hi everyone!
What can I expect from my carrier once my car gets totaled following an accident? Can I expect a high settlement amount at least? Purpleheaded08
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Purpleheaded08
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| Posted: Thu Oct 16, 2008 5:29 am Post subject: |
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Yes, you can expect that.
You may not get it... but you can expect it.
I guess it also depends on your view of "high settlement amount". Your "high" may be different then the insurance companies "high".
The insurance company is going to pay "Fair Market Value". How they arrive at this is different from carrier to carrier. |
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tcope
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| Posted: Thu Oct 16, 2008 5:30 am Post subject: |
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Hi Purpleheaded08,
Every Auto insurance co. would definitely take into account the worth of your car as well as the repair charges while declaring it as 'totaled'. Under circumstances when your car worth is less than the repair charges, then the carrier would declare it as 'totaled' and offer you the cash settlement that you're talking about.
So, the entire concept is relative- I mean, if your car is not so costly then any minor damage may get it totaled. On the other hand, a major blow caused to a costlier model may just fetch you the repair charges.
Crossbreed
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Crossbreed
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| Posted: Thu Oct 16, 2008 5:32 am Post subject: |
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You may expect the actual cash value of the car. The actual cash value is determined by surveying the values of the cars with same make and model in the local market.
| Quote: | | Can I expect a high settlement amount at least? |
That you may have to negotiate with the insurance company adjuster but remember the insurance company owes you only what is due. Hence, you may not receive the same amount that you have paid for the car while buying it.
Over years motor vehicles suffer wear-n-tear and hence may fetch a lower trade-in value than its original price. |
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jeorge
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| Posted: Thu Oct 16, 2008 11:19 am Post subject: |
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Hi all..
I think our expectations should always be based on reality!
Your carrier would certainly avoid auctioning your car (if its there for more than 10 years) and hand it over to you in case you choose to possess it. Even by doing so, your carrier would certainly pay you for the ACV of your car (less the worth for which your car could have been auctioned). It would then be up to you to bear the repair charges.
But my friend, always remember that in case your car gets pushed to the salvage yard it would be real hard for you retrieve it. So, in case you have such options of re-possessing your car, then don't hesitate to convey your wish to your carrier.
Thanks, Roddick |
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roddick
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| Posted: Thu Oct 16, 2008 11:43 am Post subject: |
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Purple have you even had an accident?
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Lori
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| Posted: Thu Oct 16, 2008 1:43 pm Post subject: |
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He has a friend...
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LifeIsGood
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| Posted: Thu Oct 16, 2008 2:20 pm Post subject: |
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| Quote: | | Purple have you even had an accident? |
I didn't face the bite..but my friend Iago who's from Portugal did!
(He's in Florida..for a long-term project)..but yeah, it bothers me a lot to think of such circumstances..
Purpleheaded08
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Purpleheaded08
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| Posted: Thu Oct 16, 2008 2:25 pm Post subject: |
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OMG....you are friend's with Iago? Is he here working on a sequel?
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LifeIsGood
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| Posted: Thu Oct 16, 2008 6:21 pm Post subject: |
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| It is good to always think about the future but it needs to be kept in perspective. Unless you have gotten a rather good deal on a vehicle you can not expect to prosper from an event like this. Insurance is there to replace or fix waht we own. It either restores something (if possible) to its orighinal shape and value or replaces it according to value. As long as they are doing this then you are getting what you paid for. |
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fireyone
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