If they end up saying it's totaled. Ask them how much it would be to buy the car back.

Afterburner

BF3PRO

Afterburner

HAZMAN_THE_GREAT



But anyways I assume the insurance company should give you at least a 3/8 for how much your cars worth if they declare it totaled Rush. Well that also depends what insurance agency you have.

False. Might be a good idea to actually know how insurance works before offering thoughts with zero accuracy. 

My insurance paid my car off and then gave me some extra a few weeks back after I was hit by drunk driver... I'm assuming when it's totaled they give you the value right?

OK...
 
Great question, multiple "Partial truth" answers. Here is how I suggest folks better understand how this really works...

1. Go to NADA.com and enter the exact mileage and specs to your vehicle.
   1. Take from the last page "Average Trade-In" priced without options total. As an example, a $34k invoiced 2014 Mustang GT with 1500 miles on it, Clean used retail is $29,450 with an AVG Trade in of $25,650. The car in trade, not counting delivery fees, taxes ETC, has already LOST $9000 in value VS. brand new pricing. SO in this example... $25,650 is the price we are taking from that page.
2. Search Carfax and Auto trader in no more than 100 miles from your home address. Search for the exact same model, color, features and mileage. And note the average "Asking"price.
   1. Say that number is $28,000.
3. Now if their has been any major repairs that you paid for (Not covered by a warranty) in the last year, gather up those receipts. Not "Add-ons" like rims and stereos. 
   1. Say that is $1000. You will only get from the Insurance Company, about 40% of that total you can prove in the last 365 days.

 
Now add the "Avg" trade and the "Avg" asking price and add in 40% of the repair cost and you get $54,050. Divide that by two and you get $27,025.
 
And in "Most" cases, that is the best you will get for our example on a total loss for that vehicle. Do some companies pay $30k? Absolutely. But they will NOT pay the $34k or $39k as explained below. Not unless you "Pay" your insurance company for the "Replacement" insurance that many offer now for two model year or newer cars. Heck even Travelers has Six years they are offering now in many States. But you have to "Pay" for it. It is not free.
 
You see, insurance companies do not even use the examples I just offered you. They pay for a service that tells them how much the actual true value is with any property. They find out what the "Wrecked" vehicle will net them at the junk yard auction. Then they try and squeeze you for any $ they can. They offer this magical CFO type price and hope you take it.
 
They want to tire you out and work on your will to fight.
 
Now. Each State has different laws and rules. In most, they are required to pay you "Fair market value". And the brief explanation I outlined above helps you the consumer fight back. And get that $27,025 number closer to $30k. Because let us all be honest for a moment. What is "Fair" in one persons mind, is not in another. Correct?! And that is the problem. 
 
And this is why, every new car financed needs GAP insurance. Because if it is totaled, who cares if the Insurance Company tries to low ball you. The GAP insurance will come in and make up the difference (Within reason) and pay off the loan.
 
You would be "Shocked" how many Americans have traded in a car owning $5k-$10k after trade, that they roll into the new car. Even after all the "Fake" magical rebates car manufactures offer today to sell cars, many still have about half of the old cars cost rolled into their new financing. 
 
So using this same example... A $34k "Invoice" pricing, no tax, no prep, no second sticker ETC... Is financing $39k. And Clean "Used' Retail is $29,450 on a car with 1500 miles on it. SO off the lot this person has lost $10k in value. Or more accurately, owes $10k more that the car is worth.
 
Your "Car" insurance is only responsible for "Fair" market value. NOT what you owe the bank.
 
Now. If you owe less than the car is worth, same rule applies. They will pay you "Fair" market value. They do not care if you own it or are paying as bank for it. 

Yes that's what I said but without the explanantion... Geico paid the fair market value which happened to be more than what I borrowed and owed.... Thanks for the explanation though it's really interesting to see what goes into the insurance process... Also, I researched adjustment process a tad bit and they're like private investigators...

kram36

RushXTC

Afterburner
It is time for you to man up, and mount up for the next few years. No more vehicles for you...
 

What image was that? And why no vehicle for the next few years? That was all cleared up.
 
I'm waiting for the call back from my insurance, They're assigning someone to my case. Should take 3-4 days is what I'm being told, Then they'd come check it out.

If they total it out, go get a real car.
 

YA he should get a real car like this. Maybe this time with a car like that he would be able to chill out and not get into so much trouble. Plus its something he could be able to afford and he would be able to use the rest of the money to pay off his fines and fees from getting into trouble.

RushXTC

kram36

RushXTC

Afterburner
It is time for you to man up, and mount up for the next few years. No more vehicles for you...
 

What image was that? And why no vehicle for the next few years? That was all cleared up.
 
I'm waiting for the call back from my insurance, They're assigning someone to my case. Should take 3-4 days is what I'm being told, Then they'd come check it out.

If they total it out, go get a real car.
 

 
I like fast, Sorry... =/

Why did you buy a Mustang then? Apparently they can't stop once they do get going either lol.

RushXTC
lmao.
 
When I drove a Camaro 2SS (Yes, I'm sure you remember my post) I was strongly considering it, However, You can actually FEEL the power pushing you back on this one....
 
435 HP (Flywheel) 400 LBS of TQ? YES!

You may have a point on the brake issue though. Remembering the 2015 GT vs the 1LE shootout, Randy Pobst commented that the ABS didn't feel right to him on the Mustang.
 
Right about the 10:55 mark he comments that the ABS gets confused.
 

Afterburner
It is time for you to man up, and mount up for the next few years. No more vehicles for you...
 

Please dont crash the nice bike. Give him a Walmart special to cruise around on...
 

MSim
What did the insurance agent say?

They're going to send an appraiser out to me, The only problem is the car wasn't on the policy yet. I was on my way to add it to the policy, My 2013 was still on that policy.
 
She said they only give 3 days, But under these circumstances (I was in jail and the car wasn't driven) that they just need to clear the request and the appraiser will be sent.
 
If it's cleared (I'm hoping it is) the insurance is going to give me a check instead of fixing it, Because I told them I had a place I was going to take it to. She said she'd call me on Wednesday, Maybe. It's Friday now, So if she doesn't call me by noon, I'll be calling her to get an update..

I won't even pull a vehicle I just bought out of the parking lot until it's on my insurance.
 
I have a feeling they are not going to pay for this. They don't have to.

rjohnson11

RushXTC

MSim
What did the insurance agent say?

They're going to send an appraiser out to me, The only problem is the car wasn't on the policy yet. I was on my way to add it to the policy, My 2013 was still on that policy.
 
She said they only give 3 days, But under these circumstances (I was in jail and the car wasn't driven) that they just need to clear the request and the appraiser will be sent.
 
If it's cleared (I'm hoping it is) the insurance is going to give me a check instead of fixing it, Because I told them I had a place I was going to take it to. She said she'd call me on Wednesday, Maybe. It's Friday now, So if she doesn't call me by noon, I'll be calling her to get an update..

So for anyone else reading this always make sure when driving a newly owned automobile that all of the paperwork for tags, title, and also insurance is taken care of as fast as possible. 

 
I seen that. What i look for is an update. See what the estimate was.
 

kram36
I won't even pull a vehicle I just bought out of the parking lot until it's on my insurance.
 
I have a feeling they are not going to pay for this. They don't have to.

Long as Rush has up to date insurance and didn't allow it to lapse. I don't see how they could refuse to pay for the repair.  Now if he was caught burning the vehicle to the ground. I could see insurance company refusing paying for that kind of damage.
 

I've never heard of having coverage on a vehicle that isn't on the policy.

Many policies cover a newly purchased car for 14 to 30 days before officially adding it, but insurers and state laws may vary.

Punchy
Many policies cover a newly purchased car for 14 to 30 days before officially adding it, but insurers and state laws may vary.

Correct.
 
Now... Bad drivers getting insurance from a "Cheap" insurance company will have language in the policy telling them that they have no coverage for new purchases until they have been informed and an insurance ID card is created.
 
For "Most" insurance... We all have 14- 30 days automatically. It is one of the perks.
 
However!!!
 
That perk is only "Up to" the amount of coverage that the vehicle covered the most has on the policy. So...
 
If you have three cars... All only have Liability. That is all you have. No comp or collision as required by the loan(s).
 
Now... Same three vehicles. Two are liability only, one has under-insured and comp and collision. Your new purchase has "That" same coverage as the one vehicle has. 
 
They do this for a very simple reason... Courtesy and that even when you do get the loan at the time of the purchase, the banks do not always know what address or location is going to be the one holding the note (Loan). This takes a week or two. We the buyers usually get that info in the mail along with a welcome/thank you letter. And we are then to let the insurance company know about that bank info so that can add the lien holder to the policy.

mistermister

RushXTC
...under these circumstances (I was in jail and the car wasn't driven)...

Wait... what?

I read that also and had the same reaction. Lucy, you got some explaining to do!

mistermister
I can't believe the thread got this far without someone calling him out on it.

He said to PM him and he would tell you. And he took heat in those for sure, well and some helpful advice I am certain 

mistermister
Plot twist, he rear ended Bruce Jenner?

+1. Next thing we'll know, Bruce is his neighbor.