Value Of A "Totaled" Car ?

Hello:

This probably isn't the most appropriate group for this question, but
there's so much expertise here, I thought I would take the liberty of asking
here.

My son totaled a two yr old Accord.

When we "negotiate" with the insurance company, which valuation for the car
should we use as a guideline ?

e.g., some of the sites show values listed as: "trade in value", "value for
a private sale," or... ?

I guess I'm asking where would be the best web site to obtain the value we
should use as the guideline for what we are requesting from the insur. co.,
and what valuation heading ?

Any other thoughts on this would be most appreciated.

Thanks,
Bob

Use the NADA value, most widely accepted, go to nadaguides.com put in the
vehicle mileage and accessories, you will get a trade in value and retail.
In NYS they have to give the you replacement value, they can average the
book value, listed adds for the car privately and from dealers.
"Robert11" > wrote in message
news
> Hello:
>
> This probably isn't the most appropriate group for this question, but
> there's so much expertise here, I thought I would take the liberty of
> asking here.
>
> My son totaled a two yr old Accord.
>
> When we "negotiate" with the insurance company, which valuation for the
> car should we use as a guideline ?
>
> e.g., some of the sites show values listed as: "trade in value", "value
> for a private sale," or... ?
>
> I guess I'm asking where would be the best web site to obtain the value we
> should use as the guideline for what we are requesting from the insur.
> co., and what valuation heading ?
>
> Any other thoughts on this would be most appreciated.
>
> Thanks,
> Bob
>



----== Posted via Newsfeeds.Com - Unlimited-Uncensored-Secure Usenet News==----
http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups
----= East and West-Coast Server Farms - Total Privacy via Encryption =----

A co-worker's brother-in-law used to buy up cars written off by insurance
companies, repair and sell them. If you can find someone like that you'll
know what the insurance companies get for totaled cars. Another place to
try is someone who buys them and parts them out. Try an auto wrecker.

Oddly, a 2 year old car might not be worth much. I've talked to someone
who rebuilds engines from "totaled" cars. He won't rebuild an engine
with more than 40k km (24k miles) on it. Too risky.
--
------------------------------------------------------------------------------
William R Watt National Capital FreeNet Ottawa's free community network
homepage: www.ncf.ca/~ag384/top.htm
warning: non-FreeNet email must have "notspam" in subject or it's returned

Shep wrote:
> Use the NADA value, most widely accepted, go to nadaguides.com put in the
> vehicle mileage and accessories, you will get a trade in value and retail.
> In NYS they have to give the you replacement value, they can average the
> book value, listed adds for the car privately and from dealers.
> "Robert11" > wrote in message
> news
> > Hello:
> >
> > This probably isn't the most appropriate group for this question, but
> > there's so much expertise here, I thought I would take the liberty of
> > asking here.
> >
> > My son totaled a two yr old Accord.
> >
> > When we "negotiate" with the insurance company, which valuation for the
> > car should we use as a guideline ?
> >
> > e.g., some of the sites show values listed as: "trade in value", "value
> > for a private sale," or... ?
> >
> > I guess I'm asking where would be the best web site to obtain the value we
> > should use as the guideline for what we are requesting from the insur.
> > co., and what valuation heading ?
> >
> > Any other thoughts on this would be most appreciated.
> >
> > Thanks,
> > Bob
> >
>
>
>
> ----== Posted via Newsfeeds.Com - Unlimited-Uncensored-Secure Usenet News==----
> http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups
> ----= East and West-Coast Server Farms - Total Privacy via Encryption =----


It is going to depend on what state you are in.

On 16 Jul 2005 14:09:48 GMT, (William R.
Watt) wrote:

>Oddly, a 2 year old car might not be worth much. I've talked to someone
>who rebuilds engines from "totaled" cars. He won't rebuild an engine
>with more than 40k km (24k miles) on it. Too risky.

Why is it risky?
An engine that's done only 24,000 miles shouldn't NEED to be
rebuilt. If the car has been wrecked, the engine should be inspected
for damage.
Some rebuilds require more parts replacement and/or machining
than others, depending on the amount of wear. The "rebuilder" can
determine the requirements by careful measurement.

"Robert11" > wrote in message
news
> Hello:
> Any other thoughts on this would be most appreciated.

As they say, it probably depends heavily upon where you are, and how your
insurance company tends
to handle claims.

My daughter, here in Texas, was hit from behind several years ago and the
car was totaled. The insurance
company of the at-fault party tried to duck out leaving her with less than
she needed to purchase a similar one as a replacement. Quick talk,
insinuations, Blue Book mumbo jumbo aside, you need to be put back into
a similar vehicle as was destroyed.


Of course, Texas has some of the sorriest insurance laws in the nation.
Some times you have to be pretty
tough, complain to the insurance commission, hire an attorney to get what
should rightfully be your settlement.

Robert11 wrote:

> ...
> My son totaled a two yr old Accord.
>
> When we "negotiate" with the insurance company, which valuation for
> the car should we use as a guideline ?
> ...

Having been thru this a few months ago, I can relate my experience...

My daughter wrecked her 2003 Mazda Protege we had purchased from Hertz a
few months before. The insurance co. declared it a total loss. They based
the offer on prices of similar cars (same make/model/mileage) in the
local market (Phoenix). The body shop guy told me the insurance co. often
uses the local Auto Trader ads (http://www.autotrader.com). AT gives the
max/min/avg of cars listed in the area you choose/ Sure enough, their
offer was almost exactly what the AT ads for our area showed. It actually
turned out to be a little more than we actually paid for the car. We
signed the papers, took the check, and bought an identical car from
Hertz. The whole process was pretty painless, all in all, much easier
than I feared. Of course, paying the premium increase over the next few
years (my daughter was at fault) will not be as painless...


Good luck...

If the car is financed and still has a balance, that will need to be taken
care of before you get any cash. Ususally the finance co. will deal with
them, but you sure need to be in the loop cause you'll be stuck with what
insurance wont pay. You may actually lose money on that. I had one
totalled, ins.paid the thing off, then I bought it back from the insurance
co. before they offered it to an outside party as junk. I fixed it up so it
could live to be totalled again a year later (thats a long story), but I did
get my car back.

If its paid off, your pretty screwed if it cant be fixed up. You'll get book
value (blue book here) and you can certainly negotiate. Dont let them BS
you. Also, is it truely totalled or they just say it is?


I had another situation where I got a car at an auction, fixed it up, it got
totalled and I got more than I paid for it from insurance and bought
something even nicer.

well, good luck bud. keep us posted.

"Robert11" > wrote in message
news
> Hello:
>
> This probably isn't the most appropriate group for this question, but
> there's so much expertise here, I thought I would take the liberty of
asking
> here.
>
> My son totaled a two yr old Accord.
>
> When we "negotiate" with the insurance company, which valuation for the
car
> should we use as a guideline ?
>
> e.g., some of the sites show values listed as: "trade in value", "value
for
> a private sale," or... ?
>
> I guess I'm asking where would be the best web site to obtain the value we
> should use as the guideline for what we are requesting from the insur.
co.,
> and what valuation heading ?
>
> Any other thoughts on this would be most appreciated.
>
> Thanks,
> Bob
>
>

I remember having a car totaled (other dudes fault) and the insurance
company tried to knock the value down at every turn they could. Their
'adjuster' insinuated that the transmission fluid was 'factory original
and very dirty' and clearly had 'never been changed' therefore the car
was worth much less due to a dodgy transmission. I showed them the
receipts showing fluid changes at 30K and 60K to shut them up. The fluid
was just 6K old and clean. They will stop at nothing to 'adjust' the
true value of the car way down from a reasonable starting number to very
little.

They may nick pick every item they can to try and wear you down in order
to make you 'settle'.

If they are totally unreasonable I would offer to let them replace the
vehicle with a one in similar condition and similar mileage. Of course
they won't want to do that and probably will refuse the suggestion, but
be sure to let them know they are off base if they are.

I would start at the retail value, since that is what you will have to
pay to replace it quickly. They won't too happy to let you rent a car on
their nickel while you 'shop around for a good deal'. If they insist you
'get out of the rental' quickly, insist on retail value for replacement
of the totaled vehicle. Don't let them get it both ways.

I hate insurance companies. They suck.

JP

Robert11 wrote:
> Hello:
>
> This probably isn't the most appropriate group for this question, but
> there's so much expertise here, I thought I would take the liberty of asking
> here.
>
> My son totaled a two yr old Accord.
>
> When we "negotiate" with the insurance company, which valuation for the car
> should we use as a guideline ?
>
> e.g., some of the sites show values listed as: "trade in value", "value for
> a private sale," or... ?
>
> I guess I'm asking where would be the best web site to obtain the value we
> should use as the guideline for what we are requesting from the insur. co.,
> and what valuation heading ?
>
> Any other thoughts on this would be most appreciated.
>
> Thanks,
> Bob
>
>

--
JP White

Don't forget about taxes! You are entitled to the taxes also if they
are charged in your area. You had to pay them on the first vehicle, so
they are part of replacement. Same for dealer prep and gas.

Also don't forget that the adjuster doesn't get paid until your case is
off his desk. It gives you a bit of leverage.

Mike
86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00
88 Cherokee 235 BFG AT's

Robert11 wrote:
>
> Hello:
>
> This probably isn't the most appropriate group for this question, but
> there's so much expertise here, I thought I would take the liberty of asking
> here.
>
> My son totaled a two yr old Accord.
>
> When we "negotiate" with the insurance company, which valuation for the car
> should we use as a guideline ?
>
> e.g., some of the sites show values listed as: "trade in value", "value for
> a private sale," or... ?
>
> I guess I'm asking where would be the best web site to obtain the value we
> should use as the guideline for what we are requesting from the insur. co.,
> and what valuation heading ?
>
> Any other thoughts on this would be most appreciated.
>
> Thanks,
> Bob