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Value Of A "Totaled" Car ?



 
 
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  #11  
Old July 17th 05, 11:56 PM
William R. Watt
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Swapping stories: In the 1970's I bought a used off-make (Opel Kadet)
and got rear ended. The other driver's insurance company offered more than
I paid for the car so I took it, had the trunk hammered into shape so
it could be opened and closed and locked, and continued driving the car for
another year until I decided to get a newer vehicle, at which time I sold
the Kadet for half what it cost me.

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  #12  
Old July 18th 05, 05:05 PM
y_p_w
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Mike Romain wrote:
> 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.


My car was "totaled" after it was stolen and stripped for parts. The
value of parts gone was probably less than the value I got, but then
there's the labor. Also - a lot of stripped cars tend to have tiny
problems that seem to go on forever. I got a list of local for sale
offers for similar cars, which were used to arrive at a value. The
adjuster was telling me that the offer was likely more than I could
have realistically sold it for. I thought I might have been able to
sell for $4500, but I got almost $7000 from the insurance.

I haven't heard of sales tax in private sales. That's basically what
my offer was based on. I was thinking of selling it anyways so I
didn't have to put out the effort.

> 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.


How's this for irony? Not only did I get the total value, but my
insurance company paid for my registration fees (pro-rated of course).
Since my car was no longer insured, I also got a pro-rated refund of
my insurance on the car. It wasn't that much, since I had two cars
and there's an incremental amount for the second car. It was still
a few hundred bucks.

  #13  
Old July 18th 05, 07:34 PM
Timothy J. Lee
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In article >,
Robert11 > wrote:
>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... ?


Retail + sales/use tax + pro-rated license.

I.e. you should get what would (theoretically) replace the car with a
similar one (in terms of make, model, options, condition) from the used
car market.

Valuation may not be so simple, though, since there can be disagreement
based on condition, or finding comparable cars for sale or recently sold
on the used car market for rare models or options (though the latter is
unlikely for a fairly new Accord).

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  #14  
Old July 18th 05, 08:35 PM
John S.
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Use the NADA site and Edmunds.com and read the local classified
ads...you might be surprised. When they make an offer counter it in
writing an average of the two highest prices and include copies of your
documentation.

When rating the car on the websites be sure to include credit in the
valuation for the condition.

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


  #15  
Old July 18th 05, 11:32 PM
Mike Romain
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Even private sales here in Canada are taxed when you register the
vehicle. They go by the book value or receipt or appraisal.

I had a $500.00 van that the book said was worth 4500! Got that
appraised for $400.00 and paid taxes on that.

Mike

y_p_w wrote:
>
> Mike Romain wrote:
> > 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.

>
> My car was "totaled" after it was stolen and stripped for parts. The
> value of parts gone was probably less than the value I got, but then
> there's the labor. Also - a lot of stripped cars tend to have tiny
> problems that seem to go on forever. I got a list of local for sale
> offers for similar cars, which were used to arrive at a value. The
> adjuster was telling me that the offer was likely more than I could
> have realistically sold it for. I thought I might have been able to
> sell for $4500, but I got almost $7000 from the insurance.
>
> I haven't heard of sales tax in private sales. That's basically what
> my offer was based on. I was thinking of selling it anyways so I
> didn't have to put out the effort.
>
> > 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.

>
> How's this for irony? Not only did I get the total value, but my
> insurance company paid for my registration fees (pro-rated of course).
> Since my car was no longer insured, I also got a pro-rated refund of
> my insurance on the car. It wasn't that much, since I had two cars
> and there's an incremental amount for the second car. It was still
> a few hundred bucks.

 




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