Fiance killed my car - advice on salvage?

pinkgyrl · 03-14-2014, 02:49 PM

Ok, insurance company is really hurting me - they got an "offer" from salvage company for $7,000. But, they won't repair it for $11,000? All of the advice that I have received had informed me that they hardly ever give this much for salvaged vehicles. Apparently, for salvage, the same man advised me of its "rarity" (duh) in an e-mail 5 minutes ago but in e-mail 20 minutes before that claimed that "faded paint" took value down. I'm going to do some research about the ratio of salvage versus the ratio of declaring car a total loss - this just doesn't feel right to me.

Thanks for any advice,
Wendy

mirage83 · 03-19-2014, 11:42 PM

No, unfortunately the insurance companies aren't usually interested in repairing a vehicle when the repair costs are so close to the total value of the vehicle. Usually (in my experience at least) if the cost to repair is greater than 50% of the value of the vehicle they'll total it out rather than repair it.

According to your information and KBB the value is ~$13k, and the repair costs are somewhere around $11k. They're not going to do that, especially when the salvage value of the hulk is only around $7k. Your best remaining option is likely to turn in any receipts for recent significant work you've had done to the body or drivetrain. Sometimes that will increase what they'll settle with you for.

Good luck with it in any case.

cre · 03-22-2014, 02:56 PM

Have they provided you with a buy back price? One way they're often happy to work is that they'll pay you the "value" of the car, in this case said $7000. Then they'll sell it back to you for a lower amount... It saves them from other losses they're bound to incur while disposing of the vehicle. Check some local shops (not dealerships) and see how much it'll cost to get it road worthy and then as time and money permit have the cosmetic stuff taken care of. If it were me (and I wasn't able to work on my own cars) I'd start with getting estimated to get the frame straightened, get the rims checked to make sure they're straight and try to find a local Supra owner or two who may have time to swap the axle/knuckle/strut or whatever is needed. It'll be cheaper to upgrade some of this with aftermarket "performance" parts.

Option number two would be to buy it back and try to sell it "as-is" now that spring is here. The value of this kind of car spikes around tax time and stays fairly high through most of the summer. You won't get a lot as it's non-turbo and hard top but it may put you over what the insurance company is offering and that much closer to being able to afford another.

fox74 · 07-31-2014, 05:52 AM

I was wondering what happened to the fiance, he had the accident, he should be helping you. I had almost same situation but got lucky the shop low balled insurance company, then told the insurance they have found more damaged once they removed the panels, company had already paid for half of the repair agreed to pay the rest. a dishonest repair shop sometimes come in handy, otherwise I would have lost my car.

03-14-2014, 02:49 PM	#1
pinkgyrl Stock Join Date: Sep 2009 Location: Little Rock, Arkansas Posts: 6	Update Ok, insurance company is really hurting me - they got an "offer" from salvage company for $7,000. But, they won't repair it for $11,000? All of the advice that I have received had informed me that they hardly ever give this much for salvaged vehicles. Apparently, for salvage, the same man advised me of its "rarity" (duh) in an e-mail 5 minutes ago but in e-mail 20 minutes before that claimed that "faded paint" took value down. I'm going to do some research about the ratio of salvage versus the ratio of declaring car a total loss - this just doesn't feel right to me. Thanks for any advice, Wendy

03-22-2014, 02:56 PM	#3
cre Toyota Racing Development Join Date: Apr 2007 Posts: 5,038	Have they provided you with a buy back price? One way they're often happy to work is that they'll pay you the "value" of the car, in this case said $7000. Then they'll sell it back to you for a lower amount... It saves them from other losses they're bound to incur while disposing of the vehicle. Check some local shops (not dealerships) and see how much it'll cost to get it road worthy and then as time and money permit have the cosmetic stuff taken care of. If it were me (and I wasn't able to work on my own cars) I'd start with getting estimated to get the frame straightened, get the rims checked to make sure they're straight and try to find a local Supra owner or two who may have time to swap the axle/knuckle/strut or whatever is needed. It'll be cheaper to upgrade some of this with aftermarket "performance" parts. Option number two would be to buy it back and try to sell it "as-is" now that spring is here. The value of this kind of car spikes around tax time and stays fairly high through most of the summer. You won't get a lot as it's non-turbo and hard top but it may put you over what the insurance company is offering and that much closer to being able to afford another. __________________ If something breaks or you need to contact a member of the administration please post HERE. Unless it's a private or administration matter please post it on the forum. It benefits no one else if car related questions aren't posted for future users and takes away from the time I'm able to spend helping on the rest of the forum. If you're so inclined I'm always more than happy to accept tips via PayPal. Tip Jar --->

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03-19-2014, 11:42 PM	#2
mirage83 12psi boost Join Date: Feb 2007 Location: Georgia Posts: 359	No, unfortunately the insurance companies aren't usually interested in repairing a vehicle when the repair costs are so close to the total value of the vehicle. Usually (in my experience at least) if the cost to repair is greater than 50% of the value of the vehicle they'll total it out rather than repair it. According to your information and KBB the value is ~$13k, and the repair costs are somewhere around $11k. They're not going to do that, especially when the salvage value of the hulk is only around $7k. Your best remaining option is likely to turn in any receipts for recent significant work you've had done to the body or drivetrain. Sometimes that will increase what they'll settle with you for. Good luck with it in any case.

07-31-2014, 05:52 AM	#4
fox74 Stock Join Date: May 2009 Location: Salt Lake city Posts: 7	I was wondering what happened to the fiance, he had the accident, he should be helping you. I had almost same situation but got lucky the shop low balled insurance company, then told the insurance they have found more damaged once they removed the panels, company had already paid for half of the repair agreed to pay the rest. a dishonest repair shop sometimes come in handy, otherwise I would have lost my car.