Total Loss Accident :( What do I do now??
12-30-2004, 09:40 AM
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Total Loss Accident :( What do I do now??
I just was in an accident last week, some guy made an illegal U turn over a concrete median, and crossed 2 lanes into my 944. The front side quarter was hit, right at the driver side wheel. No one was hurt, but a lot of damange was done, my wheels were poped, the suspension needs replaced, and of course body work ont he side finder/door area.
I got a call back from the body shop place, they said it would be an estimate of $8700 for the repair, and he thinks it will be considered a total loss (pending response from the guy's insurance to make the final decision). I know for a fact however, that the insurance will probably consider it a total loss. Does that mean, they set a value for the car, and give me that amount?
Can I show the insurance proof that I put money into the car, raising the value? Otherwise, will I only receive a $1500 check from them, and a big F U from the insurance?
If I do get a FU from the insurance, what do I do with the $1500? should I put it into another Porsche, or into some other car? HAHA.. This whole process is making me sick.. Any opinions would greatly help! Thanks!
I got a call back from the body shop place, they said it would be an estimate of $8700 for the repair, and he thinks it will be considered a total loss (pending response from the guy's insurance to make the final decision). I know for a fact however, that the insurance will probably consider it a total loss. Does that mean, they set a value for the car, and give me that amount?
Can I show the insurance proof that I put money into the car, raising the value? Otherwise, will I only receive a $1500 check from them, and a big F U from the insurance?
If I do get a FU from the insurance, what do I do with the $1500? should I put it into another Porsche, or into some other car? HAHA.. This whole process is making me sick.. Any opinions would greatly help! Thanks!
12-30-2004, 10:59 AM
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if it's your fault, your insurance adjuster will look at the car and give you a book value less deductible. if it's the other persons fault, don't sign any waivers until you get a satisfactory settlement. the other insurance companys biggest fear is probably you will file for personal injury. which will cost alot more than your car. i would just wait to see what the insurance company give you and if it seems too low, dig up all your current receipts and negotiate. don't deposit or cash the original check they give you if you want to negotiate the settlement.
12-30-2004, 11:02 AM
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On cue, here I is!
First off, what year model etc is the car, where are you located? each state has different laws.
In NY they have to give you the insurance term for fair market value.
the definition in NY is same year make model major options mileage and CONDITION.
First steps are to set liability. the less it is your fault the better, at the same time set value.
First off, what year model etc is the car, where are you located? each state has different laws.
In NY they have to give you the insurance term for fair market value.
the definition in NY is same year make model major options mileage and CONDITION.
First steps are to set liability. the less it is your fault the better, at the same time set value.
12-30-2004, 11:03 AM
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Originally Posted by jyoon
if it's your fault, your insurance adjuster will look at the car and give you a book value less deductible. if it's the other persons fault, don't sign any waivers until you get a satisfactory settlement. the other insurance companys biggest fear is probably you will file for personal injury. which will cost alot more than your car. i would just wait to see what the insurance company give you and if it seems too low, dig up all your current receipts and negotiate. don't deposit or cash the original check they give you if you want to negotiate the settlement.
12-30-2004, 12:13 PM
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Yeah, I was in this situation three months ago. What I did was took the book value of my car, and with some help from mister Tim R. up there, I was able talk them into negotiations. I then proceeded to explain how mechanics and maintenance meant much more than mileage, and records were very important, and showed exactly how much maintenance I had put into the car. I ended up getting $8000 plus a further $1200 for anything that may be needed (doctor bills, towing fees, computer parts 
). The problem was it took the better part of two months to get everything settled, but when it was, I was a happy camper, and was able to get my new car, after I paid off the loan for the old one, and got an emergency taken care of here at home, which left me with only 4k..heh...
). The problem was it took the better part of two months to get everything settled, but when it was, I was a happy camper, and was able to get my new car, after I paid off the loan for the old one, and got an emergency taken care of here at home, which left me with only 4k..heh...
12-30-2004, 02:06 PM
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Allstate really pushed me around when i was handling my in-laws accident, they went me two pages of "comparable" vehicles, over the last six months to show there VERY low offer, i then showed them about 12 comparable cars from our area, they really didnt care. What ended up happeneing was they bypassed me called the inlaws and offered $400 more and they settled. I was MAD!!! Dont settle till your satisfied, Tom R. helped me and knows what hes talking about!!!!!
Mark
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12-30-2004, 02:37 PM
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Details on my 944
I have a 1986 944, automatic, about 101k miles on it. I have had a lot of maintnence put into it, and done a lot of work fixing up the car. Tom R. Can you help me with some information I might need, in order to raise the value of the car, so that the insurance of the person who hit me (state farm) will be able to give me more money or just end up fixing the car?
Do I have to fake an injury? hehe. I believe it might be a little too late for that though.. However, I did miss an interview because of the accident, but ended up getting the job offer, and was hired!!! I guess that won't help my claim...
Anyhow, any information will be very helpful!
Do I have to fake an injury? hehe. I believe it might be a little too late for that though.. However, I did miss an interview because of the accident, but ended up getting the job offer, and was hired!!! I guess that won't help my claim...
Anyhow, any information will be very helpful!
12-30-2004, 02:51 PM
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You are facing a few problems.
1. Policies that are not of a set value (agreed value) or policies without increased coverage for your aftermarket parts have a 70% salvage value. So if your car is worth $10,000 you can usually get $6,999 to repair it, depending on damage. Anything over $7000 in repairs and the company can salvage the vechicle for Blue Book value.
2. Depending on documentation of value BEFORE the accident, you can talk them into increasing the Blue Book value. No documents, no proof of value.
Most insurance companies will work with you if you work with them. Take your time and stay calm with your claims rep. Get all your receipts together for what you have into it. Find this years value guide in Excellence. Call PNCA and get a valuation for your year and model as well.
The hassles of insurance drive me nuts too. You think you have a pretty good policy, but when you claim, you have to jump through hoops to get back on your way. This is the #1 reason why I am starting my own company. The #2 reason is the lack of value in auto insurance. About 35% of drivers won’t ever make a claim… money tossed away.
A side note, since you have about $9000 in repairs, buy the car back and sell off what's left. You can recoup some of your losses. If totaled, you should get a little over book value - $1000. With the parts you can sell from the wreck, you could have a pretty nice wad of cash for something new.
1. Policies that are not of a set value (agreed value) or policies without increased coverage for your aftermarket parts have a 70% salvage value. So if your car is worth $10,000 you can usually get $6,999 to repair it, depending on damage. Anything over $7000 in repairs and the company can salvage the vechicle for Blue Book value.
2. Depending on documentation of value BEFORE the accident, you can talk them into increasing the Blue Book value. No documents, no proof of value.
Most insurance companies will work with you if you work with them. Take your time and stay calm with your claims rep. Get all your receipts together for what you have into it. Find this years value guide in Excellence. Call PNCA and get a valuation for your year and model as well.
The hassles of insurance drive me nuts too. You think you have a pretty good policy, but when you claim, you have to jump through hoops to get back on your way. This is the #1 reason why I am starting my own company. The #2 reason is the lack of value in auto insurance. About 35% of drivers won’t ever make a claim… money tossed away.
A side note, since you have about $9000 in repairs, buy the car back and sell off what's left. You can recoup some of your losses. If totaled, you should get a little over book value - $1000. With the parts you can sell from the wreck, you could have a pretty nice wad of cash for something new.
12-30-2004, 05:28 PM
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Values have been calculated.... Now what? opinions please!
I just got ahold of the total loss guy, from the insurance company (state farm). They are going to offer me $5289 total, for the vehicle. The repair cost at the body shop was close to $9000.
I can retain the car for $1500, and I guess fix it up on my own time with the left over money + my own, or part out the wrecked 944. So, I would be left with a wrecked car, and $3789 to work with.
Or, should I just buy another car, with the $5289? haha. Man, this sucks.... But anyhow... Anyone wanna sell me a 944 for 5 grand? haha
I can retain the car for $1500, and I guess fix it up on my own time with the left over money + my own, or part out the wrecked 944. So, I would be left with a wrecked car, and $3789 to work with.
Or, should I just buy another car, with the $5289? haha. Man, this sucks.... But anyhow... Anyone wanna sell me a 944 for 5 grand? haha
12-30-2004, 05:33 PM
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From what I have seen for sale you should be able to get a Nice N/A for that money. With the damage you would be dealing with I would just find another N/A.. just my opinion. I am in no way shape or form an expert.. But I have been watching the market over the last couple of months looking for my first P-car.
12-30-2004, 06:31 PM
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Buy the car back and part it out if you have the time and space to. You will probably get another 1500$ back from it pretty easily. Good luck with whatever you do. 
12-30-2004, 07:12 PM
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$5300 is pretty good for an Auto N/A. Depending on overall condition, you could prolly make a few grand more parting it. That puts you pretty close to turbo territory if you have some spare money sitting around saved up. if you want to go that route that is.
12-30-2004, 08:33 PM
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aach,
I was in a similar situation this year. 83 NA was totaled. I feared that I would be offered $1500 for the car and I had just put a bunch of money in the car in the last 2 years.
Tom R. shared his procedure with me. Looked at similar cars, noted the differences, came up with a cost for each of the differences, and finally arrived at a fair price in my mind. It is a rational way to approach the situation. In some states, they need to give you the "fair market price". My insurance told me that the price was that listed in the KBB or the CPI if I was lucky. Hese were both very low. Based on my research, I arrived at a price that I thought was fair and I was ready to go to court to get that price.
In the end the insurance company offered me more than I thought I would get, and I saw no reason to argue with them. But the work was not wasted because I felt good about the offer and I knew it was fair.
Good luck.
I was in a similar situation this year. 83 NA was totaled. I feared that I would be offered $1500 for the car and I had just put a bunch of money in the car in the last 2 years.
Tom R. shared his procedure with me. Looked at similar cars, noted the differences, came up with a cost for each of the differences, and finally arrived at a fair price in my mind. It is a rational way to approach the situation. In some states, they need to give you the "fair market price". My insurance told me that the price was that listed in the KBB or the CPI if I was lucky. Hese were both very low. Based on my research, I arrived at a price that I thought was fair and I was ready to go to court to get that price.
In the end the insurance company offered me more than I thought I would get, and I saw no reason to argue with them. But the work was not wasted because I felt good about the offer and I knew it was fair.
Good luck.
12-30-2004, 08:53 PM
#15
Three Wheelin'
Aach,
What's your name, anyway? I know of four 944s for sale in Ohio for less than that amount. At least two of them look very promising; all are 5 speeds and one is a 2.7.
PM me if you want more information; I'm right here in Dayton, have family in Muncie, my fiance in Bloomington and a host of other buddies around Indiana... it would be VERY easy to meet up.
That having been said, if you're strapped for cash, I'd be careful about getting into another 944. You could end up dealing with the classic "2k" to get everything the PO did wrong taken care of right off the bat.
Micah
What's your name, anyway? I know of four 944s for sale in Ohio for less than that amount. At least two of them look very promising; all are 5 speeds and one is a 2.7.
PM me if you want more information; I'm right here in Dayton, have family in Muncie, my fiance in Bloomington and a host of other buddies around Indiana... it would be VERY easy to meet up.
That having been said, if you're strapped for cash, I'd be careful about getting into another 944. You could end up dealing with the classic "2k" to get everything the PO did wrong taken care of right off the bat.
Micah