Hit and Run on a 2001 Kia Rio?

Question

Last Saturday someone hit my Rio in the left rear wheel well, they crushed the door shut and did damage to all three panels in the area of impact. Now I'm waiting for my insurance company to decide what they're going to do, I'm afraid they'll write the car off as totalled. If they do that, what sort of compensation could I expect?
Otherwise what can I do to get a replacement vehicle or repairs? My dad and the insurance agent said something about getting a salvage title and doing the repairs myself, if I do that does the insurance company help cover the costs still?

Answer 1

That car is only worth about $4200 so don't expect much in compensation. It will most likely be written off.

If you get a salvage title, you're not going to get as much compensation because the amount they give you would be partially based on what they think they can get for your car at a salvage auction. If you know anyone that does bodywork or you can get it just fixed enough to be usable without spending a whole lot of cash, it might be worth it. Also, look at trade schools that do body work. You could take it there to get it fixed cheaper than a body shop since they'd use it to train their students. The negative side to that is the work isn't guaranteed and they could take a long time to repair it since they do it during class time, not as a business.
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As for Mr Insurance agent, I'd like to know where you're getting your estimates done if you had cars that needed 3 panels replaced and a new paint job and got it done for under $4k !!!!

Answer 2

If they write it off (likely) you will get what the vehicle was worth at the time of loss. Not replacement value. No, it they total it they won't also pay for repairs. It will be one or the other, which ever costs them the least. If they do total it, they will then own and take the car. If you want it back you will have to pay them salvage value to keep it.

Answer 3

Most likely you would only get fair market value for the veh if they label it as totaled.Which will be a little below or at exact of the blue book value of the veh. They may total the veh because that make, and model of veh is pretty inexpensive. The cost of repair may be more than actual value. If veh does not have a lean on it you may get enough compensation to purchase a similar veh. If it has a lean on it they most likely will make payment out to lean holder, and give you any remaining amt not owed on it. Unless of course you carry gap coverage on your policy which then they would pay veh off, and give you the market value of veh.Getting a salvage title may not be in your best interest because insurance company may not give you full amt of compensation if you do that.

Answer 4

First off- ill explain how it will be decided if your vehicle is totalled. A vehicle is totalled simply if the cost of the actual cash value of the vehicle (use nada.com for an accurate acv) is less than the cost of repairs.

If you decide to go the route of keeping your vehicle your insurance company will take the actual cash value of your vehicle.. minus the taxes you would have received and minus the salvage value of yoru vehicle if they would have kept it and sold it to salvage.

So your left with less money than your vehicle is worth , less money then it cost to repair your vehicle, a vehicle that is totalled with a salvage title (which lowers its actual cash value by 50% if rebuilt) and a load of problems.

I suggest if your vehicle is totalled you just give it to them as salvage take the money and get a new car

Answer 5

The chances are that they wont write it off as being totalled, the definition of being tottaled is that the price to fix it would exceed the purchase price of the car itself. If it is written off as tottaled however depending on who your insurance company is they will offer some compensation due to the fact that it was a hit and run. Also you should probably turn it into the police, if they find who did it, then there's some immediate comensation. The chances are however that you are just going to have to pay your divendent, and they'll get it fixed. In some cases the insurance company will give you the estimated value of the car for you to furnish yourself with a new car.

Answer 6

The ninety's, Kia's have been very undesirable. 2000-2003, they began to improve. Now they are large. The 2001 Kia Rio could desire to be approximately average in reliability, undesirable in indoors high quality, inexpensive to purchase and insure and robust on gasoline. it quite is a robust first motor vehicle. that's going to attain 200,000 miles. All autos can do this, which comprise the least solid motor vehicle.

Answer 7

maybe