My vehicle was hit from the back and suferred extensive damage to the rear (dents, smashed tail light). The cost to fix the vehicle far exceeds the book value of the vehicle (I have to still verify this...which website should I use to appraies the book value?). Assuming this case, would it be better for me to not have the vehicle fixed, and instead have my lien paid off and get the remainder of the $$$? Then I was thinking of getting th ebare minimum fixes needed to make it look a bit better cosmetically. It drives just as it did before the accident. What would you recommend I do? What if it turns out that it is not technically totalled?
2007-01-22 11:44:39 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Maintenance & Repairs
it varies a little bit from ins co to ins co, but, basically, if damage exceeds 75% of veh value, then its totalled. this is not a set in stone rule, as they (sometimes)will deviate from this a little, but not much. if its totalled, sometimes you can buy the car back from them for salvage prices, and you are free to fix it however you like, or not at all. just be aware, that now it may have a salvage title, thus meaning it must be inspected thouroghly before it can be licensed and/or insured again. this to make sure it was repaired well. if you like the car, and are good with these kinds of repairs, then do it, and pocket the bucks.i have done it.
2007-01-22 11:54:40 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The person who hit you is responsible ( through their ins. co.) to offer you book value before the accident. At that time it's their truck. you can buy it right back from them for scrap or junk value, usually not a whole lot of money. It then is entirely your problem to fix it up well enough to pass it's next inspection. Or, you may elect to sell parts of the vehicle and pocket the change.
2007-01-22 19:56:53 · answer #2 · answered by Country Boy 7 · 0⤊ 1⤋
If your insurance will pay more than is still owed on the car, then I'd definitely pay off the loan/lien, sell it "as is", and get another car. If your insurance simply pays enough to have the car fixed, but not enough to pay off the note, then fixing it seems to me to be the better option.
2007-01-22 20:00:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
to see the different prices for cars value got kbb.com and follow the promts there
2007-01-22 19:56:47 · answer #4 · answered by fredfriese@sbcglobal.net 2 · 0⤊ 0⤋