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Totaled Car

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David_Doan

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So my son rear ended someone in his 98 Camaro today. Since it is so old, insurance will total it out, but I think we can fix it ourselves for a reasonable amount of $$$ and sweat. How do insurance companies manage that situation? If i give them the car I get blue-book value from them. If I choose to keep it, what is the standard for how much of the blue-book value I would get to keep?

I'd appreciate insight from anyone who has experience in this.

Thanks,

David
 
No expert here, but I would be concerned about the title situation - once a car has been declared totaled.
 
You get the car for 20% of book or agreed value. In other words, if they want to total for $5,000 you can keep the car and get $4K.
 
I don't know if he has to do anthing with the title as it isn't being tranfered.
 
kellysguy said:
I don't know if he has to do anthing with the title as it isn't being tranfered.
Click to expand...
That's how it works here in N.Y.. As long as the car stays in his name during this time it doesn't get an "R" title. When I totalled my Jeep some years back, I had to pay what the highest salvage bidder had offered. I kept it, and fixed it. I did not have a slavage or "R" title, and I did not have to have it pass anything other than the regular yearly safety inspection
 
Better check anyway. Here, if it's totalled, it's totalled. Know a guy who bought a Honda from a body shop to drive to work, got a letter 6 months later, telling him his plates were cancelled (and it showed up that way on the state database for Police), had to get it "inspected", and apply for a new title, which showed "salvage". Lawsuit, he won.
My brother, totalled his Toyotata pickup, fixed it, same thing.
My daughter's Mustang Convertible, stolen and recovered, we were fifty bucks from the total line, fixed it, still has it.
My understanding was most states now require it, as too many (FAR too many) "totalled" cars were being "washed" through various states to hide their true history.
Think "flood".
And think of spliced cars.....one nose, one rear, spot welded together.
I was told the states are actually trying to work together to stop this kind of stuff.
 
That's the way it is supposed to work here as well. The insurance company reports to the state that the car has been declared a total loss, and the state in effect revokes the title and registration. You may have the papers and sticker, but they are not valid.

Probably depends on the insurer how they determine the salvage value. When my TR3A got totaled, I was underinsured and so they just sent me a check for the full 'stated' amount.
 
Don't ask me how I know, but here in Illinois, if there is a mishap with your car and the insurance company "totals" it, you have the option to buy it back for a portion of the total loss and the insurance company gives you the balance less the deductible. The car stays in your name, so nothing happens to the title. The insurance company wants proof that you have repaired it if you want to have comprehensive coverage, but you can get liability and collision coverage.
 
Here in PA: I had a '93 Plymouth Voyager that I caught a deer with. The hood, fenders, and bumper were ok but the deer had destroyed the grille, headlights, radiator, and battery. The insurance company totaled it and gave me $1400 for it. Because the van really wasn't in bad shape I bought it back from them....for $40 scrap value. Cost $700 to put it back together and the mechanic had to photograph the entire vehicle and fill out pages of paperwork to get an "R" branded title from the state. Can't do it that way anymore. Now you have to get an "enhanced" inspection by the state to get a new title. Still I ended up with $700 extra to play with that I used to rebuild the upper half of the engine.
 
They offered us about $1200 less to keep the car. The old car was valued at about 800. If the insurance company totals it out they also pay you taxes and fee to purchase the new car. If you keep the car you do not get that.
 
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