My car got totalled in an accident, insurance company wants to buy it. How much will they pay me?
I have a 1993 Nissan NX which was in a decent condition and never gave me any problems. Recently it got rear-ended. The other party’s insurance took the responsibility and asked me to get an estimate. The estimate says the repair costs are about $5000 and the mechanic thinks the insurance company will buy the car from me. What price would they pay me for the car?
I am a student and wasn’t planning on Buying A New Car. What price should I be happy with. I paid about $2800 8 months ago for the car. Would they be willing to negotiate. If yes, how do I negotiate?
Most insurance companies use NADA to detmine the RETAIL value of your car, not Kelley Blue Book. This is because NADA is based on the actual selling prices of vehs, KBB is based on the ASKING prices of dealers for the same veh. KBB will therefore show a higher “value” for your veh. The value will take into account mileage on the veh, and the insurance company may adjust for prior dmg/condition. Most companies will give you more the veh if you have recently put in a new engine, transmission, or possible new paint job on entire veh. (You will need receipts for the same–and you will only recoup part of the cost of the refurbishments.)
Also, the insurace company will take into account the salvage value of your veh–what a salvage yard would buy it for for parts–in deciding if the veh it totaled or not. They will calculate how much repairs are vs the “book” value (less salv value). You may be able to keep the veh (if you want, and depending on the laws in your state) & pay the add’l to have it repaired, but keep in mind that estimates may not include any “hidden” dmg to your veh, and the cost to repair may be higher than what’s on the estimate. Also, the ins co would also reduce what they pay you by the salvage value if you keep the car, as the ins co would not be able to recoup the salvage amt by selling the car–you would be able to.
The ins co will also ck to see if your veh previously had a salvage title issued on your veh–if it has, your settlement will be reduced…(and you got taken when you bought it…)
You should not have a deductible taken from the settlement either if the other company is paying for the dmgs…
Pls feel free to contact me personally if you would like further info…I am an auto claims adjuster for one of the top national insurance companies in the US.
Cars Toon – Rescue Squad Mater
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