2002 LX470: Wreck it or restore it?

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txtortoise said:
Just went through this...(state laws may vary)

Insurance company will have their total loss department determine value of vehicle before loss. Can be adjuster or even the body shop. That's the first number you want to get as high as possible.

Then they get the $12k repair estimate, and probably add 20% to cover hidden damage, unless that was included in the $12k. I'm surprised they are talking total, unless they are using a real low market value. Salvage is probably in the $10k neighborhood for them. My 2007, excellent condition LX470 salvaged out $12k, if I remember correctly. Mkt value was $27k+, for reference. Damage was $18k, plus hidden unknowns.

They then will get a quote from a couple of the national auction/salvage outfits. They will normally use the higher value, but if a third party is libel for damages and your company is going to get reimbursed then they may agree to lower of two estimates increasing your cash recovery, if keeping truck. FWIW my quotes from the same companies when called directly were $8-$10k less than what insurance company gets.

Those are the three numbers in play.

Some states have a threshold of market value to be considered a total. The insurance company can decide to declare it a total because it makes financial sense, but you could still keep the car and get the difference between salvage value and market value, AND with no change in title, because it doesn't meet your states definition of total, e.g., 80-100% of market value.

Bottom line you can make it work, but it's more a quality of life question as noted above. The hassles of fixing it or parting it out vs just take the money and shop for a new one. I kept mine, but it was a long slog, getting it right without breaking the bank with the cash I got back with the truck.
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Thanks for the detailed response TX. I think your point about quotes is a very good one. The insurer will likely not be able to source parts and prices the same way I am able to nor do they have the incentive to do so. Cheers.
 
Stuckinthemud said:
I went through a couple of highway signs and one of these did the windshield for me. Impact was not sufficient to even deploy the airbags so I am not concerned about the pillar issue. I think damage is purely cosmetic.
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Sounds exciting! Glad you are okay...
 
with that little added info.... I'm going to guess 1. it's your insurance co... so you can't be as much of an A-Hole as you can be if it's someone elses... just say'n, 2. I'd guess all parts will line up pretty easy ...

3... I once did a couple 360's in the dry off an exit ramp clip'n a few signs as I went... just didn't notice exactly how fast i was going in my 930 turbo... only damage was to the whale tail and a brake line... ended up heading in the right direction only to see cops with radar set up at the base off the off ramp.... I just pulled up to them... as I realized.... they never saw me doing the "loop de loops" the biggest damage was to the chicks pride that wet herself in the passenger seat.... I just drove off with a soft brake pedal and a wet passenger... just another fun thing I had forgot until you mentioned the highway signs :)
 
really curious to see how this comes out.
 
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