hoser
SILVER Star
Insurance pays out VWEeplusa for replacement cost. Copart buys 200 for salvage value and pays insurance company. Insurance loses payout value minus salvage value.
Catastrophic Hail Damage: Will it be totaled?
- Thread starter VWEeplusa
- Start date
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- Thread starter
- #82
That’s correct, however I can’t imagine the insurance company sold it to Copart for near the $19,600 they wanted from me to buy it back.
gray rider
SILVER Star
Sorry. I will ask more specifically: The insurance company paid your claim with x? dollars. And then they took possession of the LC and sent it to Copart?
- Thread starter
- #84
Correct. I guess they have a standing relationship w Copart they negotiate a sale to before they come back to me w a proposed settlement cost.
I had to go back and forth w them to get the payout to a balanced amount between min and max private sale valuations. Each side used comps to make the argument. A necessary dance I guess but it got me a couple thousand extra.
My guess is Copart gives them their price, ins company then marks it up and offers to me to see if I’ll bite and there’s likely some negotiating room there too but they were so high on their buy back ask I didn’t make the effort to negotiate buying it out of salvage.
That’s interesting I assumed copart was strictly an auction house
gray rider
SILVER Star
Thanks for your reply. That makes sense and I am sure that you are weary of the chase....
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hoser
SILVER Star
I'm not an insurance guy but, AFAIK, both the insurance and Copart have their own valuation tools and they come to an agreement.... or not. There are buyers other than just Copart. Salvage value is negotiable... so if you did some research on salvage values, you might've gotten it less than their first offer.
Many insurance companies don't want and don't offer it to the owner. I think it is a legal right, in some States, for the insured the opportunity to buy. The title becomes "salvaged" and many companies won't insure it. My insurance company didn't want to sell a car back to me. I didn't really want it.... but my friend did. So I had to bid... and won it at auction (Copart). My friend has a business license for such.
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any pics of the new rig?
- Thread starter
- #89
No new rig. Going to wait for another 200 rt yr, rt color, rt mileage to present itself to me.
The harder you look for it, the harder it is to find.
gray rider
SILVER Star
This assumes that there is actually a new rig......
gray rider
SILVER Star
Got to look off to the side.....
gray rider
SILVER Star
And echo that....for every LC listed there are 5 LX's....
ah thought you already picked up the 16+
i have been praying for hail so I can get rid of my 08
my hg wont blow
motor wont die
no hail
its annoying
gray rider
SILVER Star
Bring it to NC and park it next to the fire.....
gray rider
SILVER Star
Just Kidding....
gray rider
SILVER Star
add a sign
i have to learn to write first …
Insurance NEVER loses.
Don't forget raising rates. In "acts of God" cases, there are laws or rules restricting raising rates specifically on the insured, but if you're rate does go up and you call and ask why, you won't be given an actual reason but you may be told it had nothing to do with your claim, only the summation of all claims in your area.
No doubt this claim will be tallied as a total loss and the state govt will be lobbied for rate increases for all area customers. Insurance always wins, and there is very little to no accountability or oversight to govern them.
In an accident, when having insurance costs the insured MORE than it would had they paid out of pocket, insurance ceases to be insurance and becomes a scam.
My last claim, which was due to no fault of my own, has and will cost me double in rate increase than what was ever paid out.
In fact, the cost to repair my car was only $3500, which I paid out of pocket and completed before a payout was made. The insurance company would not pay the $3500 that I asked and instead forced me to take a $12000 payout based on their "estimate by photograph". My car has a clean title and yet the carfax shows "total loss". I used all OEM parts and have all receipts. My rate ****ing doubled. State law specifically requires that the insurance company NOT make payment on a "total loss" claim until receipt of application for a salvage title has been received, however I could not legally apply for one since the actual cost to fix my car did not meet the 75% threshold.
So they devalue my car, force me to take more money than necessary, then double my rate to recoup PLUS, then use my claim as data to raise everyone else's rates.
Gotta love that American Greed.
- Thread starter
- #100
The vehicle is now on Copart.com
Lot #: 51357755
Lot #: 51357755
