Salvage - Need info! Kinda' Urgent
- Thread starter bkgiii
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My wife's dad had a big auto repair complex, her family all drove totalled cars he'd fixed up. They were really nice cars, fairly new with no structural damage. Selling it will be troublesome, but if it's been enough years and it's a wheeling rig, buyers shouldn't be as put off. I totalled my 40th this year, boy I wish I could've kept the wreckage for parts.
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My brother Rob rolled his '97 in January, after a two month war with State Farm he got a decent settlement and bought the truck back for $3500. They only gave him $130 for the 5, two month old 315 tires and $100 for the brand new ARB bumper, but gave $100 for the factory roof rack and nothing for the Yakima that was crushed! He sold it to our other brother Brian who is rebuilding it, when it's done he will have to take it to the state for an inspection, when it passes license plates will be issued. His agent said no problem insuring it, but the salvage title will be taken into account for determining value on any future claims.
https://forum.ih8mud.com/showthread.php?t=56182
https://forum.ih8mud.com/showthread.php?t=56182
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bkgiii said:
15K net? Who are you with? It sounds like they have the value pegged @ about 19K. Is that about right?
Of course you might take the money, keep the rig and just stay around NO till the next hurricane. Seems there are plenty forecast for the next few years.
I'll answer one question - who pays for it? We all will.
Insurance premiums will increase and insurance compainies will continue to make money. They're not doing it out of the goodness of their hearts. I worked for an insurance company for many years and have consulted at several others.
What you are doing may be "legal" strictly speaking, but it is unethical and will drive up costs in the industry and we as consumers will pay.
If your cruiser is ok, then why should you get a big payoff. It isn't the lottery and the money isn't free.
Obviously I am in the minority on this issue, but I think accepting a payout like that on a perfectly servicable vehicle is clearly unethical, and borders on fraud.
If everybody "did the right thing" and was honest about it, the overall costs would reflect that.
Charlie
Insurance premiums will increase and insurance compainies will continue to make money. They're not doing it out of the goodness of their hearts. I worked for an insurance company for many years and have consulted at several others.
What you are doing may be "legal" strictly speaking, but it is unethical and will drive up costs in the industry and we as consumers will pay.
If your cruiser is ok, then why should you get a big payoff. It isn't the lottery and the money isn't free.
Obviously I am in the minority on this issue, but I think accepting a payout like that on a perfectly servicable vehicle is clearly unethical, and borders on fraud.
If everybody "did the right thing" and was honest about it, the overall costs would reflect that.
Charlie
i'm sure when the agen said we'll total it and you can keep the truck...thinking that probably 99% of all auto claims, the vehicles are still submerged under 5 ft or more of water...how can the agent go out and see unless he's in scuba gear or snorkels....then the insurance co have to pay to have it towed to a salvage yard..basically saving them $$ by out right totaling the car and cutting a check without inspection...
Dan and all,
not sure what they are saying the actual cash value is 15k or that would be the settlement after salvage is deducted from the 15k.
but Iwould expect salvage to be roughly whatever they say in damages taken from whatever they say the actual cash value is at a factor of around 12%
SO
15k with an estimate for 10 k om damages will net you an approximate salvage of 600.
Your salvage bid will be higher as the factor for different types of damage varies from 5-35%
its kind of confusing I realise but if you think about it it makes sense.The salvage on a recovered theft or a flood car will be higher than the salvage on rolled over vehicle as more parts are salvageable.
Charlie.
You are correct, we will all pay for it in the end. However we will all pay for it now. I am the first to squash insurance fraud when I see it (Hey its in my job description) but Flood damaged vehicles are just a headache most major insurance carriers are scared of. It is more cost effectve form them and their stockholders to just bite the bullet now. No one expects any major carriers to make great profits this year because of the hurricane. So there is little incentive for carriers to incure hte expense of detailed work and service to a veh wich is likely going to have some electrical gremlins as a result of this.
Bkg,
If as a result of the floods you had water into the fire walls Let them total them out.
If you had a little slip by the door seam on the floor, tell them that, Do not misrepresent what happened and Good Karma will follow you all your days........
Well sorta (Rita doesnt count)
Dave
not sure what they are saying the actual cash value is 15k or that would be the settlement after salvage is deducted from the 15k.
but Iwould expect salvage to be roughly whatever they say in damages taken from whatever they say the actual cash value is at a factor of around 12%
SO
15k with an estimate for 10 k om damages will net you an approximate salvage of 600.
Your salvage bid will be higher as the factor for different types of damage varies from 5-35%
its kind of confusing I realise but if you think about it it makes sense.The salvage on a recovered theft or a flood car will be higher than the salvage on rolled over vehicle as more parts are salvageable.
Charlie.
You are correct, we will all pay for it in the end. However we will all pay for it now. I am the first to squash insurance fraud when I see it (Hey its in my job description) but Flood damaged vehicles are just a headache most major insurance carriers are scared of. It is more cost effectve form them and their stockholders to just bite the bullet now. No one expects any major carriers to make great profits this year because of the hurricane. So there is little incentive for carriers to incure hte expense of detailed work and service to a veh wich is likely going to have some electrical gremlins as a result of this.
Bkg,
If as a result of the floods you had water into the fire walls Let them total them out.
If you had a little slip by the door seam on the floor, tell them that, Do not misrepresent what happened and Good Karma will follow you all your days........
Well sorta (Rita doesnt count)
Dave
bkgiii said:Wow....I just realized what caused this Catastrophe down here. Hey Beo and Dan: remember that switch on my wall below the AC themostat?
<========= Did it look something like this one.
OMG, tell me you're kidding and that you didn't touch it!
-B-
- Thread starter
- #52
Yep Beo.....it was that niece that liked to play with the switch every time she came over. I distinctly remember her turning it on on Sunday morning before church.
FINAL UPDATE on the 'salvage': Understandably, the catastrophe team agents were (possibly) not in sync with each other, so the first agent that gave me the figures I shared was 'mistaken' at the time I finaled the claim. Here's how it turned out:
NADA Value: 13,374.00
Plus: Tax/licensing 668.75
Plus: Processing: 15.00
Less: Deductible (500.00)
Less: SALVAGE VALUE (2,800.00)
Net Amount Paid 10,758.75
Although less than originally communicated, this makes a lot more sense to me (salvage buy-back). The other 'conditions' are as mentioned in earlier posts here: I keep full liability as previously, BUT can only maintain comp/collision in the amount of the salvage value....also which makes sense.
AS to the comment "...but I think accepting a payout like that on a perfectly servicable vehicle is clearly unethical, and borders on fraud."... I might agree PARTIALLY with that IF I had misrepresented anything, which I did / do not, and had TRIED to get them to toal my vehicle rather than trying to convince them I did NOT want the darn thing totaled since it was the only place I had to live at the time and since I needed it for transportation to my job which I am blessed to have unlike many others I know! (Darn...that was a long run-on sentence, wasn't it!) The intent of filing the claim was simply to replace the rear bumper, pull the minor dent from the hood, and buff out scratches from blowing debris: nothing more. I'm sure the comment was a general observation rather than an indictment, therefore I don't take it personally. That, combined with the fact that I've paid $19,800 in premiums since purchase against this sole claim of 13,374.....well, I'd like that kind of loss ratio on ALL my accounts if I were in the P&C line.
So there.
At any rate, I've got a driveable vehicle, and 10K to apply toward $290k in losses which the same insurance company and another are not covering.
FINAL UPDATE on the 'salvage': Understandably, the catastrophe team agents were (possibly) not in sync with each other, so the first agent that gave me the figures I shared was 'mistaken' at the time I finaled the claim. Here's how it turned out:
NADA Value: 13,374.00
Plus: Tax/licensing 668.75
Plus: Processing: 15.00
Less: Deductible (500.00)
Less: SALVAGE VALUE (2,800.00)
Net Amount Paid 10,758.75
Although less than originally communicated, this makes a lot more sense to me (salvage buy-back). The other 'conditions' are as mentioned in earlier posts here: I keep full liability as previously, BUT can only maintain comp/collision in the amount of the salvage value....also which makes sense.
AS to the comment "...but I think accepting a payout like that on a perfectly servicable vehicle is clearly unethical, and borders on fraud."... I might agree PARTIALLY with that IF I had misrepresented anything, which I did / do not, and had TRIED to get them to toal my vehicle rather than trying to convince them I did NOT want the darn thing totaled since it was the only place I had to live at the time and since I needed it for transportation to my job which I am blessed to have unlike many others I know! (Darn...that was a long run-on sentence, wasn't it!) The intent of filing the claim was simply to replace the rear bumper, pull the minor dent from the hood, and buff out scratches from blowing debris: nothing more. I'm sure the comment was a general observation rather than an indictment, therefore I don't take it personally. That, combined with the fact that I've paid $19,800 in premiums since purchase against this sole claim of 13,374.....well, I'd like that kind of loss ratio on ALL my accounts if I were in the P&C line.
So there.
At any rate, I've got a driveable vehicle, and 10K to apply toward $290k in losses which the same insurance company and another are not covering.