#2384632 - 05/03/11 08:35 PM
Car insurance and repairs-need some input
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scn
12 Point
Registered: 02/05/03
Posts: 6967
Loc: Brentwood, TN US
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I think I remember seeing a couple of folks on here that are on the claims end of car insurance. I could sure use some input if you have the time.
My daughters car (new, 2010 Nissan Sentra)got trashed with the hail in Knoxville last week. We have comprehensive coverage on the vehicle. It was towed to Nashville last week. The estimate for fixing it is over $10,000. They have offered to total it out at a price more than $3,000 from what Kelly Blue Book says it is currently worth.
What is a fair settlement in something like this?
Thanks for any help!
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#2384683 - 05/03/11 09:21 PM
Re: Car insurance and repairs-need some input
[Re: scn]
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Tenn.Guy
8 Point
Registered: 09/17/07
Posts: 1365
Loc: Tenn
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KBB isn't a good price to go by.
Go to nadaguides.com I don't know a insurance company that uses KBB.
Fyi... State of Tn requires them to total if its over 75 percent of vehicles value.
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#2384687 - 05/03/11 09:28 PM
Re: Car insurance and repairs-need some input
[Re: Tenn.Guy]
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Whitehorse
TnDeer Old Timer
16 Point
Registered: 08/23/99
Posts: 10593
Loc: Pegram TN USA
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I'm not an expert but I'd say to go to autotrader.com, vehix.com or some other site to see what cars close to hers are selling for...
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The greatest among you will be servant of all
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#2384808 - 05/04/11 05:12 AM
Re: Car insurance and repairs-need some input
[Re: Whitehorse]
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Nimrod777
18 Point
Registered: 09/28/03
Posts: 23201
Loc: Spring Hill, TN
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Man, serious hail damage is just lousy. Even though the damage is all superficial, the cost of restoring that much surface is way high. On the other hand, for someone who doesn't mind the appearance of the car, it's a terrific way to get a late model, low mileage car for a song.
Find out how much to buy back the car from the insurance company, and figure out if you think you would care to keep it, looking all dinged up, for what it would bottom line. Or if you know someone who could do the work cheaper than $10k and you want to arrange your own repairs; I have a body guy down here that I take such projects to. Or if you think you could sell it yourself after buying it back, and maybe coming out ahead or close to it.
Nadaguides.com shows an average trade-in, in my area, of a car with 50k miles on it as being $12,850, so yeah, they will want to total that sucker.
Had a hail storm of epic proportions in my home town decades ago. I'd wager not 5% of our cars stayed in town. They all got discreetly shipped away to be sold on lots all across the country, repaired or simply as dingers.
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Some hunt for racks, some hunt for roasts. I hunt for sheer joy; the aforementioned items are merely fringe benefits.
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#2384871 - 05/04/11 07:22 AM
Re: Car insurance and repairs-need some input
[Re: Nimrod777]
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fishboy1
14 Point
Registered: 01/13/03
Posts: 9701
Loc: Warren Co
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One thing you have to remember that the insurance companies hope you don't understand.....
Insurance is supposed to make you whole. That is, the way you were before the incident minus the deductible.
The Repaired car will be worth less than the "before accident" car. Be sure any claim includes $ to cover the difference in value of the vehicle from "Before accident to wrecked but repaired"
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A gun in the hand is worth 2 cops on the phone. No one can name a single power the government has granted itself that hasn't been abused. Socialism is for losers http://amillerphotoevent.com
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#2384941 - 05/04/11 08:26 AM
Re: Car insurance and repairs-need some input
[Re: fishboy1]
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NICHOLS3
10 Point
Registered: 01/19/01
Posts: 2991
Loc: knoxville
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another option we did was take the total loss and bought the vehicle back, then had it repaired.
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#2384993 - 05/04/11 08:56 AM
Re: Car insurance and repairs-need some input
[Re: NICHOLS3]
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a retrohillbilly
4 Point
Registered: 09/16/09
Posts: 437
Loc: middle tn
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Glad this is on here, my daughter's car got hail-trashed at UT too
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#2385827 - 05/04/11 10:18 PM
Re: Car insurance and repairs-need some input
[Re: MUP]
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scn
12 Point
Registered: 02/05/03
Posts: 6967
Loc: Brentwood, TN US
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Thanks for the input!
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#2385876 - 05/05/11 01:34 AM
Re: Car insurance and repairs-need some input
[Re: scn]
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Tiny
16 Point
Registered: 02/09/02
Posts: 17602
Loc: Knoxville
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Your not alone with the questions on how this works.my truck got hit as well. And also Thank you guys for the imput.
Heres a couple things I've picked up not mentioned.
NADA and Kelly are close on mine on the "Worth $" However mine has several opt. that they don't allow for,if yours dose point that out to them and even better have the window sticker and orginal paper work to proove it.
Any recent service work ,tires ect keep the recipts and show to adjuster.
I was also told this They will likely try to total one if the damage falls within 60-70% of "Worth $"
All from my State Farm Agent.
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Have a Great Day and God Bless
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