Hello everyone, I had posted like 3 weeks ago i was rear ended in my '05 STR. Problem is the insurance company wants to total the car. I want to fix it. For what they are willing to give me for a salvage, I can get the car repaired. The question I have is, is it worth it to get the car repaired or should I just take the loss? How difficult is it to get insurance with a salvage title? I had the car barely 30 days before this happened. Just enough time to fall in love with it. Need to way the pros and cons here, but don't have enough info to do that. Any advice would be very much welcomed. Thanks guys.

 

Tough call, car will never be worth as much as a non-salvage title, and if the shop doesn't do the work correctly, you could be worse off. How bad is the damage?

 

rear end is pretty banged up. 1/4 pounds are ok. The body shop told me it looks worse than it is. They claim the car can be fixed just fine. They told me about 12k to fix it, but my lawyer called and said the insurance company said it was over 15k to fix. This really sucks. I love that car. It had the 2 tone seats, etc.

 

Chris, what "S" do you have? Take the $15 G's, buy it back from the insurance co. for a buck, then you salvage it for its parts. I need a few things from it already (not kidding).

 

Take the insurance payoff and get another one. You will never get the value back from a salvage title. I have a very good friend that dumped over $30K on a Supra Turbo salvage build that turned out amazing....after 6 years he still can't sell it....

 

what are they actually going to pay you for the car?

you said how much they estimate it will cost to fix it but thats not always the same as the value they will give you for it.

as others have said even if the car was perfect with a salvage title it will be worth WAY less and will be WAY harder to ever sell. if it was a side hit id say let it go for sure.

 

I got $3000 trade in value for my salvage titled 2002 X-Type 3.0 traded in for my 03 STR...this transaction was a gift from the used car dealer. Take the settlement money, buy PhDvolts low mileage-primo 03 STR, buy back the car for a buck, then sell her for parts or have a friend in the bodyshop business fix her up, then sell her for $7500.

 

^ Winner!

bfsgross must be off his meds to have such a rational thought. ( jk Seth )

 

The auto body shop says they can fix it for 12k. They would guarantee that price in writing and guarantee the work for the life of the car. The insurance company wants to give me 16k for the salvage. So, in essence, I'd pocket 4k. Not sure about getting insurance for the car afterwards though. I do have gap insurance, and not sure how that would work if it ever got hit again. I just really love this car and don't want to get rid of it.

 

ChrisX, no offence taken. Better yet, let's play a game...Guess if what I'm about to write was done with meds or no meds: Brklynchris, insurance companies insure salvage titles. They insured my salvaged ex- "X". It's a personal decision. How much do you admire-love her? Is she your last love? Why should you give a damn (if?) you sell her and a potential buyer ridicules her salvage title, offering less money? The dope already fell in love with her. He wants her...Then he'll have to pay fair dough for your *****, so "F" him! Ok, it's been decided. Have her made nice and pocket the 4 G's. For all that yas both been through...buy yas sumtin nice like: K&N a/f, "Mafioso" air intake elbow, low temp. thermostat, 3 lb. pulley, "Chiller Killer", hi-flow cats, x-pipe, and Borlas' with 4" tips.... Meds or no meds ChrisX? Don't rush, take your time.

 

bfsgross, thx for the advice. I just cant see myself letting her go. Now I'm hearing that since she is still under lien, the insurance company might write the check with both my name and the lien holders name on it. I just need to figure out how to get her fixed. I don't understand why they would be willing to give me 16k for the salvage, but not pay 12k to fix it. just doesn't make sense to me.

 

Beats the s(*t out of me? If the insurance company wants to screw themselves then so be it. I'll tell ya one thing... You'll have to send the check to the lien holder to countersign before it can be deposited into your account.

 

I can't belive they offered you 16k to total it. Most often they will only pay you 80% of resale value. I'd look at it as a sign and take the money and run. You can EASILY take that 4grad down payment on a newer less millage STR and fall in love again. It's just like when the wife turns 36 you get to trade her in for two newer younger models that are 18. It's the same thing.

 

LOL! Shultz, good one dude, LOL! Chris, all kidding aside, the $16k is a generous offer towards a total loss, but avoid looking at it as a windfall of sudden cash in hand...you'll need to continue to pay off the car loan though there's no car, or you can keep the car and pay $12k to fix her and pocket $4k, continue paying the car loan. Or, have her repaired and modded, and put the remaining $4k towards the loan balance?

 

I'd like to see some pictures of this damage. How bad is it, really? That is what is going to get you the best advice. Someone telling you it'll take 12k to fix isn't giving us a very good starting point.

On the other hand, if you're looking for a big pay-out, you should have grabbed your neck and screamed about how you couldn't feel your legs.

 

Just let it go and get a different one. I'm about to sell my 26k mile '07 R that is absolutely mint if you are interested. Picking up a '09 CTS-V next week..let me know

 

jagtastic makes perfect sense, get another quote for the repair. The original one does sound high.

 

Sorry to hear about your car, bklynchris. Whereabouts in AZ? If you're gonna chuck it, I'm local and I need one of those door handle liner thingy. Seriously. Hit me up.

 

1. bfsgross - you are either off your meds, or have switched to self-medication with something much more potent.

2. bklynchris - some pics would help, we do have a couple body experts floating around that could offer more insight. However, I'd still lean toward replacement. You can still find pretty low mile STR's around for reasonable money, that won't have the track record your car now does. You are emotionally attached to that STR, of course it is normal. But don't let emotions get in the way of making a sound decision.

Just my $.02 - good luck and keep us in the loop.

 

I been away for a while...dang Corvettes!

Anyway, to the OP. Are you saying they are going to pay $16000.00 for the car? When an insurer makes an offer it is with the intent that they retain the salvage. If you want to keep it you will have to buy it back. There are diferent methods used to come up with the salvage value.

So, lets say for sake of discussion that they value the salvage at 4 grand. That would leave a check for $12000 in your name and the lienholder. You would then have to pay the loan off to get a title which will be in the form of a salvage certificate or salvage title. You would be left with what remains after the loan is paid.

If you are confident that this shop can fix the car for 12 grand and have a written bid gauranteeing the work and price, I would put up a fight with the insurer. They can do what is called a contract repair price with the shop. This means the shop agrees to fix the car for that price with no supplements. Insurance companies don't like to do this but I would force the issue. Perhaps get your lawyer friend involved. This way you retain a clean title for the car.

Insurance companies seem to prefer total lossing cars these days. I had a customer with a Subaru in the same situation. I knew right well the car was repairable and he had jus put $3000.00 in maintenence and repairs. But State Farm insisted it was a writeoff. The appraiser grabed a seat harness and yanked at it saying it was jambed. After he left I looked at it and there was not a thing wrong with it. I think it is easier for them to just cut checks that deal with a repair process. Plus there is the throwaway mindset that pervades this whole country.