insurance/wreck question
insurance/wreck question i got a buddy with a 94z got a built tranny full exhaust nitrous ignition box wheels tires hood fuel system stereo ect...
got hit the other day while parked the guy stayed there ectect
well comes down to the ccars bluebook is 3200 bux...we got estimates for 3600-4800 bux all new parts
its really only a door fender bumper and 1/4 and paint but whatever...
my buddy cant lose the car and only get 3200 from it, what kinda options do we have or get?
one of the shops said since we oen the car they will give up the 3200 and let up keep the car but i dont believe it....im worried they will total it and we wont get a chance to buy it back..if so we need to start dripping it now...anyone more educated?
got hit the other day while parked the guy stayed there ectect
well comes down to the ccars bluebook is 3200 bux...we got estimates for 3600-4800 bux all new parts
its really only a door fender bumper and 1/4 and paint but whatever...
my buddy cant lose the car and only get 3200 from it, what kinda options do we have or get?
one of the shops said since we oen the car they will give up the 3200 and let up keep the car but i dont believe it....im worried they will total it and we wont get a chance to buy it back..if so we need to start dripping it now...anyone more educated?
From my understanding with total loss vehicles, you are given the option to keep the car, but you have to "buy it back" from the insurance. Basically, they will subtract what they appraise the car to be worth from the blue book price and give you the difference. Sometimes you will get an offer for market value, which can be higher than blue book, so tell your buddy not to panic just yet. Just see what they offer and you can always counter.
Hope this helps.
Hope this helps.
Other thing you have to look at is new texas title laws. If the insurance company totals it and you decide to owner retain the vehicle the clean title must be surrendered to the state. At that point they will reissue a salvage certificate not a salvage title. When the vehicle is reassembled and finished the vehicle will be inspected by a inspector trooper etc to make sure vins etc have not been tampered with. Then at that point you will be issued a salvage title. It is a huge pain in the *** now days when you have a situation like yours. Now when I registered my old WS6 with a salvage title two years ago there were a few forms you had too show receipts for parts work etc and then they issued it. But, after talking to my uncle who is an adjuster this is the new process to the best of my knowledge.
stinks...i know abuot the buy it back but im afraid they will tell us we can then not let us...or sell it to a auction or something and not tell us in time
and say we need 4000 to fix the car...they give us 4k then tell us we can buy it back for 1500...when we do that we now have the car back but only 2500 to fix it...sounds like a lose lose kinda deal
and say we need 4000 to fix the car...they give us 4k then tell us we can buy it back for 1500...when we do that we now have the car back but only 2500 to fix it...sounds like a lose lose kinda deal
stinks...i know abuot the buy it back but im afraid they will tell us we can then not let us...or sell it to a auction or something and not tell us in time
and say we need 4000 to fix the car...they give us 4k then tell us we can buy it back for 1500...when we do that we now have the car back but only 2500 to fix it...sounds like a lose lose kinda deal
and say we need 4000 to fix the car...they give us 4k then tell us we can buy it back for 1500...when we do that we now have the car back but only 2500 to fix it...sounds like a lose lose kinda deal
Why would you want to dump $4000 into a wrecked '94 Z anyway ? Unless is has some sort of sentimental value, just pull your mods and replace them with stock and let it go. Use the money to buy a new one, put your mods back on and your good to go.
because theres a bunch of time into the mods and car...suspension has to be removed and re set up...wiring....ignition box...tranny/exhaust and a bunch more....we would need 2 full days the 2 of us to remove and reinstall everything...not to mention the time to get it all set abck up again
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if i remember correctly crest cadillac wanted $1200 to replace a quarterpanel on my firebird including paint. that was crest tho
i know you have to turn the title over and they send you a salvage one in the mail, at which point you take the car to a basic inspection center. if his car cant pass inspection right now you will probably need to weld cats back on it or somethin. the inspection process isnt too difficult, there are thousands of rebuilt and salvage title hondas on ebay and craigslist all the time
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Verdad Gallardo inspection isnt a problem...
all the parts are basic...problem is they were all gotten at deals...we waited on everything and got them all cheap....as in wont find them that cheap again...
nitrsou kits is brand new 1000 bux...lt and true duals were made to work with teh car 600 bux...
wheels and tires are easy to take but still 800 bux...
cpt tranny was 2500 bux and its been in the car les than a month...its brand new...
ive got a 1/4 and door i can get a fender and bumper for 150 bux and boom then it needs paint...thats not the problem...its not our fault to pay for it all...we can seel the parts(me) to the insurance company to save them money and make me some and try to keep from totaling the car but im just not sure how we can get around all of this
all the parts are basic...problem is they were all gotten at deals...we waited on everything and got them all cheap....as in wont find them that cheap again...
nitrsou kits is brand new 1000 bux...lt and true duals were made to work with teh car 600 bux...
wheels and tires are easy to take but still 800 bux...
cpt tranny was 2500 bux and its been in the car les than a month...its brand new...
ive got a 1/4 and door i can get a fender and bumper for 150 bux and boom then it needs paint...thats not the problem...its not our fault to pay for it all...we can seel the parts(me) to the insurance company to save them money and make me some and try to keep from totaling the car but im just not sure how we can get around all of this
your friend just might need to call the insurance agent and let him know about his situation and all the new parts on the car and what its value really is (in a calm voice asking for help or advice). you never know, i actually have had good agents for statefarm anytime ive had to deal with them
Other thing you have to look at is new texas title laws. If the insurance company totals it and you decide to owner retain the vehicle the clean title must be surrendered to the state. At that point they will reissue a salvage certificate not a salvage title. When the vehicle is reassembled and finished the vehicle will be inspected by a inspector trooper etc to make sure vins etc have not been tampered with. Then at that point you will be issued a salvage title. It is a huge pain in the *** now days when you have a situation like yours. Now when I registered my old WS6 with a salvage title two years ago there were a few forms you had too show receipts for parts work etc and then they issued it. But, after talking to my uncle who is an adjuster this is the new process to the best of my knowledge.
Any vehicle can be run through auction and not necessarily have a salvage title. If an individual has insurance wrecks it and does not claim it and the vehicle is paid for then it can have a clear title and still sent though auction if it is sold or traded in to a dealer, used car lot etc. Then usually the lot or salvage yard can run the vehicle through. However, when an insurance company totals a vehicle owner retain or not they send a letter to the state title division stating that the vehicle is a total loss. The state will then send the owner a letter requesting that the clear clean title be surrendered within a certain number of days usually 30 to 60. That is when the above mentioned process takes over. However, as there usually is there are circumstances where this does not happen but generally it will work the way I stated it. Salvage certificate and title are the same thing. Once the paper work is finished be it inspected or not it can be done either way it will be issued a reconditioned title when the vehicle is finished being repaired.