how does insurance company total a car?

[mpvue]

or more specifically, what happens when the OTHER guys insurance company wants to total MY car?
here's the deal: my car got hit while parked in front of my house. the other drivers insurance adjuster says my car is a total loss because book value on my car is only like $2400. I do not have collision/comprehensive on my car, so my insurance company is not involved.
now, if it was MY company totaling my car, they would cut me a check and take my car; but what happens in this case? does this other company have the ability to take my car? what if i refuse? din't they still have to pay me for damages?
I have to call them later, but I figured check w/ the folks here to see what anyones got. thanks.

 

[CivicFan]

I think if you refuse, they will probably give you the $2,400, take the title from you, mark it as salvage title and then give the title back to you.

But the bottom line is, you will not get more than the lowest of the cost of the repair or the fair market value.

 

[Gary Allan]

I imagine it varies ..but you should get a check for the total loss. The insurance company usually has a residual that the salvage company pays for the vehicle. Let's say it's $300. You can get your car for the $300. That's how it worked with my totaled Chevette. Now it didn't work that way with theft. After I settled with the company, I had no rights to the vehicle.


I don't think that there's any requirement that you surrender the vehicle to the other insurance company. You'll have to get a reconditioned/reconstructed title if you do repair it. At the point of being declared totaled, that vehicle's VIN is declared ..or rather the title for it, is rendered null and void.

 

[bepperb]

You'll get a check for the total loss. Are you using KBB for the value? Their prices are usually higher, so if you are going to negotiate that's what I would use, and you should know that value before you speak with anyone.

They may let you keep the car, and pay you market value (of an un-wrecked car) minus salvage value. This happened to my parents. If you really like the car and are willing to have it fixed. But it will likely have a salvage title afterwards.

 

[mpvue]

I think what we'll do after we get the check is sell the car. there are always guys on mpvclub looking to rebuild theirs, so we'll see if we get any bites.
my wife has this idea that we can get by with one vehicle, so we'll try that for awhile.

 

[mrsilv04]

Why not simply ask the person that you are dealing with from the other insurance company...

"What is the process here?" Then, if you don't like that answer, then ask "What are my *other* options?". Have a list of questions ready.

Also, you can always call YOUR agent. Ask him/her for advice on what your options should be. Even though you don't have comp/collision on this car, he or she should be able to spend 5-10 minutes with you on the phone.

 

[crw]

If the other guy is at fault, you have a little more leverage if you really want to press things. That is, the car may be worth only a certain value, but the car "wasn't for sale." It's like someone came to you and forced you to sell your car. You've been wronged...

Now, pushing it further could certainly be done. It's up to you how far you want to take it.

 

[mpvue]

Originally Posted By: mrsilv04
Why not simply ask the person that you are dealing with from the other insurance company...


I stated at the beginning that I was calling the guy later. but since he hasen't yet returned my msg, I thought I would put it out here to see what others' experiences were.
thanks.