Insurance/Salvage questions
 

Ok,

so the wifey smacked a tacoma a few weeks back.

she has an 02 Saturn SL2, roughly worth about 5k bluebook.

The damaged initially was estimated at 1,500. So the insurance said to go get it fixed.

The shop fixing it has now racked up nearly 5,000 in repair, hidden damages, etc.

So insurance calls my wife, i guess they are thinking about totalling the car.

Now, i know that if the damage exceeds the value of the car then they normally Total it. However, the car is already fixed and is supposed to be going in for paint early next week.

So, if they Total the car, it gets a salvage title, then, from what i understand, we get the car back, fixed, with a salvage title, and they combine the new value of the car with the $500 deductable, they estimate the cars worth at 6,000.

So, if the saturn with the salvage title is worth 2,000, the deductable is 500, then we should get aa check for 3,500 and have the car right?



Also, is there a limit of damage to the car where it is REQUIRED to have a salvage title?

Honestly, i would be stoked to get the car back, fixed, with a 3,500 check.

A car typically needs to have a salvage title when the damage is more than 3/4 of the cars value

lol...

im really hoping the total it, give it back, and give us cash.

the wife was saying if they just give us a check that she wants a jeep.

WTF? Hail know!

No way in hell im paying for the insurance hike to a jeep cherokee 4x4 after she rear ended somone. insurance would go up like a hundo a month.

i told her if we get the car back and a check, we are buying a solid year of insurance flat out. Save several hundred a month!
Anything left over after buying the insurance chunk she can do whatever she wants with.

but seeing as how i pay all the insurance, she isnt getting rewarded with a jeep after driving up the insurance premiums.

Here is what normally happens, first, if they fix the car, regardless of how much it costs, the title should still be good.

IF, they total a car, you get a check and no car. The check would be for fair market value or whatever factor your insurance company uses. However, they will give you the option to buy it back and give you a check for the difference. How they determine this value, I am not sure.

Im reading that a lot of insurance companys will not insure cars with salvage titles

Hmmm, never heard of that one way or the other. I am sure you can get liability for it, though right? I guess if the car now has a salvage title, it really would not have any value except what value it has to you.

It might make sense if it is now not insurable because there would be no way to dtermine the value.

You might be able to get "stated value" insurance. I have this on my Mustang. The book might say my stang is work say $13k, but I stated the value to be $25k to my insurance company, so I pay insurance accordingly. i do have to have proof of what was done to it in case it is stollen, though.

you should be able to get liability without a problem but most likely thats it they won't cover you for collision because chances are it will be considered a total loss if anything were to happen again

No matter what, you'll won't get the car and a check. They will have to pay the shop.

You will be able to get it insured. My father in-law bought my wifes honda civic after she had a wreck. The insurance company totaled it out. So father in law bought it from the salavage yard and he fixed it up and gave it to her brother. I can't see you gettin that lucky gettin a check and a car. LOL