what insurance company?
Car totaled and insurance co. wants to keep it
- Thread starter sam dupont
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diesel_lv
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As said earlier, if he agreed to and accepted settlement, then the car does belong to the insurance company. If he didn't educate himself prior to the agreement, that's on him, not the insurance company.
That would be my guess too.
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Lots of mis-information here. First: read YOUR policy. That is the contract you agreed with the company. Not all policies are the same. If this is an accident, this is covered under the "collision" coverage, not comprehensive. There may be a clause which specifies what happens in the event of a "total loss". Second: check your particular STATE regulations. The insurance companies MUST abide by what the individual state rule is, in the event of a total loss. Some states have very specific "formulas" which determine how a total loss is valued. Nevertheless, I'll offer a few "generalities" : if there's a lien on the car, the bank owns it until you pay the last penny of the loan, and you have no say in the matter. If the state formula values the car as a total, that's it, the company can't ignore state regs. Most times, a "salvage" value is determined, either by a "salvage bid" by a company like Copart, OR by a mathematical state formula ( example: 25% of the ACV ). Most cases, if you elect to "retain" the salvage should you be able to, you receive the "ACV" of the car MINUS the salvage value. And it gets a "salvage title". Again, the last few comments are generalites. Your specific policy and particular state regs must be researched first.
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Oh, but one thing is right, so allow me to add this. Do your due-diligence. Most insurance companies are blood-sucking greedy bastards who will try to screw you any way possible. They only care about you paying your bill, nothing else. They will use any tactic, scheme, or manipulation, whether ethical or not, to control the claim and maneuver it to THEIR best monetary outcome. Period.
So, finally for the last time, WHAT INSURANCE COMPANY???
Ronnman
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Had a similar issue after Hurricane Katrina when my 73 Challenger was flooded. It was insured with State Farm for a stated value. I did not want to restore the car as it had no sentimental value to me and having to deal with two flooded homes, did not have the funds. Someone I worked with was interested in the car, so I asked State Farm what was the price if I kept the car. They stated that they could not allow that because all flooded cars were to be destroyed. So less that 2 years after, I see the car on eBay, for sale. The car had the same vin number. The owner did disclose the car was flooded and appears had purchased a ton of parts, including an engine. All the parts were included with the auction. Basically, you cannot trust insurance companies on what they tell you.
See below the eBay auction in 2007.
Ron
See below the eBay auction in 2007.
Ron
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slepr1
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ckessel
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I see Allstate has an ad just above this box. Maybe thats an omen.
Friend had daily driver hit in the rear, wasn't bad but insurance company totaled it. He had to junk it because of that. The hassle to do otherwise wasn't worth it.
diesel_lv
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An insurance company will total a car if the damage is more than "X" % of actual cash value. So the estimate for the repair, regardless of opinion, must have been more than "X".
sam dupont
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.
Not my car, so I don't know the company. I'll ask the next time I see him, but I assume whatever is going on, most companies are willing to do it.
It's not the first time I've heard of this practice, so I thought I would ask the fount of knowledge.
69a100
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Maybe that's the company in question? Maybe they just have some basic B.S. coverage and not "Collector Car" insurance? Who's your buddy OP, your split personality? You need to post more details!
Who's the company and what type of coverage was/is on the car? You won't get any decent/honest answers till these questions are answered! Good Luck
sam dupont
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sorry I brought it up
Dont be sorry just help the next guy out so he doesnt get screwed like your friend
ckessel
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I managed a body shop years ago for just under 4 years. We had the direct repair contracts for several companies. Allstate, State Farm, Wawanesa, Farmers, Mercury, AAA, 21st Century, Allied/Nationwide. For us, Allstate and Allied were tied for being problem children then SF was 2nd, Farmers 3rd, Mercury 4th. Those companies also own smaller subsidiaries, like collector car companies, so I got to where I would ask at the car shows who was the parent company that owned them. They would beat around the bush especially when I asked if it was one or the other of the two main problem children companies. Sometimes the repair issue is just the adjuster you are dealing with face to face but you can also get a nazi who occupies a cubicle in the main office who is trying to better their position by denying or short changing a claim. You must be very diligent on figuring out who you are going to use for your policy. On a personal note I had my 70 Challenger covered by Parish Heacock back in say 2000-2007. When we moved, I sent in a change of address to them. Get the next bill, filled out the "did you move?" section and sent it in with payment. Get next one, still to old address, filled out the moved section again. Got a notice from them about increasing the coverage amount for no extra charge, said yes, filled out the moved section AGAIN since it came to old address still. Later on in 07 we had a bunch of personal losses happen. Dog, nephew, father then fire. Did not pay attention to what was coming in the mail. Called PH up after the fire and they said my coverage lapsed since I didn't pay in July/August. They had still sent it to the old address so the post office sent it back. We still lived in the same facility, just a different space number. I asked the agent about all the change of address updates I gave them. What updates? said the agent. Since I didn't have proof on my end, got the happy finger. Lesson learned. Make copies and if you have to stand over someone with a bat to make them do their jobs, like updating contact info, do so.
69a100
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I would be too!
metaldad
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a 68 charger i had, got creamed, totaled out by the insurance co, many years ago.
i do not remember the details, but, the car physically left my property, and was returned, when i paid them the 'scrap' value, which the only thing that comes to mind from that whole transaction was $300.
i do not remember signing over the title, and, then, reacquiring it
i do not remember the details, but, the car physically left my property, and was returned, when i paid them the 'scrap' value, which the only thing that comes to mind from that whole transaction was $300.
i do not remember signing over the title, and, then, reacquiring it
joe smith
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Recently I watched a news article on local TV about where 3 billion paid out in settlements had gone ( Florida) due to the hurricanes... 79% had gone to Lawyers... Shyster ambulance chasing Lawyers....
Should've added more info. Ins totalled the car DMV will not allow the car to be registered no matter the damage. Major hassle to register the car.
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