Car totaled and insurance co. wants to keep it

[sam dupont]

The thread on insurance made me thing of this. A buddy had his stunning 68 Camaro run into. He wants to fix it, which isn't that odd when looking at the rust buckets people rebuild on this site. The insurance company says no, they own it now.

He could fix it with the settlement, but can't even come close to replacing it, plus, his Dad bought it new. How does that work, an agreement to cover damages is not a contract for sale. Unless it is in the fine print. But if it were, Don't they have an obligation to notify the car owner that the clause is in there? Do all insurance companies conduct business that way?

 

[JackR]

That’s strange. The insurance companies always have a price for the owner to keep the car.

 

[Ironbuilt]

He should be able to accept the "buyout" on the car, and keep the remains. It might be substantially less than the stated value, but he gets the car.

 

[Slap Stick]

How can one buy what is already theirs?
Insurance covers the value of the vehicle, not the title.

 

[monaco66coupe]

who is the company?

 

[gdrill]

Sounds like an agent wants the car.

 

[monaco66coupe]

they can't take the car without a signature on a Title.

 

[snakeyes]

what state and insurance company get a lawyer B/S

 

[slimt]

Insurance companies are changing there rules daily. I would be fighting it. Most companies give the option of the client keeping the car and giving a percentage of the buy out.

Insurance companies any more ,are ignorant ********. They dont care what you like or dont. Your money only matters to them.

 

[1STMP]

He should be able to accept the "buyout" on the car, and keep the remains. It might be substantially less than the stated value, but he gets the car.

Agree with this. The insurance co. will contact
known salvage yards to bid on the remnants.
The original owner always has the option to
buy it back. I suspect something nefarious is
going on here. Call your state insurance
regulator.

 

[MoparLeo]

We are not getting all of the story here....
If owner accepts the "settlement" then he is surrendering the car.
That is how comprehensive works. If the repair is greater than the "bluebook" type value they will offer a "settlement" You don't have to accept it and unless you have a special insurance rider, that you would pay extra for, the Insurance company looks at a 1969 car as just that. An old car.
That is where companies like Hagerty come in. Agreed value that you pay a special premium for.
Pretty simple really.

 

[Tony Tee]

Time to Lawyer up!

 

[F4R/T]

Insurance companies can’t pay for all those stupid commercials with out hosing us , your payment is all they want . They don’t make record profits by paying out,so tell him he wants it fixed or lawyer up. Something is fishy.

 

[Hilljack68]

Over my dead body!!

 

[chtampa]

Wouldn't he end up with a salvage title and unable to be insured?

 

[Ghostrider 67]

To insurance companies, your car is a "widget". Period. It could be a clapped out beater or a fine show car. Same difference.

 

[JackR]

they can't take the car without a signature on a Title.

my kid had an accident a couple years ago in his classic. In my case the car was not at all salvageable but Insurance had two numbers, one to accept full settlement but I needed to have DMV title the car as salvage before they would issue the check. There was a keep it amount that was a little more than 1/2 the stated value.

 

[Wojo68]

Useless insurance companies. As usual. Like many others just said, speak to an attorney. F them

 

[Ghostrider 67]

Each car I have totaled, 3, has come with a "keep it" figure. Didn't keep the first two, kept the 3rd one.

 

[Dako]

Agree with this. The insurance co. will contact
known salvage yards to bid on the remnants.
The original owner always has the option to
buy it back. I suspect something nefarious is
going on here. Call your state insurance
regulator.

Agreed. Might also be known as State Insurance Commissioner. Each state has their version. They can be called upon to investigate any claim. Insurance Companies don't want them poking around. Just the threat of involving them got them to repair a car for me vice totalling it, years ago. That was with State Farm. I my case we had elevated the conversation to the regional manager level before I stated I would be calling the Insurance Commissioner...have them investigate my claim...and if they found the insurance company to be operating above board, I would accept their offer. They called me back an hour later, wanting to know what shop I wanted to do the work so they could make arrangements to get it there.

Keep us informed of your outcome. We are each here to help one another by sharing our experiences. Good luck!