Effect of Salvage Title

[Figit090]

I would say get as much money from insurance company as you can, and buy the car back if it's cheap, and cost effective. then sell the parts and/or the whole car or keep it for another use. I'd say a salvage title on a car is a major deterrent in any potential sales in the future, at least for what you think it's worth. If it came down to this make sure to get good pictures before repair, during (GOOD pics!), and just before new paint is applied. Still though it doesnt seem like a car that's collectable enough to warrant saving it over buying a new one in just as good condition. they are a rare breed but not THAT rare.

If it is as nice as you make it seem, then you have spare parts to perfect the car you buy, and any extra money you can make off your old car.

What's good about your old car? have pics? was it in mint pristine condition or something? if the damage isn't that bad and the major components are still perfect you could even consider taking up autocross if you have money and desire for that kind of thing I know that on an older car a dent in a hard-to-repair area and denote a write-off which is B.S. for a track car!

you should post pics of your car before and after this shin-dig, pics speak a thousand words.

Sorry for your losses, and good luck with your future gains

[mydejavooo]

I came across your post and felt compelled to speak on this topic. I work for a large insurance company as an adjuster, and I can tell you that I run into this scenario on a daily basis. Here's the one thing that you have to bear in mind....contrary to popular belief, most insurance companies are NOT out to put one over on you. Their job is to indemnify you, or "make whole" your loss. In order to do this they will inspect your vehicle and complete an estimate for repairs, and determine if it's cost effective to do so. Understand that given the large number of vehicles that they deal with, they have to use some form of valuation on your vehicle, whether that be NADA, KBB, or some 3rd party evaluators. It would be nice if every vehicle easily fit into the 3 categories that most value sources have, but that's just not the case. Some cars are great on the outside, and smell like a dead cat on the inside. Those things DO have an impact on the value of the vehicle.

After they determine the approximate value of the vehicle, they will then decide if it's cost effective to repair the vehicle. I see a LOT of people make the assumption that just because the damages don't look that bad, that the vehicle is not a total loss. Granted, if your car is worth $2k, it's not going to take a lot for it to be a total loss. More importantly, there are vehicles out there that maybe borderline total loss, but in all reality they should not be repaired. If you have a hard hit on a vehicle, there might be gremlins that pop up down the road, and you will have to live with them. If you are trying to push the insurance company into repairing a vehicle that might have issues in the future, this might not be in your best interest. I've personally given the "ok" to repair borderline totals, and come to find out later that we ended up spending more on the vehicle than what it was worth. Trust me, you don't want to be married to a nightmare car!

The one sad sign of the times, is that people automatically skip over "reasonable" and land on "irrate". I would much rather go to bat for a customer that presented reasonable evidence as to why his car was worth more than book value, than the one that gets pissy with me and screams that I'm trying to take him for all he's worth. I believe that reasonable negotiation is perfectly acceptable (and warranted in many cases), but getting ignorant is a poor reflection on you (in my opinion). Trust me when I say that being verbally abusive to your insurance agent or adjuster will NOT help you in the long run.

So far as whether or not you have the option to have the insurance company brand your title.....it's not up to you or the insurance company in most states. The insurance company has to abide by Department of Insurance standards, which means that if your state requires a total loss have a branded title, then so be it. As someone earlier stated, you may have the option of having a reconstructed title, but this would be determined after the repairs are completed. Check with your local DMV on that to be sure.

And lastly.......(deep breathe)....the salvaged title will hit you by about 40-50% on the resale. There are some variables here to, such as the desirability of the vehicle, rarity, etc. High end cars and newer cars may not be hit as much as an older vehicle. but based on my professional opinion, 40-50% is what you should expect. Frankly I think you scored on the total loss settlement. As an owner of an 85 Mk1, I know that they aren;t worth a whole lot to begin with. I know that there are the plain jane models, and then there are the ones that are all decked out, newer motors, etc. If your fits into that category, then absolutely yours should be worth more. But don't let sentimental attachment cloud the truth about the value of your vehicle. If it were me, I'd take the $4500 bucks and get a really nice one. It's not like they are super rare cars or anything. That's not to say that the value may not start to climb, as they are getting into the "classic" stage now, but that's speculative at best.

I hope I haven't rambled on too long, but I felt I needed to share with you "the other side of the coin". The insurance companies are a business, and yes...they are there to make money....but the vast majority of the major carriers are not as bad as people make them out to be. Just because your brother's best friend's cousin who worked with a guy that dated your basketball coach had a claim and didn't get $20k for his '91 Dodge Dakota, doesn't mean he got the short end of the stick. The key is being reasonable. Hope that helps!

[EL PAALO]

Aren't they still riding horses in Idaho?

Thanks for the insurance side of the coin.

[mydejavooo]

Originally Posted by EL PAALO

Aren't they still riding horses in Idaho?

Thanks for the insurance side of the coin.

Hahaha!! Yeah...I'm right now in the process of swapping out my 4-pony setup for the 5-horse (20H...that's 20 hoof) Black-mane setup. The harness has been the hardest part of the swap, since it's made of leather and not wires! I've also lowered the car 4 inches....yep....she's riding on the deck. This allows the front air dam to just scrape the manure off of the road right in front of me. It's going to REALLY decrease my 0-60 times! Yeee-Haww!!! (Ok...it's a little disturbing that I was able to put THAT much thought into this! I guess the wheel is spinning but the hamster is dead!! )

TC

[E T Haggis]

^made my day