that’s the plan. and no the car was perfect except for one small chip , sorry i like my stuff nice. don’t know what crawled up your ass damn !it will get fixed
>>i like my stuff nice. don’t know what crawled up your ass>> I do too! But I try not to get too anal about it. 8^)
Seems to me that a $33400 payout on a $35000 car is not a total loss/write-off (using my math skills). Tell them you will graciously accept their $33400 payout to repair your car. Without being a total loss, the vehicle should remain as your possession...........
Hey, 28; In the STATES, a "Total" won't = the actual value. It'll be a %, maybe as low as ~40% of value. Only positive part is the buydown is usually low too - unless it's a very desirable "now-parts-car". Doesn't make sense, unless you read Genes' posts. Even then, to an enthusiast - it's near the Epitome of Stupid... Very much like "Govt-help" concept... I had a friend in collage times, that duked it out w/an insur co over his 'vette. Took a long time, but because he ordered & paid for, an "L-something" option, didn't get it, but had the paperwork, the dealership put the sticker on anyways, so he was able to show the value was $50usd higher than their "totaled" figure. They fixed that car! . Keeping ownership of the '40 shouldn't be an issue, other than maybe the buyback. When 2 of my OT DD's were totaled by repair-costs(sheetmetal/paint), I only had to give them a clear picture-copy of the title to show"ownership", they didn't need/want the "orig" nor did it get "branded". I drove them for quite awhile, still driving the ragtop. I think this'll work out very well for huckster. At least the car-coverage. . Marcus...
I've had to do a few for work. But one thing to watch is accepting a total loss and buy back. In my area it has to get an inspection and be approved to get a salvage title. With that comes documentation on every piece purchased for the repair. Invoices have to have the vin of the vehicle it came off of and be a legit business invoice and the original copy (no reprints or copies). While I don't think you'd have a problem considering what I had seen, it's something to consider.
My 37 caught on fire & Grundy paid agreed value. Mo does not require salvage title for cars older than ??? (not sure of the exact age), so I was able to keep the title. Salvage value was only $575, which was crazy low, but that's what I bought it back for. Rebuilt, back on the road and insured for a higher agreed value than before, still with Grundy.
insurance offered 35k. waiting to see what buy back is. said they would know this week. very ancey to know. little eye candy also]
well it looks like buy back is not to bad. saying it will be salvage title or certificate. tried to.negotiate buy back. they said salvage company’s offer is what i get to buy it back for. now to see about a rebuilt title.
Don't you have the title in your possession? How do they brand the title if you have it, or will they not give you the money without the title in their hands?
I think there are just a few options. Take the $$ from the insurance company. Since it’s “totaled” they get the title/ownership. He would have to surrender it to them in order to get the $$. Then buy it back, but would come with a salvage title. Or he just keeps it and drops he claim and spends the money to repair it. The title/ownership doesn’t change hands that way. No clue what the buy back is, but that’s a decision he has to make if he wants to use the remainder of the $$ to fix it. Personally if a Model A had a salvage title on it, it wouldn’t bother me a bit. (I know it’s not a Model A)
Not sure I have ever actually seen a salvage or rebuilt title on an old car. I can’t imagine that it would have any influence at all on value considering all these old cars have been salvaged or rebuilt at some point. I’m curious if there is some loophole to get a clean title again if ever needed. Anyway, hope it all works out well and you can keep the car.
The issue is insuring a vehicle once it has a salvage or rebuilt title. Most insurance companies will only insure it for liability.
^^^^My experience as well. Edit: Well similar. When my daily was “totaled” I drove it home. (Late model thing). The lady’s insurance and I reached a settlement price. The caveat was the insurance put the car up for an auction bid. They found one that satisfied them. The insurance cut me two checks, one for the amount of the damage-less the “bid price”. I could have kept the car then and said to heck with the rest. The second check came to balance it out after I arranged for the auction place to pick up the car and hand them the title. In reality I could have not contacted the auction company for pick up, banged the car somewhat straight and go on my merry way. Clean title and all. I took the $$ and bought another…
Wow, this seems shitty. IL code is it doesn't go salvage or junk if owner buys it back (essentially a smaller settlement). That sucks. MI the title remains clear if current owner keeps.
Lawyer time. Show how stupid the insurance company is being to a good lawyer and he should be able to get a settlement out of them without giving them the title. They’re probably trying to discourage you from trying to buy it back because one of them wants it for nearly nothing. Sometimes all it takes is a letter on a lawyer’s stationary to wake them up. Don’t let them screw you over on this. Never trust the person owing you money to say how much they’ll pay you.
Junk title if you keep it & don't get a full payout; sounds real odd. Either there's a miss-communication, or something is seriously f-d up. Or someone inside wants that car cheap... Junk title for paint scratches??? Might consider contacting the IL STATE Insurance Commissioner,[<- this is what I'd do. My little brother used to work in spl acctg section @the StPaul, & this is what he learned was reality] to see if you are being jerked around &/or lied to. Forget the damned lawyers, insur co laugh at them, they have floors of their own. When the State Insur Com calls, sweat starts rolling, asses start moving - quickly. He/she is the one who can tell them where the Bear shits in the buckwheat - & they'll listen. He is the one who has power to seriously yank their chain... esp financially. State Insur Com is *supposed* to make sure the insur co's are properly following the "rules" that are set for them to operate in that particular State. & the Comm's help *shouldn't* cost you anything... I type slow... Marcus...
31A>>>Most insurance companies will only insure it for liability. >>> Huck>>> don’t want a junk title can never be drove again >>>> Unless it's a bone or near stock/restored collector/classic, doubt it's worth the "so-called" agreed upon value even though it looks nice and maybe you spent more on it. As 31Apickup suggested, you can drive it again. But prolly not at the same agreed-upon value unless you're willing to pay a lot higher premium for unlimited mileage.
Interesting takes. This isn’t AABC insurance company, Hagerty has offered full insured value of the vehicle. Contracts signed and agreed to, can’t be undone (unless your a pro ball player). Since no one knows, except the OP, what the buy back is, it’s pure speculation. Now I understand if there is a state law, etc that does not allow a junk, salvaged vehicle to be driven on the road. If it’s purely a case of not being able to insure it again, I get that. Different states and insurance companies have their rules you have to follow. But even in my state I can license and insure a salvage titled vehicle and be legal. If the same in Ill then other than Hagerty, I don’t see the issue. If I was buying an old car of the same vintage, a salvage title wouldn’t concern me at all. Especially this one, not like it was a vehicle that under went a collision.
Call the IL Insurance Commissioner. Get the real story. Have someone with real power over the insurance company behind you that won't be collecting a fee to back you up. The state insurance Commissioner is there to make sure insurance companies do not take advantage of you. In order to sell insurance in your state, the insurance companies have to agree to follow what the insurance commission tells them to do. Your insurance company is jerking you around. I suspect someone at the insurance company wants your car. If the car is insurance company totaled, and you buy it back, the title never leaves your hand. The company can not force you to have it junked, and with hold payment until you comply to their wishes. but they can and likely will never cover that car again, unless it has been repaired and is certified. you may have to sign the agreement that they will no longer cover that car. Given the way they are jerking you around, it would be fact that they would never insure any car I owned. That doesn't mean other companies won't cover it, but their coverage might only be liability, or for reduced coverage unless its been repaired. Unless the car was originally under insured and in its damaged current condition, it still carries a 40K value. Until it has been repaired, the car has a reduced value, you shouldn't expect any insurance company to pay for damage that has already been paid for. Its current value is reduced by what ever it takes to bring it back into the condition it was in before. If you believe that you can collect 40K for it as it is now, not do anything with it, then insure it with someone else for 40K, that would be insurance fraud (unless the new company believes the car is still worth 40K even with the current damage). If however you collect the 40K then have your buddy repaint it and fix the dents and dings, then start with the new insurance company, the car's value will be accessed through their underwriting process. How much you paid your buddy is not part of the deal, the previous damage has been repaired. I've had 3 vehicles totaled here in IL, all were bought back. In each case, I never had to have the title altered. One I parted out, the two I drove afterwards were just covered with liability insurance (with the same company), but the companies had already paid me well for the cars, and I didn't have anything fixed that wasn't required to make them drivable. I sure didn't expect to collect a pile of money if either got wrecked again.
With all the hocus pocus going on with the insurance company and types of titles and the ramifications thereof, it might be time to drop the claim and fix it yourself. I realize it's out of pocket (and you no doubt already have enough of that), but in the end it might just be the best route for you to take. Insurance companies suck!
I have to agree. Where did the $34k estimate come from? No wonder the insurance company is being a problem. Your photos really do not show major damage and why would the car have to be disassembled and paint stripped? Good paintless dent repair guys can do miracles and if that can’t be done at worst the headliner is sacrificed and rear windows pulled for access to do the roof repair.
Find a good Paintless Dent repair guy, and just have a good detailer touch up the scratches and call it good and smile with the extra 34000 dollars in hand.
When I saw fire damage I thought of Tom Medley’s ‘40. I could see big repair cost if your car looked like his did.
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