Hot Rods paint and insurance

Can't see the problem yet?

The insurance company determines you car was totaled. They give you the totaled value, you give them the car. The insurance company writes the entire thing off as a business expense, they figure so many will be totaled when the policy was written. That is what they do.

The guy at the insurance company buys your car from the company, for the same price they gave you as a buy back. That guy got a great deal on your car. You got money.

But, if you want to keep your car, they demand you have the title written off as junk? Something smells fishy.

I would have started by getting a real estimate for the repair of your car. Right now, you are accepting everything the insurance company is telling you as truth, and that may not be (and probably isn't) the case.

The insurance commissioner is there to be sure you get treated fairly by the company. Call them.

 

A long time ago a guy on the inside might have got to buy the car, but in today's market I don't see that happening. The cars end up at auction . Manheim, Sadisco, Copart , etc.

 

Hard NO from me. Your Insurance company can pound sand. I'd keep the car. Drop the company. And then find a real insurance company.

 

If a random person offers ya 35k for the 40 would ya take it?

 

If you don't believe an inside person at an insurance company can not get a deal on a car passing through the current system, you probably don't have much understanding on how any large companies work. The right people can talk to the right people and get anything done, happens many times every day. A little grease on the right hand can get anything done in this world today.

 

So @Huckster59 , what’s the buy back? Otherwise we’re all guessing

Is it a 2500 buy back or a 25k buy back? Does make a difference.

 

10g. but junk title

 

so i would get 25g and keep car. but a junk title which can only be used for parts. salvage title is different , you can get rebuilt title est i got from body shop was 27.500.

 

I’d get a real estimate for repairs.
Figure out what the “total” threshold is for your state.
Make sure the estimate doesn’t exceed the total threshold.
Then ya get to keep the car with a clean title.

 

will find out more after holliday. if i was selling car and someone offered 35g yes i would jump on it. this was a buddy’s car that passed

 

Buy it back. 25K will get a bare frame with a title . Enlist some help and swap everything over.
Unless you’re seeing things we can see in the pics.

 

I just glanced over the entire thread and perhaps things are different in your state, but I don't understand why it would be considered a total if the costs for repair are less than the insured value. Go get a quote or three from some local body shops/hot rod shops for repairs and present those to the insurance company and tell them you want to repair it. They can't tell you what to do with your car, they can only agree to pay out or not. If the repairs are less than the insured value, they have no choice but to cover the repairs unless they declare the damage was caused by something that isn't covered by your policy. This seems like a cut-and-dry example of presenting an estimate for repair and the insurance company paying out that amount. I've had to do it twice and that's what I did both times. Realistic estimate under the declared value and they cut a check.

Buying the car back with a salvage title is plain stupid in my opinion, in this case. I'd never do that. They should be covering the cost to repair the damage and that's it.

 

I have never heard of having to buy a car back you own and having to get a salvage title. I worked for years at a Buick dealership in ILL. Even bought a few insurance totals myself without salvage titles. Call the commissioner something strange is going on here!

 

well said, - insurance companies usually take the most profitable option…….
……like most businesses, they are not providing a service just to fill in their day…..

 

Not trying to be political, but they are offering full insured value for the car.
Then offering a buy back at around 35% of that.
Does anyone - even if marketed with a “junk” title, not think that vehicle has more than 10k resale value?

 

Settle for less then the total value and the title will not leave you or be branded.
I just did it with a 08 Accord, insurenance wanted to total for $6400 had them back it down to $5200. bought 2 used already blue doors and it's fixed.............................

 

well they came back and said it would have salvage title and i would have to have a rebuilder change to rebuilt title. that way i keep the car i’m sure there is a bunch of 80 year old cars with rebuilt title

 

So, that means you are keeping it?

 

I’d like to see an estimate

 

I'm with just about everybody else who's replied to you on this. Have you in fact had anyone other than the insurance company give you an estimate to repair this car? Jesus, you're the kind of guy I like to play poker with.

 

He said he got and estimate at a body shop and the shop told him $27,500.

 

Still would like to see it

 

If valued at $35k, the total threshold in bama is 75%. That’s $26.25k
Buy back is 10k with a salvage title?

Could you adjust the estimate down and keep the clean title?

 

I would double check the state statute for yourself. Car is over 9 years old and you want to keep it. I briefly looked at it and I don't see where it clearly states that you have to get a salvage title. I didn't research it all, because it's not my circus. But, I would definitely have someone - not related to the the insurance co - knowledgeable about the process as it relates to keeping old cars, look into it.....

 

I did read the IL statutes and it says if kept, title remains as is if over a certain age. I posted it a few pages back. Hey, ask for extra KY when they're slipping it to ya. Somebody WANTS YOUR CAR and has a woody trying to convince you to total it. No, I don't mean a station wagon...

 

I guess some people are destined to be screwed.
We have shown him how to protect himself without cost to him. If he still chooses to get screwed, we tried.

 

Go back to the insurer and ask for them to cash settle the loss.
That way it keeps it's clean title and you get whatever amount you negotiate.
You may throw in a sweetener of offering for them to cancel the policy once you are paid out and they keep the refund.
We did this all the time with Client's cars when I was in the Insurance business in Australia. The client was happy, we were happy and their car got to remain on the road.

 

I had an ot show truck that was totaled twice while I owned it. (Both times were not my fault.) I bought it back both times from the insurance. I never let the title leave my hands and so it was never reissued as a rebuild. When I sold it, it had a clear title. And yes, the buyer was well aware of the trucks history. He actually helped in the rebuild.

 

great end to the story. paid me a good junk and got to keep car with clean title.

 

Sweet!