If that’s the only damage I’d take a few bucks from the ins and keep cruising it. Unless there’s more to it I’m not seeing, where is 34k worth of damage? Got an estimate?
Insurance companies are not in the business of throwing money away. If it is a Total Loss, then there is real damage to it. You can buy it back, and you can fix it up, but it may cost you over $25k if you have to pay a shop to do it.
Didn’t you just recently drive the car? Thought you posted a pic of it on the road somewhere? If so, take the $$ and buy it back. I’d have to have a darn good reason to do that with a modern vehicle, but not that car. Then again, I’d be like Anthony and just drive it as is.
Whatever happens in this, the car is definitely not “totaled” in my opinion and just tells a story. There is no way I would let the insurance company own the car when all said and done just because it has some damage and they are calling it totaled. I would just find out what it would take to keep it and do that especially considering the rest of the story in how you got it.
Me too, but I recently found out that my insurance company for the newer cars (Allstate) won’t insure salvage title cars AFTER my youngest son had bought a late model RT Challenger that had been wrecked. Anyway, we got it insured through another company, but I hadn’t ever dealt with that before on a salvage title.
In 2013 my ‘01 daily was totaled, lady tried to jump out ahead of me on a side street. I’m doing like 30. It set the air bags off. I drove the car home. Her insurance came and looked it over, first thing he saw was the bags deployed. “It’s totaled” because the airbags went off. I was thinking “geesh, collision shop would have this back like it was in a day”. Now similar to a buy back option, the insurance company payed me about 75% of like-kind value, the rest of it came from an auction company. I decided to take their $$ too and just drive my pickup. I only relate this because was mentioned before that “insurance company’s are in the business…..”. But the reasons they total modern cars doesn’t pertain to us. Heck, I’d bet there’s a check box about “smoke damage”, etc. which would be a pain and $$ to eliminate from a modern vehicle. Not so much on a early Ford. Lotta reasons to consider a total loss, but surely isn’t as bad as what’s been drug out from open storage for 70 years
thanks guys. damage is not that bad. just dents and scrapes. cars is a five footer. im hoping it works out. most people don’t see the dents. my buddy that paint said he wants to try a spot repair.
I’d drive it. Looks like a new car compared to mine. No way would I let a insurance company total that and keep it. Might try one of those painless dent guys, they can do a lot without more damage.
So apparently you have not yet discovered that insurance companies don't want old cars on the roads these days. They don't have any air bags and many don't even have seat belts. We won't even get into all the other "safety" things insurance companies love to demand new car manufacturers build into the modern cars, that old cars simply do not have in most cases. The medical liability associated with old cars is very high. Totaling an old vehicle for body damage that was the result of storm damage is the cheapest way for them to get out of medical liability that could come from a possible accident that old car could have been involved in. If the owner takes the money for their storm damaged old car, that will be one less old car they may have to pay a medical claim on in the future. Medical claims add up a lot faster the totaling an old car because of storm damage. Paying out the total price solves any possible issues that may come from an insurance company ordered repair. If you are unhappy with the repair, it becomes the insurance company's problem. If they pay you the total price, then you have the car fixed and are not happy, its your problem, not theirs.
I'm so confused about this whole thing. How in the world should that car be totaled? Can't you just use money from your home owners insurance policy for the fire damage to your garage and fix up the car? Shit, just fix it and screw the insurance company trying to total a car with some dents and scratches from the roof falling in on it!
Shit, I didn't see those pics above before. That thing is definitely a total. A totally bitchin 40! Keep it at all costs. Forget the rest. If your pal says he can spot repair, win-win-win. Good luck.
Hmnn, I’d assumed it was auto insurance that would make the payout due to “total loss” Homeowners insurance would have to have what’s in/on the property and an agreed value for loss and damage. Over my standard policy (HO) it was a bit ridiculous in price to go through and add a value on everything. I put a modest content value on what’s in the garage. But if my garage (3.5 car and a shop another 24 foot shop added on the back) burn down, I wouldn’t get enough $$ to repair it and put towards a 35k car. In fact when a pipe broke many years ago, I told the the outfit that was doing everything (trust me, is was a shock of what water damage can do) and the contractor would call and say “you should also have….done “ I told him make sure the insurance company will pay for it, I’m just paying the deductible. What I’m getting at is if it’s going to be 25k (set whatever amount) to fix up the garage and he used that money towards the car, how’s the garage going to get fixed?
I’d have to see the numbers where old cars are medical issues for insurance companies. Not debating injury possibilities between old and new cars. But I’d say we drive our rides more cautiously and more attentively than the guys driving newer rides. If an insurance company will insure a motorcycle, then my old beater shouldn’t be an issue. They want to make $$$$, insuring cars most of you guys only drive a few miles a year is a good side gig for em. Total loss cars don’t need massive amounts of damage. It’s payout vs what a car can bring at auction for many instances. I did a lot of high end collision repair. An insurance company would look at totaling some rides at 40-50% of value in some instances. The reasoning was what the salvage value of the car was. If it’s was close to a break even situation between fix vs total/salvage value, they would try to total it. Lower rental car costs, no supplements, no loss of value. The repair cost isn’t the only factor in determining what a “total” is. Each state has a total loss threshold. Mine is 75% of its current market value. Using that formula, my 61 was a total loss when it needed tires and a tank of gas
We're going a little OT here but by putting a "modest content value" on garage contents, you may have screwed yourself. It was a little time-consuming but I took pictures and video of everything in my garage and house after a friend lost everything in a fire. He couldn't produce proof that anything other than household and personal basics were lost.
Hey Anthony, for insurance cost, when I had (in the late 80’s/early 90’s) a motorcycle full coverage minimum payout was 100 a month. My new OT ‘89 with full coverage was 300/400 a year. I may be of a different sort, no, I am but the difference between 800 a year vs 2200 a year (and the stipulations needed) I just couldn’t swing it at the time. Funny thing is I used to worry a bit about not being “whole” if something happened. The last 15-20 years? I’m just hoping the insurance covers the clean up and maybe I can start with a clean slate
If they're saying it's totaled, what do they think it's worth? Not prying into your finances, just curious about the value your insurance company puts on your car the way it currently is versus the $33,400 they say it's going to cost to take it apart, fix the dings, repaint and reassemble it.
Hey, Huckster; Gene & Anthony have nailed it correctly. As have a few others. In the FWIW-it's-what-I'd-do category; IF the insur co is actually offering 33.4k minus a small amt for the '40, take it & run. Me, I'd *seriously* consider removing the rust spots w/one of those 'glass-fiber pens, using a mini brush to apply primer, paint & sand/buff the touch-ups. Or use an air-brush for better results. Undercoat the hell out the underside/inside & go. Butchery??? Ya, maybe. Here's the thinking: what was a really nice car, has been lightly damaged, can be fixed *very* cheaply, & now gets used as a Daily-Driver, instead of a nice "special" car. Why? Because it's essentially free, since the insur co paid its' value. Read: carefully-maintained full-time enjoyment vs pampered/sheltered part-time enjoyment. Doesn't mean the '40 is any less respected or loved. . Just so's you know: that '40 is nicer than literally anything I own, I'd look at it as "now I have a very very nice Daily... ". So what if it has a few imperfections. ??? Use the rest of the funds to build another hotrod you've always wanted, or go find a precious-metals dealer that will sell you 33k of gold &/or silver w/a very small spread. Marcus...
The only issue that I see with buying it back is that most likely you won't be able to put the coverage that you had on it until you actually do have the body work done and have it repainted and have documentation of that. Still you can drive it until the wheels fall off and not do a thing with the body and who gives a damn about what type of title an 83 year old car has unless you are afraid that it will lower resale value. It's fun value that counts, not getting your panties in a knot because you are afraid that it's resale value might be affected.
all good comments. just waiting on insurance company. they actually sent out a investigator to check where car was stolen. lmaof. the guy had no clue. it was in a fire. waiting game now. was insured for $35g
I've bought several vehicles that have a salvage title. In Washington State, you can not drive the vehicle until the State Patrol inspects the vehicle for road worthyness. An insurance company might need a visual or profesional inspection before insuring them.
Anthony, the liability the insurance company is on the hook for when they cover you car is stated in your insurance policy. A classic car insurance is usually cheaper because we do generally drive them with more caution. The company takes a bigger chance we are not going to crash our cars and gives up the insurance at a reduced price, but it doesn't change what the company is on the line for with that policy. The value of the car has already been agreed on. If its totaled, you get the agreed upon amount. Even with most classic insurance policies that vehicle coverage is the smallest liability they have agreed to. The biggest ones are other peoples property and medical costs. A totaled by weather old car means they is no more liability the company is responsible for. There is no other peoples property, and there is no medical expenses for paying the policy off and eliminating it from their books. They have probably already lost their butts on paying for the car's agreed value because the insurance premiums probably didn't cover the pay out on the car, but at least they saved a bunch by not having to pay for other peoples property or any medical expenses. Another thing many here are in for a shock with, Home Owners Insurance does not cover cars at all. Nothing, nada, none, no money. Any car damage is covered under auto insurance. If your policy does not cover your vehicle damage, and it gets burned up in a fire or the house/garage falls on it in a storm, you will get nothing for it. Home Owners Insurance does not cover car parts. Home Owners Insurance does not cover tools designed to repair automobiles. Also, for any building not attached to the primary house, unless it is specifically listed on the Homeowners Insurance policy, is included with all other buildings not attached to the primary house and the total amount is only worth 10% of the insured value of the primary house. Let me break that down for you. If you have a great shop fully equipped with all the great toys, and you have a detached 4 stall garage, and another storage barn, and your house is insured for say $200K including replacement coverage on everything, and a storm (or fire) comes along and wipes out everything, You will get the $200K for your house, and you will get the replacement cost, less depreciation, on everything you lost that you replace. If you don't replace it, you get nothing for it. Now that great shop, and the detached 4 stall garage, and the barn full of stuff is only worth $20,000! All those car parts? If you didn't have then specifically insured, or covered under an auto insurance coverage, they are worth nothing! Same deal with that new hoist you bought, if its not listed on a policy, its worth nothing either (its considered an auto specific tool). Most of the tools in your tool box? Not covered, unless you can prove they were for house repair, then they might slip under the replacement cost items. You have to list every single (non auto specific) item that was lost, in all 3 buildings, how old they were, and how much they cost. Then you need to replace them after the company reduces the cost because of depreciation. Don't even think I'm making this up! It was a learning experience for my when a storm took my 3 car garage loaded with stuff. The garage and all the "replacement coverage" things covered didn't even cover the cost of replacing the garage building without electric, or heat.
Just fuckin drive it! You have an older hot rod with OLD paint. Some scuffs prior for sure. Now you have a few dings and chips less than what most of us have on our dailies!!!!!!!!!! Take what they give you and move on. When you feel it is time for a new paint job come back to us and complain about a 25K bill.
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