07 Total Loss- What Now?

Where are you located? There is a shop in southern Indiana (Plug In Hybrid Electric Vehicle PHEV) that can get your 2007 back up running well for far less $$.

JeffD

 

Find the closest match in a certified pre-owned car at dealer in terms of mileage and options. Use Autotrader.com to search. Then when the adjuster calls, you can tell them, "I won't accept your offer for $xxxx, because these cars have been selling for $yyyy since gas prices went up. Here are some examples."

If you own the car free and clear, and it is allowed in your state, you could consider having them cash you out, but leave you with the car and a salvage stamped title, as Jeff suggests. They will subtract out of the settlement their expected net from an auction sale of your car. But it is possible to come out several thousand dollars ahead if the car is indeed rebuildable, although it might take several weeks.

 

"Retail Fair Market Value."
If OP pushes up the total value enough, the insurance company may decide to repair the car rather than total it. That would be a useful number to know.

 

I agree that it would be best to walk away from that car given the accident damage that you have listed.

I think that the $ range you suggested for reimbursement is reasonable, if you see local cars listed at that price.

 

This is how they are going to determine what they give you:

They use a program that is available to insurance companies/adjusters, i forget what the exact name is. This company/program goes through all the autotrader.com, cars.com, all the other websites, and keeps track of all the asking prices of the different vehicles, their mileages, etc. They will find the cheapest ones from the last X months (3, 6, who knows) around your year/mileage and offer you that, plus tax. They will never have looked at that car, don't care one bit if it had problems, damage, if it was r-titled, anything. That is what they will tell you your car is worth. They will tell you they don't care one bit how much kbb or nada says, or the fact that you can't find a car within 500 miles right now for that price. They will tell you that's not their problem. They will also pretend to call a few dealerships and say "if you had this car, a XX prius, with XX miles on it, what would you 'take' for it" and pretend that they are getting an honest answer. They may budge a few hundred dollars, but it will never be enough to get your exact car back. Oh, and if there was any damage anywhere else on your car, they'll subtract that off too, make you 'pay' full price to repair a scratch, dent, etc.

They realize you will be stuck with a rental car for months if you fight it, with the chance you may not win, and then be out even more money.

I went through this 2 years ago when our car was totaled. KBB said it was worth 10-11k, we got 8k, and there is nothing we could do about it.

If my prius was totaled tomorrow, i would print out every single one within 100 or 200 miles from those websites that are currently available, that are at least as nice as the one i had, and make them give me at least that much money, plus tax, title, registration and dealer doc fees. I would not accept prices of some R titled car on autotrader.com from before the gas price spike. Make them call the dealers with comparable cars in stock, get them to commit to a firm price where you could take the check there in the next 5 minutes, and accept only that.

Good luck, you'll need it.

PS. Taking a quick look on autotrader.com and cars.com, no way will they offer you over 17k.

 

Years ago my 95 Dodge van was totaled. The insurance company paid me way above what kelly blue book said. Like what others have said the insurance companies use what they call fair market value to see what your car is worth. So it's good to know what other cars like yours are selling for in your area. Hopefully it will work out well for you. PS hope no one got hurt and that your ok

 

That is very fair. Man you came out smelling!!! Good luck with your new choice. Hal

 

I'm sure the main reason why they totalled the vehicle was because the salvage value was high.

MB860 ?

 

$21000 is super, sorry if I missed it but what's the insurance company?

 

21k? Wow! Wasn't it like $27k brand new? I can't believe it holds that much value after 4 years and 50k miles, I would have expected more like $10-15k.

 

1) its a Toyota
2) in this economy, the prius is probably the best value holding car
3) when in doubt, refer to #1