Life Is anyone on CP in the automotive insurance industry? - Page 2

El Jefe · 07-12-2012, 07:14 AM

Sorry to make this thread, but I knew if I posted this in my cutlass thread not everyone would see it. Anyways, if you are in the insurance (automotive specifically) side of business, I would like to ask you a question.

My car got keyed. The body shop came back with an estimate and told me they will most likely salvage the car out. I can either take the money and let it be salvaged (Will not happen) or I can take their money, buy the car back with a salvage title and then pay the difference for it to be painted.

My question is; would I be able to accept under what they offer, then not get the salvage title and pay the extra to get it painted?

I am not willing to part with the car, and this place that estimated it does immaculate body and paint work, and they are cutting me a heck of a deal do to our business relationship, and they are just trying to help me out a little bit. So if I take it from them, I will never get a paint job of that quality for that price, so I don't want to do that. I would love not to have to get a salvage title and deal with that mess.

El Jefe · 07-12-2012, 11:19 AM

Quote:

Originally Posted by GoHuge39

If your car being keyed totals it you might want to just get a newer nicer car. If it is of such low value ($$ wise) that thing is going to cost you some serious cash for some type of catastrophic failure at some point.

I guess I could be off base with my statement without knowing the year, make, model, and mileage. Care to share that? I would just hate to see someone spend a bunch of money to paint a car that is a ticking time bomb for your wallet.

It is a 1979 Olds Cutlass Supreme Brougham Edition
It has 70k original miles
It has T-Tops
It has a 455 big block olds motor in it
It has a posi 3.73 rear end

**Bugeater** · 07-12-2012, 11:20 AM

Quote:

Originally Posted by DJKid

It was keyed pretty bad from the pics I saw in another thread, plus I believe he said they got some of the glass too. It wouldnt take long to run into a good chunk of change if you replace all the damaged parts and give it an A+ paint job. Plus with the way todays autos are made most mechanics are well schooled and educated which equals big bucks to work on any vehicle.

Yeah I saw the pics too. My point is, if the car has so little value that they're wanting to total it out on this, the same thing is going to happen if it gets major damage again. I don't see what he has to gain by keeping the title clean.

**HayWire** · 07-12-2012, 11:24 AM

Quote:

Originally Posted by Bugeater

Yeah I saw the pics too. My point is, if the car has so little value that they're wanting to total it out on this, the same thing is going to happen if it gets major damage again. I don't see what he has to gain by keeping the title clean.

The only real reason would be if he wanted to sale it in the future or for minor fender benders, which is a fine line of even putting full coverage insurance on it or not.

stonedstooge · 07-12-2012, 11:27 AM

I know some auto insurers have classic car insurance. If you get it fixed up right, I think this is the route you need to go if you want the insure it for it's value

ssj2 · 07-12-2012, 11:48 AM

I work in the industry, which is very heavily regulated. The carrier cannot pay off a lower estimate if they know it's not accurate. Additonally, the carrier must total the vehicle in KS if the cost to replace exceeds 75% of the vehicle's fair market value. However, you're able to retain the salvage, the value of which will be deducted from the total loss settlement. Finally, there isn't a problem getting insurance for a vehicle with a salvage title - fairly common.

**bevischief** · 07-12-2012, 11:56 AM

I thought you couldn't full coverage with a salvage title?

**HayWire** · 07-12-2012, 12:01 PM

Quote:

Originally Posted by bevischief

I thought you couldn't full coverage with a salvage title?

You can put full coverage on it, but very rarely is it worth it if you have a salvaged title.

ssj2 · 07-12-2012, 12:26 PM

I assume by "full coverage" you're referring to collision and comprehensive, as liability, Personal Injury Protection, and Uninsured/Underinsured coverages are compulsory in KS.

Along with factors such as your driving record, demographic (and sometimes credit score), the value of your vehicle plays a significant part in the price you pay for collision and comprehensive coverage. With a salvage title the car will be worth less than the same car with a clean title. Therefore, your cost for those coverages will decrease.

Some vehicles with a salvage title still have significant value, so carrying collision and comp make sense. For cars with little value I agree it's generally not worth it to carry collision and comp.

07-12-2012, 07:14 AM
El Jefe Don't tread on me. Join Date: Nov 2006 Location: Where the peaches grow Casino cash: $9030572	Is anyone on CP in the automotive insurance industry? Sorry to make this thread, but I knew if I posted this in my cutlass thread not everyone would see it. Anyways, if you are in the insurance (automotive specifically) side of business, I would like to ask you a question. My car got keyed. The body shop came back with an estimate and told me they will most likely salvage the car out. I can either take the money and let it be salvaged (Will not happen) or I can take their money, buy the car back with a salvage title and then pay the difference for it to be painted. My question is; would I be able to accept under what they offer, then not get the salvage title and pay the extra to get it painted? I am not willing to part with the car, and this place that estimated it does immaculate body and paint work, and they are cutting me a heck of a deal do to our business relationship, and they are just trying to help me out a little bit. So if I take it from them, I will never get a paint job of that quality for that price, so I don't want to do that. I would love not to have to get a salvage title and deal with that mess.
Posts: 8,540

07-12-2012, 11:27 AM	#19
stonedstooge Arf! Arf! Arf! Join Date: Dec 2007 Location: North Casino cash: $3894173	I know some auto insurers have classic car insurance. If you get it fixed up right, I think this is the route you need to go if you want the insure it for it's value __________________ 2013 ADOPT A CHIEF Eric Kush "Often is a word I seldom use"--JP
Posts: 25,289

07-12-2012, 11:48 AM	#20
ssj2 Rookie Join Date: Oct 2008 Casino cash: $8968150	I work in the industry, which is very heavily regulated. The carrier cannot pay off a lower estimate if they know it's not accurate. Additonally, the carrier must total the vehicle in KS if the cost to replace exceeds 75% of the vehicle's fair market value. However, you're able to retain the salvage, the value of which will be deducted from the total loss settlement. Finally, there isn't a problem getting insurance for a vehicle with a salvage title - fairly common.
Posts: 6

07-12-2012, 11:56 AM	#21
bevischief .... Join Date: Apr 2009 Location: Somewhere Kansas Casino cash: $7759352 VARSITY	I thought you couldn't full coverage with a salvage title?
Posts: 27,771

07-12-2012, 12:26 PM	#23
ssj2 Rookie Join Date: Oct 2008 Casino cash: $8968150	I assume by "full coverage" you're referring to collision and comprehensive, as liability, Personal Injury Protection, and Uninsured/Underinsured coverages are compulsory in KS. Along with factors such as your driving record, demographic (and sometimes credit score), the value of your vehicle plays a significant part in the price you pay for collision and comprehensive coverage. With a salvage title the car will be worth less than the same car with a clean title. Therefore, your cost for those coverages will decrease. Some vehicles with a salvage title still have significant value, so carrying collision and comp make sense. For cars with little value I agree it's generally not worth it to carry collision and comp.
Posts: 6