Is anyone on CP in the automotive insurance industry?

[El Jefe]

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.

[HayWire]

Not with the estimate you gave them, if you get a cheaper estimate that will not total the car they can pay that ammount and you can cover the rest. They can't just give you a lesser ammount and not salvage the vehicle because of paperwork/legal issues.

[El Jefe]

Not with the estimate you gave them, if you get a cheaper estimate that will not total the car they can pay that ammount and you can cover the rest. They can't just give you a lesser ammount and not salvage the vehicle because of paperwork/legal issues.

I was afraid of that. I think I will have to go the salvage route. I know that I cannot get as good of a paint job as I will get with this company for the price they are giving me.

Thanks for the post and info my man :thumb:

[Brock]

How much money are they offering you? How much is the body shop charging you?

[HayWire]

I was afraid of that. I think I will have to go the salvage route. I know that I cannot get as good of a paint job as I will get with this company for the price they are giving me.

Thanks for the post and info my man :thumb:

You can still get the good paint job and keep the car from being salvaged if the insurance company pays the money directly to you.

Just making up numbers,if the cars value is 5000 and original estimate is 6000, car is "salvaged". If you get an estimate from low end body shop that is 4000 they will pay that ammount and car is not salvaged. If they pay money directly to you and not body shop you can cover the 2000 difference and still have a "clean" title. It will cost you more but the cars value will be more. Hope that helps.

[alnorth]

Not with the estimate you gave them, if you get a cheaper estimate that will not total the car they can pay that ammount and you can cover the rest. They can't just give you a lesser ammount and not salvage the vehicle because of paperwork/legal issues.

This post is pretty much correct. If the car is totaled, the decision to salvage belongs to the insurance company. The only way to avoid salvage is for the estimate to be low enough so that they don't total the car.

[cookster50]

Sounds like you need to have your paint company give you a lower estimate that you can submit to insurance, but yet still charge you the original estimate when you get the repair done.

[El Jefe]

Sounds like you need to have your paint company give you a lower estimate that you can submit to insurance, but yet still charge you the original estimate when you get the repair done.

That would be nice, but no way they will do that.

[El Jefe]

You can still get the good paint job and keep the car from being salvaged if the insurance company pays the money directly to you.

Just making up numbers,if the cars value is 5000 and original estimate is 6000, car is "salvaged". If you get an estimate from low end body shop that is 4000 they will pay that ammount and car is not salvaged. If they pay money directly to you and not body shop you can cover the 2000 difference and still have a "clean" title. It will cost you more but the cars value will be more. Hope that helps.

Intriguing, thanks man!

[HayWire]

Intriguing, thanks man!

You're welcome, but keep in mind that if you never plan on getting rid of the car the "salvaged" title has no bearing on you but if you end up going with the salvaged title the cars value is diminished a shit ton. A minor fender bender on a car with a salvaged title will total it immediately since it has little value anymore.

[Bugeater]

If you plan on keeping this car forever, what difference does it make if it has a salvage title?

[HayWire]

If you plan on keeping this car forever, what difference does it make if it has a salvage title?

It won't make a difference unless there in another claim. Once the title is salvaged its for the most part uninsurable. If it was worth $5,000 before then it's worth next to nothing with a salvaged title, all repairs would have to be made out of pocket instead of threw insurance.

[GoHuge]

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.

[Bugeater]

It won't make a difference unless there in another claim. Once the title is salvaged its for the most part uninsurable. If it was worth $5,000 before then it's worth next to nothing with a salvaged title, all repairs would have to be made out of pocket instead of threw insurance.
Ah, I see. But from what it sounds it's basically not worth insuring even with a clean title.

[HayWire]

Ah, I see. But from what it sounds it's basically not worth insuring even with a clean title.

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.

[El Jefe]

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]

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]

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]

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]

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]

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

[HayWire]

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]

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.