[Shotimes] insurance question

[alfitz@alfitz.com]

The insurance company sounds like they totaled the car.

They will pay you the value of the car and they usually take the value from
the NADA book, which is the most accurate.

NOTE: Some of the discount insurance companies will really try to screw you
buy saying that the car is worth hundreds or even thousands less than book.
If they try that, your response should be, "then replace my car with another
in the same condition with either the same or less mileage". They don't want
to go car shopping, so they will usually just pay up.

You didn't mention the miles on the car, but assuming it has about 100K, the
NADA value shows it to be $4,850. The insurance company will offer you that
or less depending on the condition of the SHO. Depending on your State, if
you buy the car back from the insurance company they will want about $1,200
for it (general rule is 25% of retail). You have the RIGHT to buy it back
and they MUST sell it to you. As far as the title, once again depending on
what State your in, the title will not be salvaged.

Here is the bad part: The insurance company will not pay you anything for
the car, but will pay the lien holder. If there is anything left, they will
give it to you. In this case you're what's called "upside down" in the car,
you owe more than it's worth.

If you have a body shop look at the car, they will give you 2 repair prices,
one for insurance purposes and one for you paying cash. You probably will be
way ahead if you buy it back and repair it.

I had a customer come to me last week with this same problem when he wrecked
his Mark VIII.
I worked with him and the adjuster and he ended up with $2,700 more than
they first offered. They will try to screw you, so be careful.

Al Fitzgerald
alfitz@alfitz.com

----- Original Message -----
From: <V6SHOGirl@aol.com>
To: <Shotimes@autox.team.net>
Sent: Thursday, December 05, 2002 9:00 PM
Subject: [Shotimes] insurance question


> i got into an accident a couple days ago and the estimate i recieved from
my
> insurance company was that my cars repairs exceeded the value of the car.
The
> damages were to the headlights, the hood, and the  Condenser (i thought it
> was the radiator cause i'm stupid), and maybe more.  I've had different
> people tell me different things. i know there was one person on this list
who
> helped me with an insurance questiong a long long time ago.  I just want
to
> know what's going to happen now?  My brother thinks that the insurance
> company is  going to send me a check for the value of the car.  My mothers
> boyfriend says that the insurance company isnt going to do anything. I
still
> have $5000+ left on my loan, what's going to happen with that? Can i get a
> second opinion  from a body shop and try and fight it out with the
insurance
> company? Sorry for the 20 million questions but i have NO idea waht's
going
> on right now. Thanks in advance for any answers or suggestions :)
>
> Nancy
> 1994 Red ATX named Satan
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