Totaling a Car - How to Handle Insurance

Forums: Autos, Insurance, Depreciation, Car Accident
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My beloved Mustang convertible is likely no more. I think it likely it will be totaled but since I walked away I can't complain too loudly. My problem now extends to getting a new one. My car was a 2011 and had 15,000 miles. To me it was as new as when I drove it off the lot. I looked up the depreciation schedule for it and it loses $13K in the first year! I'm not looking for anything better from the woman's insurance company than what I had, but if I get a new 2012 or 2013 Mustang, I will get the same engine, same electronics, same seats, same sound system but will I have to cover that first year depreciation again? I went looking for used 2011 Mustangs but everything is in the 30K miles and up range and still $23K+ for the same ammenities I had. I don't mind (too much) putting in several thousand if I get a completely new car, but I don't want to pay five digits. Anyone out there deal with this situation before?

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@engineer,

I recall back when dinos roamed the planet, I totaled the old Vega SW. I was just given a check, with which I could do what I pleased. I ended up fixing the old yellow peril and drove it another year or so before the engine finally seized.

PS I am glad that YOU are okay.

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@jespah,

jespah wrote:

PS I am glad that YOU are okay.

Thanks, lucky to be so and thankful to modern technology like crumple zones and air bags.

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@engineer,

it will kinda depend on who the insurance company is, and how firmly you stick to your guns.

insist on a similar replacement with the same or less miles.

good luck...

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@engineer,

The ole yellow peril was a '74 as I recall. Way before crumple zones, etc. Hell, it was a wonder it had a three-point seatbelt.

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@jespah,

Yeah I totaled my car at one point as well. Most likely as to the age as much as the damage. I thought about buying it back and getting it fixed, but the mechanic couldn't guarantee that there wouldn't be some underlying problem he didn't see when originally giving me a quote to have it fixed.

I did though negiotate a slightly higher amount than the insurance co. was going to give me. You could always try - do you have some pictures supporting it was in great condition? Did you do any work on it recently that might increase its value a little more? You could discuss this with them - it can't hurt in any case.

I went out and bought a car that was used after that. It was a sporty car and I bought it in the winter where it was buried below snow. Since sporty cars don't sell well in the winter, I was able to get a lower price. It is all in the negotiations.

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@engineer,

Yes I second this. Accidents are scary - glad the car took the hit.

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@engineer,

The key (after - thank goodness you're ok) is the mileage.

Push hard on enough money to get a car with the kind of mileage you had.

(then move to a jurisdiction where you buy your own p.d. coverage and can pick your own replacement value coverage - seriously worth it)

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Opened my mailbox today: four packets from lawyers (one with a DVD presentation) and one letter from a chiropractic office.

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@engineer,

They will probably only pay the current value of the car.

But that doesn't mean you have to follow a depreciation schedule of their choice. You need to do the research of what similar cars are actually selling for. Be armed with those prices for when they low ball you. Don't be afraid to actively search out people that are selling used cars for too much money when you come back with your price.

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Up to 14 ambulance chasing letters with today's mail, some over two hours drive away. I wonder if they know that the woman who caused the accident is under-insured and they will have to actually work to extract any money.

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@engineer,

Car insurance can be the most expensive aspect to owning a car. But you know there are some really easy ways to cut the cost of your premium.

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Contact with expert car accident attorney who will help you to recover the insurance claim.

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Totaling a Car - How to Handle Insurance

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