Totaled cars worth

August 26th, 2014 at 5:15:45 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 188
Posts: 18631
-you have a new car 1 year old - no previous damage, wrecks, just normal wear for 1 year.
-totaled
-other person's fault, so their insurance company is paying.

What would you expect as the insurance adjusters offer?

Such as 80, 90 percent of value to replace. Because that's what you want to do.
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August 26th, 2014 at 5:29:39 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 135
Posts: 18136
It is not a new car, it is 1 year old. From my brief time in auto loans I learned a rule of thumb is a car loses 20% of its value per year until it hits a floor where utility is worth more than the year of manufacture or brand.

Some insurance companies will give you enough to replace 1 year newer, but you should only expect Black Book value for it.
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August 26th, 2014 at 6:29:23 PM permalink
terapined
Member since: Aug 6, 2014
Threads: 73
Posts: 11786
Enough to make you whole, going rate on a 1 year old used car same model
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January 7th, 2015 at 4:51:32 AM permalink
nawaz55
Member since: Jan 7, 2015
Threads: 0
Posts: 1
this is very nice post




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January 7th, 2015 at 6:44:23 AM permalink
Mosca
Member since: Oct 24, 2012
Threads: 22
Posts: 730
The insurance company compiles retail data using 3 different used car guides and retail sales data from a 100 mile radius of your zip code, and then pulls a number out of its ass.

Not really. They average those numbers and add sales tax.
January 7th, 2015 at 10:19:04 AM permalink
DRich
Member since: Oct 24, 2012
Threads: 51
Posts: 4942
If you lease cars you can total them and lose nothing. GAP insurance is built in to automatically cover the difference between the amount owed and the car value before the accident.
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