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2015 mustang total loss

Kevin17re5

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Hey guys, I recently totaled a 2015 mustang gt premium (52K Miles). This is my first total. and I am worried about how much I will be getting from the insurance company. I’ve been looking at NADA, KBB value of my car but I’ve heard insurance uses ACV. Is there a way I can guesstimate it? Just feeling kinda nervous about being underpaid for the loan I had.
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Staynumz

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When my bike got stolen the ins tried to give me blue book. I showed them asking prices for similar bikes in the paper and they ended up giving me the average of those prices. It was a little better than blue book. But I still took it in the shorts. Good luck!
 

Johnnyracer222

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Whatever the $# is, just know YOU CAN NEGOTIATE
 

offcamber

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Sorry to hear about this.
My Alfa Romeo was “totaled” years ago.
Johnny racer is correct.
Do what Staynumz said and bring comparable data. Sometimes you have to do the leg work but it’s worth it. Any recent photos or service records can help verify the condition of the car. You will get a low ball offer but there’s usually a few grand left to negotiate.
Good luck!
 

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Interceptor

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You know we can't negotiate rates they charge us, so why should we need to negotiate what our car is worth?
 

Cory S

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From what I've seen, Most decent insurance providers will pay close to 5% or better of NADA retail to you.
 

Cobra Jet

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If you had mods on the car, most Ins. Co. will not reimburse for aftermarket mods, paint work, PPF etc.

If you had mods and retained receipts, you can see if the Rep. will do anything, but if your Policy did not have any type of provisions for aftermarket parts in the declaration pages, it’s a loss too.

Future tip for those who finance cars:
Get GAP Insurance
 

Cory S

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Future tip for those who finance cars:
Get GAP Insurance
I disagree. GAP is just a way for insurers to make money off charging a premium to people who poorly finance vehicles. If you need GAP, are at high risk of totaling a vehicle, financing more than 90% of the value, you shouldn’t even be purchasing a vehicle period. Especially one over $15,000.00+. Putting 10-20% down is the #1 best financial choice when purchasing a vehicle. No need for GAP, less interest paid, less monthly affordability, etc etc. GAP is a joke.
 
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320guy

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:frown:
I disagree. GAP is just a way for insurers to make money off charging a premium to people who poorly finance vehicles. If you need GAP, are at high risk of totaling a vehicle, financing more than 90% of the value, you shouldn’t even be purchasing a vehicle period. Especially one over $15,000.00+. Putting 10-20% down is the #1 best financial choice when purchasing a vehicle. No need for GAP, less interest paid, less monthly affordability, etc etc. GAP is a joke.
I disagree...

Putting 10-20% down means that if you crash, you would have lost that money. These cars depreciate too much and too fast.

Here’s my public math.

My car was 36k - $7200 (your 20%) = 28,800
With interest = $32,065

I had a small accident last month (after 19 payments). My last accident was 15yrs ago when I was a teenager.

$32,065 - $8,455 = $23,610

Now...my car is being fixed and the total cost is $10,400. Thats only for a hood, knee airbag, seatbelt, two headlights, bumper, grille, and paint.

What if the car was totaled? My car current value is about 20k. Still $3,610 under (if I would payed 20% downpayment). But because I paid GAP, I gave 0% down, if the car was totaled it would’ve covered and I would’ve lost the $7200 downpayment.

But, I don’t buy cars based on payments. I buy them based on the total cost. I rather pay a premium some “extra interest” is part of the game.
 

Cory S

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:frown:

I disagree...

Putting 10-20% down means that if you crash, you would have lost that money. These cars depreciate too much and too fast.

Here’s my public math.

My car was 36k - $7200 (your 20%) = 28,800
With interest = $32,065

I had a small accident last month (after 19 payments). My last accident was 15yrs ago when I was a teenager.

$32,065 - $8,455 = $23,610

Now...my car is being fixed and the total cost is $10,400. Thats only for a hood, knee airbag, seatbelt, two headlights, bumper, grille, and paint.

What if the car was totaled? My car current value is about 20k. Still $3,610 under (if I would payed 20% downpayment). But because I paid GAP, I gave 0% down, if the car was totaled it would’ve covered and I would’ve lost the $7200 downpayment.

But, I don’t buy cars based on payments. I buy them based on the total cost. I rather pay a premium some “extra interest” is part of the game.
0 down is the worst thing you can ever do on a vehicle lease or purchase. It always will cost you more in the end. You say you’re buying based on total cost, which is smart yes, but if you feel you need GAP, then there’s room for improvement.

If you put $7200.00 down, you would be far ahead of the game already, and a total loss would still pay you close to retail value. You generally would get your $7200 back, and many times even more.
 

Cobra Jet

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0 down is the worst thing you can ever do on a vehicle lease or purchase. It always will cost you more in the end. You say you’re buying based on total cost, which is smart yes, but if you feel you need GAP, then there’s room for improvement.

If you put $7200.00 down, you would be far ahead of the game already, and a total loss would still pay you close to retail value. You generally would get your $7200 back, and many times even more.
what??

In the event of a total loss on a financed car, there’s no way in hell any Insurance Co. is going to cover the delta “gap” on what is owed on the car and what they (Ins Co) is willing to pay. The Ins Co goes by ACV, they are not going to go by what most are saying (KBB, Edmunds, etc etc etc). There are also Red and Black book values; these are values of which the Financial Industry uses and are only available to the banks, the dealerships and body shops and come by subscription only.

What 320guy above posted is factual...

If a guy buys a brand new $55k+ 2020 GT today, financed it and put down $7200 and this vehicle either gets wrecked, flooded or stolen resulting in a total loss claim - the guy isn’t going to get his entire financed value back on the car. He’s going to be stuck for whatever is left AFTER the Ins. Co. cuts their check which is based on ACV. The car already depreciated at least 10% after being purchased and leaves the lot; a total loss claim isn’t going to add any more value... lol

Also, GAP Ins. is not only offered by Dealerships or Loan Co’s and mashed into a buyer’s loan. Most Automotive Ins. Co’s offer GAP Insurance coverage that costs far less annually than any similar coverage mashed into a vehicle loan.

Since the OP mentioned he has an outstanding loan, he’s probably not in a position to buy the car back. If the car was owned outright, he could get ahead by taking a fair payout for the total loss and then telling the Ins. Co. he’s keeping the car. They would then deduct X-amount from the payout and he can do whatever with the car. Sell it whole, part it out, etc. and he’d come out ahead in doing so... since he doesn’t own the car with it being financed, it wouldn’t make sense for him to go down that path.
 

alpha_s550

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However much your total comes out too, I'd suggest you go through my friend who's business is based in Los Angeles. Once you get your total loss amount, call his business, tell him how much the insurance offered you and he will go and within a short time frame, he gets you thousands more. His job and career is literally to raise how much insurance pays you out. A buddy of mine totaled his 15' GT and insurance offered him 27K, he went to my friends business, some short time later, his pay out turned into 33K (of course every situation differs). Simple as that lol. I'll include his business info below. Tell him you were reffered by Jack through a forum. Does not matter where you live, he has adjusters all over the world.

Vehicle Inspection Solutions
(818) 649-1688
https://vehicleinspectionsolutions.com/

and no.. I'm not advertising for him.. Just letting you know you can get more money no matter how much your total comes out to!
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