DCShelby
Well-Known Member
I’d total it, and get another one. Hopefully you don’t owe more on it than the check they would write you to total it.
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Cobra Jet
Well-Known Member
Go here and get your “today” value of the vehicle (fill in all applicable fields and options past the VIN entry):
http://www.blackbookportals.com/bb/products/usedcarhtmlportal.asp?color=o&companyid=thinkbank.com
Black Book valuations are THE most accurate. This is what Financial Lenders, Dealerships, Ins. Industry and Body/Salvage facilities use. Don’t go by Blue Book BS, that deal is just “consumer feel good” figures.…. If you want accuracy, it’s the Black Book and those values change daily…
If the $38k estimate is within 72-75% of ACV (actual cash value), then the Ins. Co. can total it. Usually and it varies by State and Ins. Agency, a total is when the claim is 72-75% of the ACV. 80% ACV is high, but maybe that is the “new normal” with today’s environment. Now does that mean the car is worthless and scrap? Nope. As @Inthehighdesert mentioned in his post, if that car has a clear title, it will still bring the Ins. Co. decent money at auction and once repaired by the buyer, it will bring even more $$$.
Now it’s VIN history will never be without the crash history, no matter if the title is clean or was not declared salvage. Once a Police Report is generated and an Insurance Co. is notified by either party to the accident (if more than just the driver/owner was involved), that VIN will forever have crash history associated with it. Yes, there is “title washing” via certain tactics to get a clean title, but it will never cleanse the VIN history. The same is true with a vehicle that is a Manufacturer Buy Back (Lemon), it’s VIN will always have the Lemon history despite a clean (or “cleansed”) title.
I don’t see any frontal pics in the original post, only the (2) rear images of tail light angle and side of passenger 1/4. What does the rest of the car look like down that entire side? What does the front end look like?
You also have to take into consideration it is a Shelby; parts replacement value is higher on the unique parts. The S550 Shelby front structure, hood, and fenders are Shelby specific and can’t be interchanged with a GT or EB for crash repair parts. Also as was mentioned the Shelby core support - very pricey and I’ve seen threads in here where that part is usually hard to get for crash repairs. If the car sustained front subframe damages, it most likely sustained other damages that are hidden and won’t be found until it’s disassembled.
If the Ins. Co. totals it - and YOU retain the title in your possession, you have options:
- Get it repaired and get diminished value on it.
- If Ins. Co. offers to cut you a check for payout, don’t accept the 1st, 2nd or 3rd offer. Make sure their offer is “fair” to you based on the Black Book value OR damn close to it.
- IF you are satisfied with their final payout offer - tell them you want to buy back the car. They will deduct crash value (scrap) from the payout, you will get the remainder of the payout and get to keep the car. IF you elect to go this route, you can either part out the car for more $$ in your pocket OR you can sell the car outright as is for more $$ in your pocket. IF you accept the payout AND can keep the car, you will make more $$ in the end by parting or selling it outright. I’ve done this in the past and it’s a win-win.
- If you do not retain the title and money is owed but want to keep the car, the balance remaining on the loan has to be paid off, any money left from the Ins. Co. payout goes to you, and the title will be branded “salvage”.
I’m just giving you scenarios of what could be done in the event of a total loss claim…. Many people think that in a total loss claim they have to accept the 1st payout offer, or they have to take the payout and turn over the vehicle - not true.
http://www.blackbookportals.com/bb/products/usedcarhtmlportal.asp?color=o&companyid=thinkbank.com
Black Book valuations are THE most accurate. This is what Financial Lenders, Dealerships, Ins. Industry and Body/Salvage facilities use. Don’t go by Blue Book BS, that deal is just “consumer feel good” figures.…. If you want accuracy, it’s the Black Book and those values change daily…
If the $38k estimate is within 72-75% of ACV (actual cash value), then the Ins. Co. can total it. Usually and it varies by State and Ins. Agency, a total is when the claim is 72-75% of the ACV. 80% ACV is high, but maybe that is the “new normal” with today’s environment. Now does that mean the car is worthless and scrap? Nope. As @Inthehighdesert mentioned in his post, if that car has a clear title, it will still bring the Ins. Co. decent money at auction and once repaired by the buyer, it will bring even more $$$.
Now it’s VIN history will never be without the crash history, no matter if the title is clean or was not declared salvage. Once a Police Report is generated and an Insurance Co. is notified by either party to the accident (if more than just the driver/owner was involved), that VIN will forever have crash history associated with it. Yes, there is “title washing” via certain tactics to get a clean title, but it will never cleanse the VIN history. The same is true with a vehicle that is a Manufacturer Buy Back (Lemon), it’s VIN will always have the Lemon history despite a clean (or “cleansed”) title.
I don’t see any frontal pics in the original post, only the (2) rear images of tail light angle and side of passenger 1/4. What does the rest of the car look like down that entire side? What does the front end look like?
You also have to take into consideration it is a Shelby; parts replacement value is higher on the unique parts. The S550 Shelby front structure, hood, and fenders are Shelby specific and can’t be interchanged with a GT or EB for crash repair parts. Also as was mentioned the Shelby core support - very pricey and I’ve seen threads in here where that part is usually hard to get for crash repairs. If the car sustained front subframe damages, it most likely sustained other damages that are hidden and won’t be found until it’s disassembled.
If the Ins. Co. totals it - and YOU retain the title in your possession, you have options:
- Get it repaired and get diminished value on it.
- If Ins. Co. offers to cut you a check for payout, don’t accept the 1st, 2nd or 3rd offer. Make sure their offer is “fair” to you based on the Black Book value OR damn close to it.
- IF you are satisfied with their final payout offer - tell them you want to buy back the car. They will deduct crash value (scrap) from the payout, you will get the remainder of the payout and get to keep the car. IF you elect to go this route, you can either part out the car for more $$ in your pocket OR you can sell the car outright as is for more $$ in your pocket. IF you accept the payout AND can keep the car, you will make more $$ in the end by parting or selling it outright. I’ve done this in the past and it’s a win-win.
- If you do not retain the title and money is owed but want to keep the car, the balance remaining on the loan has to be paid off, any money left from the Ins. Co. payout goes to you, and the title will be branded “salvage”.
I’m just giving you scenarios of what could be done in the event of a total loss claim…. Many people think that in a total loss claim they have to accept the 1st payout offer, or they have to take the payout and turn over the vehicle - not true.
