Strokerswild
Shallow and Pedantic
- Joined
- Nov 7, 2014
- Threads
- 74
- Messages
- 6,643
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- 5,468
- Location
- Southern MN
- First Name
- Dave
- Vehicle(s)
- Things With Wheels
I'd wager that the car is way down on the list of current worries.
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DrumReaper
Well-Known Member
- Joined
- May 17, 2015
- Threads
- 114
- Messages
- 4,985
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- Location
- South East
- Vehicle(s)
- 1971 429CJ Mach 1, 2012 Boss 302
My deepest sincerest prayers for the owner and those affected.
Might be a nice time to make the first ever vert GT350R.
Might be a nice time to make the first ever vert GT350R.
Cobra Jet
Well-Known Member
While any personal loss of property or lives is a catastrophic event from a major storm, glad the Owner is at least ok. It will take a lot of time for those folks to recover no doubt, emotionally, physically and to get back to being 100% functional again.
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If the Owner is on here - take this advice:
Get the Ins. payout for the loss of the vehicle. KEEP the vehicle, by requesting to your Ins. Co. your wish to buy back the vehicle, you have that right whether you retain the title or not.
The Ins. Co. will then reduce the payout by ACV (what they would get from a pre-auction salvage bid).
You'll now have the car and the Ins. payout.
Now the unfortunate event is a positive in your favor and you have the options to -
Many people don't realize they can buy back their wrecked vehicles after getting the payout figure from the Ins. Co. The key here is, if the Insured's Auto Policy was NOT an Agreed Value policy, the Insured negotiates the Pay Out BEFORE requesting to buy the car back. Again if NOT an Agreed Value Policy, you want the absolute most $$$ offered by the Ins. Co. before telling them that you want to buy the car back. Once you are satisfied with the pay out value and have let the Ins. Co. know you are keeping the wreck, they deduct the salvage bid value, cut you the check, and if title is not in possession, you will get the title mailed to you.
The car if damaged as bad as the one pictured would get dumped by the Ins. Co. anyway, so it's saving them lot storage fees and any other overhead until that car were to be auctioned. Many folks can recover more $$$ for themselves when keeping such cars as high valued sports cars, classic muscle cars or the "above the norm" type of vehicles.
---
One other note I'd like to add for anyone who does NOT have proper coverage on such a vehicle - do yourself a favor, get and make absolutely sure that you have an AGREED VALUE Ins. Policy, period. This means in the event of a total loss claim, you will be paid that Agreed Value as documented in writing on your insurance policy declaration pages. There is no haggling, the Agreed Value as printed on those pages is exactly what you will be paid in the event of a loss - no more and no less.
All Agreed Value polices will always have that Agreed Value within the declaration pages - do not go by an Ins. "Handshake" that you'll be paid XYZ in the result of a loss, don't go by "we promise", don't go by "we assure you", don't go by "he's been my Ins. agent for years".... GET and make sure your valued autos are covered under an Agreed Value policy - and those values are clearly documented within the Policy. Don't settle for any other policy type on these types of high end vehicles.
I've seen it so many times over the years cars as this one, classics and exotics being totaled due to XYZ and the Owner didn't have proper coverage... and they always lose recovery value and have to fight to get paid back true value.
--
If the Owner is on here - take this advice:
Get the Ins. payout for the loss of the vehicle. KEEP the vehicle, by requesting to your Ins. Co. your wish to buy back the vehicle, you have that right whether you retain the title or not.
The Ins. Co. will then reduce the payout by ACV (what they would get from a pre-auction salvage bid).
You'll now have the car and the Ins. payout.
Now the unfortunate event is a positive in your favor and you have the options to -
- Keep the car and get it repaired using the remainder of the Ins. payout and use the car however desired.
- Sell the car after proper repairs and bank the extra $$$ since you were already paid out by the Ins. Co.
- Sell the car as is and bank the now extra $$$
- Part the car and bank the now extra $$$
Many people don't realize they can buy back their wrecked vehicles after getting the payout figure from the Ins. Co. The key here is, if the Insured's Auto Policy was NOT an Agreed Value policy, the Insured negotiates the Pay Out BEFORE requesting to buy the car back. Again if NOT an Agreed Value Policy, you want the absolute most $$$ offered by the Ins. Co. before telling them that you want to buy the car back. Once you are satisfied with the pay out value and have let the Ins. Co. know you are keeping the wreck, they deduct the salvage bid value, cut you the check, and if title is not in possession, you will get the title mailed to you.
The car if damaged as bad as the one pictured would get dumped by the Ins. Co. anyway, so it's saving them lot storage fees and any other overhead until that car were to be auctioned. Many folks can recover more $$$ for themselves when keeping such cars as high valued sports cars, classic muscle cars or the "above the norm" type of vehicles.
---
One other note I'd like to add for anyone who does NOT have proper coverage on such a vehicle - do yourself a favor, get and make absolutely sure that you have an AGREED VALUE Ins. Policy, period. This means in the event of a total loss claim, you will be paid that Agreed Value as documented in writing on your insurance policy declaration pages. There is no haggling, the Agreed Value as printed on those pages is exactly what you will be paid in the event of a loss - no more and no less.
All Agreed Value polices will always have that Agreed Value within the declaration pages - do not go by an Ins. "Handshake" that you'll be paid XYZ in the result of a loss, don't go by "we promise", don't go by "we assure you", don't go by "he's been my Ins. agent for years".... GET and make sure your valued autos are covered under an Agreed Value policy - and those values are clearly documented within the Policy. Don't settle for any other policy type on these types of high end vehicles.
I've seen it so many times over the years cars as this one, classics and exotics being totaled due to XYZ and the Owner didn't have proper coverage... and they always lose recovery value and have to fight to get paid back true value.
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