Book Value Of Used Car

Q.My mother was in an accident which damaged the front left wheel area. She thinks the insurance wants to access it as totaled. The tire rubs a little when a bump is hit and the headlights are damaged. it's a 92 corolla 4 door, with 120,000 miles, but it is in excellent shape (before the accident). My girlfriend thought it was a 96 or a 97 from the looks of it. I'm sure the cost of total cosmetic repair is high, but I thought perhaps the dent could be pulled out enough so the tire doesn't rub and the lights could be fixed. It wouldn't look pretty but would be legal and safe assuming there is no frame damage. Those cars are kind of delicate frame wise and all around, but the car that hit her was not going very fast at all. She lives on a limited income and is upset about maybe having to spend money on a new car. If it's accessed as totaled, can you buy it back for a bargain price or what is the best course of action ? Some one told her she could protest the accessment of totalled.

A.I think all that "totalled" means is that the car would cost more to repair than it is worth (to the insurance company). If the car has a book value of $2500 and they think it would cost more than they will give you only $2500. But you're still free to take that $2500 and keep driving the car and get it fixed for less. I've been hit numerous times (never my fault). I just take the money. n fact, when my Corolla got hit a few years back, my ins. carrier--State Farm--related that the formula is actually 80% of the value. OTOH, I don't know just what authority they base that value on. Our '86 LeBaron was just totalled. The damage is purely cosmetic, and they allowed us to buy the car back for $82...while they cut us a check for $1600. Less than two years ago, they paid out $2300 (less $500 deductible) to fix the same panels on the same car--didn't total it--which would suggest that the car was worth (on paper, at least) around $3000 (80% of $3000 being $2400). At the time, I would have been happy to get the Kelley Blue Book value of--IIRC--$1300. I don't know...you figure it out. The car is just fine, now that we've tweaked out the fender to the point that the door no longer binds. From half a block away, you'd have to look hard to see the damage. We'll drive it till it drops, which probably won't be long...it's a Chrysler. For your vehicle, I'd suggest looking very carefully at the adjuster's report and the shop estimate. If you don't see any frame work listed, it *MAY* be safe to pull out the sheet metal and drive the car. OTOH, I've had one car fixed which should have been totalled. Once the body work was all done, the shop found out they couldn't align the suspension...frame was bent. Had they determined that at the outset, the car would have definitely been totalled. The ins. co. had to foot the additional $$ to straighten the frame, which put the bill well over the value of the car. IMO, that's why they're supposed to stop at 80% of book, although State Farm at least, gives their adjusters considerable latitude on older cars that are in better than average condition, or have had recent extensive repairs/maintenance. I've never had major body work come in at the estimated price...they *always* find something which makes the bill several percentage points higher.

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