My car is totaled - what does he pay?

[bcam]

This is a California situation.

A man backed-up thru an intersection and plowed into my dirver's door. No brakes - just a straight shot as I was making a legal left hand turn.

He apologized. Said he didn't mean it. I'll accept that.
His Insurance Agent said his client was responsible. OK by me.

Question:
My 1994 Ford Explorer is totaled. Are they responsible to simply pay me the Blue Book Value, or are they required to "make me whole". Truck was in excellent shape and paid for years ago. I had no plans to assume more debt and buy a new car - but here I am. What's the general approach in a situation like this?

Thanks in Advance

 

[racer72]

You will get closer to NADA value than blue book. I would suggest looking for similar vehicles for sale in your area to use as a bargaining tool when the insurance company low balls you.

 

[JETX]

My 1994 Ford Explorer is totaled. Are they responsible to simply pay me the Blue Book Value, or are they required to "make me whole".

They are only obligated to pay you FMV (Fair Market Value) for the vehicle in its condition immediately prior to the accident.

 

[Trucking Mad]

This is a California situation.

A man backed-up thru an intersection and plowed into my dirver's door. No brakes - just a straight shot as I was making a legal left hand turn.

He apologized. Said he didn't mean it. I'll accept that.
His Insurance Agent said his client was responsible. OK by me.

Question:
My 1994 Ford Explorer is totaled. Are they responsible to simply pay me the Blue Book Value, or are they required to "make me whole". Truck was in excellent shape and paid for years ago. I had no plans to assume more debt and buy a new car - but here I am. What's the general approach in a situation like this?

Thanks in Advance

Do you have an repair estimate. Who told you your vehicle was totaled the repair firm or the ins. Co. or is this what you assume.
If your vehicle is totaled the ins. Co will give you F.M.V. which is typically equal to wholesale value.
Totaled means the repairs of your vehicle exceed 60% of the value

 

[JETX]

F.M.V. which is typically equal to wholesale value.

And of course, that is NOT correct. Fair Market Value is "the price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise."

Totaled means the repairs of your vehicle exceed 60% of the value

And of course, that is not necessary correct either. The insurance company determines what is considered a total loss or not... based on their own criteria.

 

[Trucking Mad]

And of course, that is NOT correct. Fair Market Value is "the price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise."


And of course, that is not necessary correct either. The insurance company determines what is considered a total loss or not... based on their own criteria.

Do you know this to be fact or do you assume your right and i'm wrong. How do you base your info.? Most Ins. Co. and repair Co. classify a vehicle as a total lose if the vehicle repairs exceed 60% of the value. Most Ins. (which means not all!) Most repair Co. ( which means not all!) If the op takes his vehicle to a repair firm and they determine the vehicle is a total lose the Ins. co will have their own adjuster determine the value and the damage amount. Then based on the adjusters info the Ins. co will make an offer to settle which will not be in favor of the op.

 

[stephenk]

If you get more than $3000 for your 11 year old Explorer, take it!

 

[shell007]

Just some info.

Last year my vehicle had a damage value of 82%. It was not considered a total loss because the Ins. Co. stated "no total loss unless 85%".

So...yes.. every ins. CO. follows their own guidelines. It's not an "across the board" type thing.

 

[shell007]

My 1994 Ford Explorer is totaled. Are they responsible to simply pay me the Blue Book Value, or are they required to "make me whole". Truck was in excellent shape and paid for years ago

In addition regarding "making you whole": That really only applies when you purchase a vehicle (NEW not USED). If you purchase GAP insurance through your insurance Company this would then cover the difference between the amount you owe and the amount the vehicle is actually worth.

 

[InsuranceLadyAZ]

Do you know this to be fact or do you assume your right and i'm wrong. How do you base your info.? Most Ins. Co. and repair Co. classify a vehicle as a total lose if the vehicle repairs exceed 60% of the value. Most Ins. (which means not all!) Most repair Co. ( which means not all!) If the op takes his vehicle to a repair firm and they determine the vehicle is a total lose the Ins. co will have their own adjuster determine the value and the damage amount. Then based on the adjusters info the Ins. co will make an offer to settle which will not be in favor of the op.

JET is correct, as usual. The difference between repair estimates and value can be as high as 85%, depending on the carrier. In fact, 60% is fairly low. That's good from an insured's perspective (most people don't want to retain a vehicle with extensive repairs), but not from an insurer's perspective.

 

[Trucking Mad]

JET is correct, as usual. The difference between repair estimates and value can be as high as 85%, depending on the carrier. In fact, 60% is fairly low. That's good from an insured's perspective (most people don't want to retain a vehicle with extensive repairs), but not from an insurer's perspective.

Thus what I said before MOST. I'll get back to you on this.

 

[shell007]

Thus what I said before MOST. I'll get back to you on this.

Get back to "the insurancelady" about what?

The OP has been given all pertinent correct information by three seperate posters.

What is there dispute here?

 

[Trucking Mad]

Get back to "the insurancelady" about what?

The OP has been given all pertinent correct information by three seperate posters.

What is there dispute here?

Hi there. What is your point?

 

[shell007]

Hi there. What is your point?

Hi there!

My point was.... "wondering what your point was"!!!

 

[Trucking Mad]

Hi there!

My point was.... "wondering what your point was"!!!

Thats what i'm going to get back on. Because I wasn't finished.