Accident: totaled decision & new car timing

[Anonymous]

I was rear ended in stop-and-go highway traffic last night, and my car may be totaled. (Per my insurance app based on where the damage is, but pending assessment at the insurance designated site on Monday.) My understanding is that it will likely take 1-2 weeks for everything to get sorted out and a final decision to be made.

With the impending tariffs, I’m trying to figure out if I should assume it’s totaled and push to purchase a car tomorrow, or let things ride out. I know there’s no certainty either way, but just trying to crowd source a few perspectives.

(Additional info: car is a 2015 Volvo V60, a new car was on the radar within the next 12-18 months; if we need to replace, we’d likely be looking at an XC60 or similar SUV, preferably CPO but could possibly also do new.)

[Anonymous]

I wouldn't risk buying a new car before the assessment, unless you are willing to just trade in the damaged car for the new one if they just give you repair costs instead of it being totaled.

I would also look into how that works. Can you take the money and not repair? Not sure how that works.

[Anonymous]

Wait and see the damage estimate. Is it 2K? 8K? Or what? In the meantime research your cars Kelley Blue Book value for your specific make-model-year. This will give you bargaining power when the adjusters lowball you and help you to see how much your car is worth?

[Anonymous]

Anonymous wrote:Wait and see the damage estimate. Is it 2K? 8K? Or what? In the meantime research your cars Kelley Blue Book value for your specific make-model-year. This will give you bargaining power when the adjusters lowball you and help you to see how much your car is worth?

This, but don't expect that the KBB value is likely to approach the cost of replacement at a time when there are upward pressures on prices. My car was totalled in the fall of 2021 when the supply chain issues were pretty intense. I wound up spending about $10k more than the settlement. I bought a car with a few thousand miles on it; it had been purchased back by the dealership that had sold it new a few months earlier.

[Anonymous]

OP here; thank you for the advice! For KBB, I assume the insurance company would try to use the trade-in value as their anchor (vs private party, which is a higher estimate)? Just trying to set my own expectations and try to be conservative when pulling forward the car budget.

[Anonymous]

Whatever they offer you, sue the other person for diminished value.

[Anonymous]

I wouldn't buy a new car instantly unless your plan is to pay whatever one dealer asks. It'll take a little time to gather quotes from multiple dealers, which is the way to get a good price. You may also want to expand your universe of potential replacement vehicles, as some brands and models will represent better deals. But, if you're set on a used Volvo and find one you like at a price which seems reasonable, go for it.

[Anonymous]

Get a "salvage title" if the scamsurance company wants to total it, and fix it enough to be drivable and use it as a spare, commuter, backup vehicle.

[Anonymous]

Wait to see what insurance says. If the totaled value is acceptable, take it and move on. If it’s not acceptable, find your car on carmax and get insurance to match price.

[Anonymous]

…and hope you’re ok!

[Anonymous]

Anonymous wrote:Get a "salvage title" if the scamsurance company wants to total it, and fix it enough to be drivable and use it as a spare, commuter, backup vehicle.

if you live in Virginia, prepare for a potential FOUR MONTH wait for your car to be street legal unless your car is, or will be, paid in full. The salvage office needs a title to create . . a new title. You can't drive the car until you get it

[Anonymous]

I would go shopping and make a plan. Ours took a few months to get sorted out. They promised a week, but it was more like three months before we got a payout. No car rental (they offered a week but that was it).

[Anonymous]

Anonymous wrote:OP here; thank you for the advice! For KBB, I assume the insurance company would try to use the trade-in value as their anchor (vs private party, which is a higher estimate)? Just trying to set my own expectations and try to be conservative when pulling forward the car budget.

They need to give you the amount for you to buy the same car, so trade-in value isn't good enough because you can't buy it for that.

Get the valuation report and make sure they have all of your packages and options reflected correctly. You can also submit receipts for recent repairs. They should pay for tax, tags, and registration on top.

[Anonymous]

Anonymous wrote:I wouldn't buy a new car instantly unless your plan is to pay whatever one dealer asks. It'll take a little time to gather quotes from multiple dealers, which is the way to get a good price. You may also want to expand your universe of potential replacement vehicles, as some brands and models will represent better deals. But, if you're set on a used Volvo and find one you like at a price which seems reasonable, go for it.

She needs to be doing the shopping now because once it's officially totaled the clock starts running on the rental car from insurance.

[Anonymous]

Anonymous wrote:Get a "salvage title" if the scamsurance company wants to total it, and fix it enough to be drivable and use it as a spare, commuter, backup vehicle.

when our car was totalled we went to a few places to sell it for salvage and it wasn't worth it vs the insurance payout. cashforcars offered 4k and insurance offered 19k