Anonymous
02/18/2022 15:10
Subject: Car accident
Anonymous wrote:Anonymous wrote:Not sure if this is the correct thread. About two weeks ago, my car was involved in a car accident, it was the other drivers fault. The front side end of my luxury car was hit and damaged, so the bumper and wires were sticking out and fluids were leaking out. It’s been in the shop ever since. The estimate for fixing my car is around 44k, which is shocking cause the car value is only around $55k. Repairs and getting the parts mights take until the end of March.
My questions are:
1. Is it worth It to fix the car thru my insurance?
2. Can the car be called a “total loss” and instead of repairs, I just get a new car?
What advice would others give or what should I ask my insurance agent. Also it is a leased car if that matter. Thanks in advance.
Since your car is leased you have to return it in whatever condition is specified in your contract. Likely that means you have to get it repaired.
Since the leaseing company hold the title, the leasee, really doesn't have a say in whether or not the get get repaired or totaled. Usually cars get totaled @ 75% of the value. I'm really surprised they are putting 44K into a car worth 55K.
as the leasee, you need to hope that you don't get stuck with the diminished value or the lease company finds other damage to ding you with you. if the care was totaled, you cold be out a signification amount of money. as the cars value could be a lot less than the residual lease value. in which case you'd have to pay up the difference.
Anonymous
02/18/2022 13:24
Subject: Car accident
Anonymous wrote:Not sure if this is the correct thread. About two weeks ago, my car was involved in a car accident, it was the other drivers fault. The front side end of my luxury car was hit and damaged, so the bumper and wires were sticking out and fluids were leaking out. It’s been in the shop ever since. The estimate for fixing my car is around 44k, which is shocking cause the car value is only around $55k. Repairs and getting the parts mights take until the end of March.
My questions are:
1. Is it worth It to fix the car thru my insurance?
2. Can the car be called a “total loss” and instead of repairs, I just get a new car?
What advice would others give or what should I ask my insurance agent. Also it is a leased car if that matter. Thanks in advance.
Since your car is leased you have to return it in whatever condition is specified in your contract. Likely that means you have to get it repaired.
Anonymous
02/18/2022 13:22
Subject: Car accident
Anonymous wrote:Get a lawyer. You're going to pay more than you should for a new car and if you fix your current car, its value has taken a giant hit. And it will be a less safe car.
Yeah, I mean this will be the other driver's insurance making these decisions right now.
Do you have gap insurance?
Read your lease contract carefully.
Anonymous
02/18/2022 13:20
Subject: Car accident
It is up to insurance to declare the car a total loss or do the repairs. They’ll choose whichever is cheaper for them. They should be providing your with a rental. I assume the estimate is from the insurance of the guilty party? You can try to go theough your insurance and see if they want to write the car off but I think they will do the exact same thing as the other insurance because in the end that is where they’d ask for reimbursement. The other insurance will pay either way, directly to you or to your insurance.
Anonymous
02/18/2022 12:53
Subject: Car accident
Anonymous wrote:No they will not give you $55K instead of 44K in repairs. You can take the 44K and do what you like with it.
If you push for diminished value (which you have a right to) then you are probably over 55k in damages.
Anonymous
02/18/2022 12:52
Subject: Car accident
Get a lawyer. You're going to pay more than you should for a new car and if you fix your current car, its value has taken a giant hit. And it will be a less safe car.
Anonymous
02/18/2022 12:50
Subject: Car accident
Anonymous wrote:No they will not give you $55K instead of 44K in repairs. You can take the 44K and do what you like with it.
Oh missed the part about it being leased...no sure what that means.
Anonymous
02/18/2022 12:50
Subject: Car accident
No they will not give you $55K instead of 44K in repairs. You can take the 44K and do what you like with it.
Anonymous
02/18/2022 12:47
Subject: Car accident
Not sure if this is the correct thread. About two weeks ago, my car was involved in a car accident, it was the other drivers fault. The front side end of my luxury car was hit and damaged, so the bumper and wires were sticking out and fluids were leaking out. It’s been in the shop ever since. The estimate for fixing my car is around 44k, which is shocking cause the car value is only around $55k. Repairs and getting the parts mights take until the end of March.
My questions are:
1. Is it worth It to fix the car thru my insurance?
2. Can the car be called a “total loss” and instead of repairs, I just get a new car?
What advice would others give or what should I ask my insurance agent. Also it is a leased car if that matter. Thanks in advance.
My questions are:
1. Is it worth It to fix the car thru my insurance?
2. Can the car be called a “total loss” and instead of repairs, I just get a new car?
What advice would others give or what should I ask my insurance agent. Also it is a leased car if that matter. Thanks in advance.