Re: Totaled

From: Jon N. Benignus (blkwidow1@primary.net)
Date: Fri Aug 02 2002 - 22:42:55 EDT


> Are you considering "repurchasing" the totaled truck back from the insurance
> company ?? Alot of times its only $500-$1000 and you would then be able to
> part it out or something.

AAARRRRGGGGH!
I hate it when I see people buying a vehicle from someone who doesn't own
it!
When your vehicle is "totaled" by the insurance co, they give you a check
for the value of the truck, right? Okay, let's say your house gets hit by a
tornado or burns. Do you "buy it back" from them? Heck, no! Why pay for a
truck that is yours!
I have several friends in the insurance industry. The "buy back" deal is a
SCAM. They are paying you for your loss, NOT buying the vehicle. The vehicle
is still in your name, NOT theirs. The "buy back" deal is just a way for
them to cut their losses, and the people,not knowing any better buy it.
DON'T DO IT!
I had a vehicle totalled by an insurance co because the damage was 2/3 the
value. They wanted to give me 2/3 the value (the amount of the damage). I
told them if it is a total loss, I should be paid the TOTAL VALUE of the
vehicle. They said okay, we'll give you total value, you sign over the
vehicle. I said no, it's mine, I can do what I want with it. You only cover
my loss. It doesn't mean the vehicle is automatically yours. I don't have
to give it to you Their job is to make me whole, meaning if my property is
damaged, they pay me the value of the damage-nothing more or less. The
adjuster (notice they are called adjusters-meaning the claim is adjusted
DOWNWARD) after one month of phone calls finally told me I was entirely
correct, and it wasn't worth his time or effort to argue with me any more,
since he didn't have a leg to stand on. I used the house analogy, and he had
to agree with me-said I was one of the informed consumers.
I got a check for the book value, then repaired it for $3k less (value
$4100-estimate $3100). I still have it, and drive it.

In closing, when a vehicle is totalled-YOU STILL OWN IT.

I am not an attorney, but I offer this info based on personal experience and
advice from friends who have been and are insurance adjusters. It's one of
those "dirty little secrets" the industry doesn't want you to know.

My two cents.

Jon
STL MO

 



This archive was generated by hypermail 2b29 : Fri Jun 20 2003 - 12:05:11 EDT