Totaled 2010 2LT/RS - Advice

[WoodBoss]

Get all receipts plus labor added. Hold out for a replacement value. Try to get $20-$25K.

[Snoman]

Originally Posted by WoodBoss

Get all receipts plus labor added. Hold out for a replacement value. Try to get 20-25L.

Texas Department of Insurance does not recognize replacement value and will only enforce "average dealer trade in value based on a 'clean' vehicle". Since insurers do not use KBB or Edmonds and the regulations are subjectively written, TDI rarely gets involved in these cases.

[maddoggyusa]

Your best bet is to provide some good comps (comparisons). You probably be lucky to recoup 20-30% of your upgrades.

Even if totalled, you might have option to buy back and repair it. I pocketed $3k after fixing my truck that was totalled and fixed myself. If not for the airbags which are expensive, it doesn't look that bad.

[Sir Nuke]

OH RABBIT!!! so sorry to hear.....and better yet good to hear that Skip is ok......


maybe its time to get a '16'!!

[Battlezone580]

Sorry to hear about your car that's always a sad thing, at least your husband is okay!!

I've worked for Farmers Insurance my whole life so I think I can answer this question very well.

Insurance is based of the market value, you should check the blue book value to get a fair idea of what the cars worth.

I really hope you have a good insurance carrier like Farmers/Allstate ect.. and not one of those cheap companys with a 1-800 number and no agent (you get what you pay for)

Any aftermarket parts the company will require receipts, and depending on the company will most likely pay for those parts. I wish you the best of luck.

Originally Posted by Snoman

Texas Department of Insurance does not recognize replacement value and will only enforce "average dealer trade in value based on a 'clean' vehicle". Since insurers do not use KBB or Edmonds and the regulations are subjectively written, TDI rarely gets involved in these cases.

Really? I've never heard of that before in any state... Why would a Insurance company give you the trade in value? That almost sounds illegal..

Trade in value is not the value of the car!! Dealers have to make profit's..

[bossbunny]

Originally Posted by Sir Nuke

OH RABBIT!!! so sorry to hear.....and better yet good to hear that Skip is ok......

maybe its time to get a '16'!!

Thank you Nuke! I'm just happy he is ok. Hopefully we will get this mess sorted out soon and another fun car.

Originally Posted by DreamDiesel420

Sorry to hear about your car that's always a sad thing, at least your husband is okay!!

I've worked for Farmers Insurance my whole life so I think I can answer this question very well.

Insurance is based of the market value, you should check the blue book value to get a fair idea of what the cars worth.

I really hope you have a good insurance carrier like Farmers/Allstate ect.. and not one of those cheap companys with a 1-800 number and no agent (you get what you pay for)

Any aftermarket parts the company will require receipts, and depending on the company will most likely pay for those parts. I wish you the best of luck.

Really? I've never heard of that before in any state... Why would a Insurance company give you the trade in value? That almost sounds illegal..

Trade in value is not the value of the car!! Dealers have to make profit's..

Yeah I've done a lot of research the last few days and that's what I read. I have a really good policy through State Farm.
I made them a list of all my mods and cost but I only had receipts for half, but at least it was for the big stuff. If I don't get the rest it's ok.

I did get the KBB value and the NADA value. The only thing is there isn't really comparables in our area, they are all lesser trim levels (LS or 1LT) or they have way less miles.

[Snoman]

Originally Posted by DreamDiesel420

Really? I've never heard of that before in any state... Why would a Insurance company give you the trade in value? That almost sounds illegal..

Trade in value is not the value of the car!! Dealers have to make profit's..

Welcome to Texas! Immoral perhaps, but not illegal by any means, quite the opposite actually. In Texas, the value of your used car is what the insurer says it is, which is tied to the cost of a dealer obtaining the car, not you replacing it. Within our industry it is referred to the black book, though occasionally someone will make mention of NADA (closest reference to what is used) to the public. The flip side of the coin is, you are being forced to sell your baby to your insurer and the transaction is treated as a dealer purchase, not a private sale. For new cars, the replacement cost is a figure that auto manufactures provide directly to us, which is basically what it costs to ship a new car to the dealer. Hence, the creation of GAP insurance. No insurer gives 2c about dealer profit, the regulations were written in this state to protect insurers, not the vehicle owner. This direction was founded by convincing the Texas legislature that every accident is in fact avoidable.

If you live in Texas and want to have some fun (and a few hours to kill), call your insurance and don't get off the phone until you get a "replacement cost" figure quoted to you. The 800# for filing a claim, not your local agent. It should be an unforgettable experience, and an eye opener.

Did State Farm tell you about the $1,500 - $3,000 check to cover any health or time off from work issues no questions asked per person in the car? It is paid out of your injury coverage and not comp coverage. Sometimes they will "forget" to inform you and bury it in the purchase price by raising the total check some. Or of course lie to you and tell you it's unavailable.

Seems the OP is happy with the offer, it normally doesn't work out this way so, congrats! Hope your back with the Camaro community again soon

[bossbunny]

I haven't gotten an estimate yet, that should be today. I've just been in contact with them and so far they have been helpful.

As for the medical, we haven't even gotten the bill yet for that.

And while I did ask for help and I appreciate it, being negative isn't helping me any. You're just freaking me out while I'm trying to stay as positive as possible during this stressful period.

[Snoman]

Originally Posted by bossbunny

I haven't gotten an estimate yet, that should be today. I've just been in contact with them and so far they have been helpful.

As for the medical, we haven't even gotten the bill yet for that.

And while I did ask for help and I appreciate it, being negative isn't helping me any. You're just freaking me out while I'm trying to stay as positive as possible during this stressful period.

Thought you had an offer and misread your post, apologies. Rest assured, State Farm is one of the best in Texas and I agree that now is the worst time to find these things out. Just remember to keep your attorney in the loop and it will all work out fine.

[bossbunny]

Just got off the phone with insurance. Their pre-mods estimate is higher than the NADA. Which is more than half of what I paid for it, so that alone makes me a really happy girl! I had sent in my receipts (all the bug stuff) for the mods I had but she asked my husband for any pictures I may have of the others (all the small stuff) and said we should have our total on Thursday. Feeling super relieved right now.

[clashley1976]

Originally Posted by bossbunny

Just got off the phone with insurance. Their pre-mods estimate is higher than the NADA. Which is more than half of what I paid for it, so that alone makes me a really happy girl! I had sent in my receipts (all the bug stuff) for the mods I had but she asked my husband for any pictures I may have of the others (all the small stuff) and said we should have our total on Thursday. Feeling super relieved right now.

Glad to hear it is progressing well!

Sent from my SM-N900V using Tapatalk

[Philar299]

Holy cow.. so sorry to hear that. Glad your husband is okay.

Hope everything works out for the best!

[GrandAmGT]

Sorry for your loss. Use the insurance payout for a down payment on a Chevrolet SS!! It's a sleeper family sedan. Regardless, keep us updated.

[MBS]

If I were you I would be looking for the 6th gen and rough it till then