yea you need GAP insurance to cover the gap you loose, if it gets totaled then they will not write you a check for $70,000 they will write you a check for the amount the truck is worth, if it be like truck is worth $46,000 you get that, then pay off the rest of the loan with that $15,000, then you get what is left over $31000 at max, that will not pay for a new Raptor and you have to start all over with payments again if you finance it. That is how it works.
My Raptor in the tornado estimate $70,000
- Thread starter 98slowbra
- Start date
Yea no way it’s 70k. Also very few insurance companies mandate a complete estimate on a total loss, just write to the threshold of the value for a given states limits.
For example here in MD it’s 75% of the vehicle value. We have pre defined values in our system and once it pops over the threshold then pending on the insurer we either write up a condition report and they run a value, or they handle the condition and value report.
Also once a vehicle is deemed a total loss the owner can retain the car but is usually deducted and salvage bid values and deductible. Then pending on the state there are different things that need to be done to re title and re inspect.
From what I looked at of the pics a pdr guy may be able to get a fair amount of the small dents out but it likely still won’t be cheap and won’t be perfect.
For example here in MD it’s 75% of the vehicle value. We have pre defined values in our system and once it pops over the threshold then pending on the insurer we either write up a condition report and they run a value, or they handle the condition and value report.
Also once a vehicle is deemed a total loss the owner can retain the car but is usually deducted and salvage bid values and deductible. Then pending on the state there are different things that need to be done to re title and re inspect.
From what I looked at of the pics a pdr guy may be able to get a fair amount of the small dents out but it likely still won’t be cheap and won’t be perfect.
Cliffs:
OP needs to communicate better.
OP needs to communicate better.
Years ago my ‘95 SHO got rear-ended by a moron. Car was super clean and market value was about $5k. Rear rails were tweaked, quarters bent, trunk smashed. Insurance company only gave like $3500 after I fought like hell with them. Car was totaled, and I bought it back for $200. I sold it to a buddy who gutted it and used it in SEVEN dirt track 100-lap enduro races. My point is because they total it your buyback cost should be relatively cheap...so as was said you deduct that from the total settlement and keep the truck. Getting it back on the road legally will be easy because there is zero mechanical damage. It is still roadworthy once you fix the rear window. Then just fix it at your own pace. You can find a tailgate and 2 doors...and maybe even a bed from a wrecked one. You know the history of this truck - no sense in letting it go. If / when you ever sell it, you have proof that the reconstructed title was due to cosmetic damage from hail and not true accident damage, so you won’t take as much of a resale hit.
It happens all of the time. After a vehicle is deemed a total loss, the estimate is all fun after that. It becomes a game of high numbers for laughs.
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