The Tracer X saga continues...

[lithera]

So, I had the guy from the other insurance company come out and look at my car.

Yes. It is totaled. So. What I understand happens now is that they pay for the car as a total loss and I can buy it back from them for the difference between the value of the car and what it totaled out at. Then they pay me the value of the car. (Or so I understand it.) And then I get the tail light fixed and go get it retitled with the state.

Right now I don't know how much money that might be.

The estimate that I got for repairs was $2500. The blue book value of the car is around $1500. I don't have $1000. Not at all, though the guy doing the estimate said it might be more and it might be less. He'll call me when he knows.

The car runs just fine. This seems really, really stupid to me. I mean... I get into an accident, it isn't my fault and I get my car taken from me and I have to buy it back? In what universe does that make any damned sense?

I'm really frustrated. I hate money. I kind of want to cry right now but.. Well. We'll see what happens, I guess. Maybe if it isn't too much I can manage to do this. I would really like to keep my car. I love my car.

Comments

[tattermuffin.livejournal.com]

You have to buy it back from who? Even if it was impounded after the accident, it's still YOUR property. If they're going to deem it totalled, then they should pay you bluebook value of it before the accident - and then you have the choice of keeping it or selling it for scrap.

My parents are going through this right now with their van, however theirs really is totalled and it will go for scrap once all the personal belongings are out of it.

[lithera.livejournal.com]

I think from the insurance company, or so I gathered. Maybe I misunderstood what he was saying. How I understood what he said was that they would give me the value of the car and I'd pay them the extra between the value of the car and the total of the damages....

Which still doesn't make any sense to me at all.

[lycantras.livejournal.com]

Probably they are saying you would have to pay the extra $1000, to get the car fixed.

[lithera.livejournal.com]

I'm not sure.

The guy called me back and said that it would be $150, which I can handle... even if I really don't get what the heck they're talking about. Of course, they're going to give me a check for the amount of the car as well, which ends up being about $1400 by their estimate.

So... I still win here.. I'm just confused.

[lycantras.livejournal.com]

Then you get to decide if you want to put the money towards fixing the present car or getting new one.

:)

[pullthestars.livejournal.com]

So is it that if they give you the $1400, they're technically buying it from you, but they give you the option to buy it back, which is where the $150 comes from?

Why don't they just give you the $1400 minus the $150 cost? of course, that's applying logic to insurance companies, which might just be impossible.

[tattermuffin.livejournal.com]

Oh - yah ok, and then they'll make sure it gets fixed maybe? Coz that, financially, would work out the same as you getting $1500 from them and then paying out $2500 to get it fixed ... but sounds like this way they manage the fixing part 'til the whole claim is closed.

I've always maintained that auto insurance is totally unfair. When you insure a house, if it burns down you're given the amount of money it takes to rebuild the house, not the amount of money the house was deemed "worth" - so you're not out of pocket and end up with a house to live in. With cars though you get what the car was worth even if that's not enough to get you into another (or in this case, into the same) car. It's lame.

[arian1.livejournal.com]

Man that bites :( I hate hate hate money too lately. It does nothing but cause grief it seems. I'm sorry about Tracer X, it sounds odd about the "having to buy it back" thing. I've not heard of that one before. I hope it all works out for you :/

[princessgeek.livejournal.com]

Ok I've done this before. The insurance company will pay you the amount that the car was worth. (by the way, you can negotiate this. A good frame of reference is the newspaper in the area) Then they take the car and sell it to a junkyard for $150. Unless you want to buy it for $150 and then you can. Then you have to get a new title from the state if you want to drive it. You don't have to get anything fixed if you don't want to. The state will have to re-certify the car as safe to drive.

[counterweight.livejournal.com]

*hug!*