You guys will not believe this!
#47
12-17-2010, 07:20 PM
FWIW, I think he's right, and perhaps you have it backwards. What you appear to be suggesting is:
$60,000 car gets in an accident. Damage equals $18,000+, so by your math the insurance company totals the vehicle instead and pays the owner $60,000.
Why would the company pay $60k to replace instead of $18k to repair? Doesn't make sense.
They will pay $60k to replace instead of $50k to repair, because cost overruns and subsequent issues could arise driving the cost over $60k anyway.
$60,000 car gets in an accident. Damage equals $18,000+, so by your math the insurance company totals the vehicle instead and pays the owner $60,000.
Why would the company pay $60k to replace instead of $18k to repair? Doesn't make sense.
They will pay $60k to replace instead of $50k to repair, because cost overruns and subsequent issues could arise driving the cost over $60k anyway.
#48
12-17-2010, 08:14 PM
Join Date: Nov 2006
Location: Texas
Posts: 8,083
Rep Power: 671 
Its 80%. My E350 was worth about 40-41K so once the repair bill hits 32K it is totaled.
However if (big if) they could get the car up and running for $32, my diminished value appraiser says it will be worth $14-17K less.
However if (big if) they could get the car up and running for $32, my diminished value appraiser says it will be worth $14-17K less.
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