So my 2006 xB was parked on the street. At 6 AM a car came by and killed it. My insurance says repair it. $9700+ to restore it to pre-accident condition. The car is valued at (like) 10k.

My question is will it still have the same value after the repairs? Any one else deal with this situation before? Does the trade-in value drop?

HELP!!!!!

 

The trade-in value will decrease with any accident.
At that number, I wouldn't be surprised if they totaled it.

 

Especially with that much in damage, the box would never be back to the way it was. There would always be a tweak to it.

 

You can fight the insurance company's offer and ask them to call it a total loss. Make the same point you're making here - that it will be worthless after the repairs.

My girl had to do it with a Civic that hit a telephone pole. Her insurance company tried to put it in the shop for $10k in repairs. She called and argued with them until they finally just cut her a check for $11k (retail value) instead.

Just be sure to make it clear that you'll be a pain in their azz if the car is not 100% perfect after the repairs, and ask if they'll be responsible for any future malfunctions that might arise because of the extensive work they've done to the car. Usually, they'd rather pay you to go away than have to keep putting the car back in the shop.

Don't simply take their first offer, you have to call them and make your case. Good luck.

-THE DON

 

Expect value to drop around 50% after it is fixed. Most salvage title vehicles are only worth about half of their non-salvage price.

 

I did about $10K worth of damage to my Element and I only owed $13K and they wouldn't total mine either. I still got a decent trade in on it though, it wasn't a 50% drop or anything to steep. You are always going to get less than you hope for a trade in. Of course with this economy my buddy just got a great trade in on his tundra so anything is possible.Now is a great time to try

 

$9700 in repairs plus how much in rental car charges for the time while it's in the shop? Not to mention that the estimate is just an estimate, it could end up costing them more to repair. Seems like there should be some room to negotiate to get it totaled if that's what you want.

 

with that much damage i'm surprised they won't total it not to mention the cost of the rental like when had to get a rental when my box got hit was $25 a day for about 2-3 weeks.

good luck

 

You should read your state's law about "total loss". In my state, a vehicle must be totaled if the repair estimate is 75% of the value. When the insurance company hears the estimate is that high, they will not pay to repair the vehicle. You must surrender the title and then they give you the money. This is the state's way of keeping badly damaged vehicles off the road.

However, if you want to keep the wrecked vehicle, the insurance company will give you the money if you exchange the title for a Salvage Title, which lets you keep the vehicle with no plates and repair it. After it is repaired, the DMV will look at the receipts and inspect the vehicle and issue a Rebuilt Title and plates.

A vehicle with a Rebuilt Title means it has been totaled. Insurance companies will not issue Comprehensive or Collision coverage on Rebuilt Title vehicles, and such vehicles are worth less on any deal because of being "totaled" and so heavily repaired.