I knew it would come in handy one day.
BTW, does anyone know how they go about determing buy back value?
BTW, does anyone know how they go about determing buy back value?
Well, it's pretty much official now......
- Thread starter Pakrat
- Start date
From what I understand from my sister (Insurance agent) it's like this they take into consideration the blue book, market value and amount agreed upon by both parties. Then take the cost of repairs off. There are numberous ways to figure, but this is the basic formula. The original number they give is not always set in stone. There is a little wiggle room.
You are allowed to ask how they determine the figures they give you.
You are allowed to ask how they determine the figures they give you.
67GTFastback
Founding Member
Pakrat said:
I agree with Blake. No replacement vehicle will ever feel the same IMO. I hope it works out for you. Good luck.
Timmy
Founding Member
Pak, I found this about buy back.
http://moneycentral.msn.com/content/Insurance/knowyourrights/P35062.asp
If your car is a total loss but you want to have it repaired anyway, you should be able to retain it. Your insurer still has to pay you the car's actual cash value, minus the deductible and minus what the company would have gotten for it at the salvage yard. You should let your claims adjuster know up front that you want to keep the car. You're then going to have to pay for the repairs yourself.
Make sure you consider this option early in the claims process. If you decide to give up your car but then change your mind, you're going to have a hard time buying it back at auction. If your car is a newer model and its parts would fetch a lot on the auction block, your auto insurance company may decide to send it to salvage despite your protests.
http://moneycentral.msn.com/content/Insurance/knowyourrights/P35062.asp
If your car is a total loss but you want to have it repaired anyway, you should be able to retain it. Your insurer still has to pay you the car's actual cash value, minus the deductible and minus what the company would have gotten for it at the salvage yard. You should let your claims adjuster know up front that you want to keep the car. You're then going to have to pay for the repairs yourself.
Make sure you consider this option early in the claims process. If you decide to give up your car but then change your mind, you're going to have a hard time buying it back at auction. If your car is a newer model and its parts would fetch a lot on the auction block, your auto insurance company may decide to send it to salvage despite your protests.
Well, maybe I missed it but did he ever state he had agreed value and an appraisal? I don't believe either insurance company is going top dole out $20K for a settlement. Yes, they stated it is totaled in their eyes because they belive it will cost more than the $4K to repair it. If they were considering paying out $20K....there is a lot of repairing that could be done.
burnout289
Founding Member
damn. I haven't been around here in a long time, and this is not the kind of thing I want to see when I poke my head in. I'm really sorry to hear about your car, Pak. I wish you all the best!!
Timmy, good info there, thanks.
Yes I have agreed value, but that's with my insurance, and I am not at fault so I do not want to make the claim thru my agent unless I have no other choice. My appraisal is several years old, so it is almost useless. I did find out today though that even a damaged car can be appraised as to what it's worth was pre-accident, so that is my current course of action. If what they offer me minus the buy back cost is not in excess of my agreed value policy, then I will choose to file the claim with my agent instead. For now I just have to be patient I guess and play the game.
All I know is that I will not be satisfied until the car is repaired to as close as possible as it was before with no out of pocket expense to me, I really don't think that is too much too ask. Even though it will be difficult to get, it's worth fighting for. All I do know for sure is that this idiot has changed my life for the forseeable future and I do not plan on also taking a loss for his mistake. 
My car and I will have satisfaction and justice one way or another.
Meanwhile I'm trying to line up all my ducks in preperation for how the heck I am going to fix the car once I get a settlement. Some of you may remember me mentioning a while back that my father in laws friend inherited his dad's Ford bone yard. He says he has a 69' vert that is complete and unwrecked but hasn't run in years and the top is all ripped which has lead to a ruined interior and probably rusted out floors etc. Because of my situation and their friendship he said I can have the car for $500. I am going to look at it Saturday and take pics, I'll post them and see what you guys think. The way I see it, for that price I can hopefully use the whole back quarter section and end caps, and the broken parts to my conv top skeleton and what not to fix my car and probably salvage enough other parts like fenders and stuff to make back my $500. Who knows, I could decode the vin and find out it's a GT with a 351 or something too, and maybe it makes more sense to fix it and use my car for the parts. It would have to be pretty rare or valuable for me to do that though, but right now I need all the happy thoughts I can muster.
Ugh, this sooooo sucks, not at all how I imagined spending the winter with my car.
Yes I have agreed value, but that's with my insurance, and I am not at fault so I do not want to make the claim thru my agent unless I have no other choice. My appraisal is several years old, so it is almost useless. I did find out today though that even a damaged car can be appraised as to what it's worth was pre-accident, so that is my current course of action. If what they offer me minus the buy back cost is not in excess of my agreed value policy, then I will choose to file the claim with my agent instead. For now I just have to be patient I guess and play the game.
All I know is that I will not be satisfied until the car is repaired to as close as possible as it was before with no out of pocket expense to me, I really don't think that is too much too ask. Even though it will be difficult to get, it's worth fighting for. All I do know for sure is that this idiot has changed my life for the forseeable future and I do not plan on also taking a loss for his mistake. My car and I will have satisfaction and justice one way or another.Meanwhile I'm trying to line up all my ducks in preperation for how the heck I am going to fix the car once I get a settlement. Some of you may remember me mentioning a while back that my father in laws friend inherited his dad's Ford bone yard. He says he has a 69' vert that is complete and unwrecked but hasn't run in years and the top is all ripped which has lead to a ruined interior and probably rusted out floors etc. Because of my situation and their friendship he said I can have the car for $500. I am going to look at it Saturday and take pics, I'll post them and see what you guys think. The way I see it, for that price I can hopefully use the whole back quarter section and end caps, and the broken parts to my conv top skeleton and what not to fix my car and probably salvage enough other parts like fenders and stuff to make back my $500. Who knows, I could decode the vin and find out it's a GT with a 351 or something too, and maybe it makes more sense to fix it and use my car for the parts.
It would have to be pretty rare or valuable for me to do that though, but right now I need all the happy thoughts I can muster.Ugh, this sooooo sucks, not at all how I imagined spending the winter with my car.
chepsk8
Founding Member
Pak,
I just told the magazine about your car's fate. Don't forget to show the article to the adjusters. Buy that wreck anyway, how oftern do you come accross one? If not, I'll buy it!
BTW, COBRASK8 now has a fully functioning brake system, fuel is in process!
I just told the magazine about your car's fate. Don't forget to show the article to the adjusters. Buy that wreck anyway, how oftern do you come accross one? If not, I'll buy it!
BTW, COBRASK8 now has a fully functioning brake system, fuel is in process!
WORTH
20+ Year Stangneter 
Pakrat said:Timmy, good info there, thanks.
Yes I have agreed value, but that's with my insurance, and I am not at fault so I do not want to make the claim thru my agent unless I have no other choice. My appraisal is several years old, so it is almost useless. I did find out today though that even a damaged car can be appraised as to what it's worth was pre-accident, so that is my current course of action. If what they offer me minus the buy back cost is not in excess of my agreed value policy, then I will choose to file the claim with my agent instead. For now I just have to be patient I guess and play the game.
Meanwhile I'm trying to line up all my ducks in preperation for how the heck I am going to fix the car once I get a settlement. Some of you may remember me mentioning a while back that my father in laws friend inherited his dad's Ford bone yard. He says he has a 69' vert that is complete and unwrecked but hasn't run in years and the top is all ripped which has lead to a ruined interior and probably rusted out floors etc. Because of my situation and their friendship he said I can have the car for $500. I am going to look at it Saturday and take pics, I'll post them and see what you guys think. The way I see it, for that price I can hopefully use the whole back quarter section and end caps, and the broken parts to my conv top skeleton and what not to fix my car and probably salvage enough other parts like fenders and stuff to make back my $500. Who knows, I could decode the vin and find out it's a GT with a 351 or something too, and maybe it makes more sense to fix it and use my car for the parts.
Ugh, this sooooo sucks, not at all how I imagined spending the winter with my car.
IF you dont get the parts car I have a complete top frame you can have. I'll even deliver it when I bring Aero's coupe back to him
You da man Worth, and like wise if I do get it you are welcome to anything you need from the carcuss.
and like wise if I do get it you are welcome to anything you need from the carcuss.hey pak, it sounds as if things may be looking up a bit, especially with the other vert you found, i'm sure you can make one nice car out of the pair if the insurance doesn't work out your way. BTW do you want me to hold on to that console for a while, i haven't wanted to mention it for obvious reasons but since things seem to be looking up a little and you seem to be in somewhat better spirits, i figured i'd ask
bnickel said:
Honestly, I don't know when I am going to be at that stage again if it all, so if you get a bite on it then I say take it, but thanks, I appreciate that. Actually the parts car seemed to have one, or at least the remains of one in the trunk. Don't know what shape it's in because I could only see it thru the whole where the lock used to be. I'll post pics of the parts car tomorrow to get everyones opinon. Looks to be equiped simillar to mine except it's a dearborn car and automatic, also had factory AC. The car is pretty rough, the interior is totally shot and I can only assume that being a northeast car all it's life has taken it's toll underneath. Some of the parts I need though are definitly in good shape. I'll see what you guys think, but I'm thinking I could salvage the whole lower half of the dash for the AC vents if I ever decide to convert my car, and surprisingly the gauges and lens's looked like new, and I know those are worth some bucks, sooooooo we'll see if I get it or not.
Hey, what's up with this Alfred E Newman dinkus? It's like some kind of ghost link virus or something.
He's on every damn thread but doesn't officially show up or anything.
dolfan87
Founding Member
Pak, switch the the Dark Moon coloring of the site (very bottom left hand corner...click the drop down box) and Alfred will be gone in 60 seconds. 
Thanks for the tip man. This gray scheme will take a little getting used to over the blue moon I always use, but yep, he's gonesvil. 
1320stang
Founding Member
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