Question regarding insurance and totalling a vehicle

[Kevin B.]

I've never had a vehicle totalled before, but I fear that's about to change. I have some questions that I'm not ready to ask my agent yet.

When an insurance company totals a vehicle with an outstanding bank loan and you accept their payout, does the insurance company pay the bank first and then the vehicle's owner? Or will they write me a check and then it's between me and the bank to settle up?

Second question, if I decide I'd like to buy the totalled vehicle back from the insurance company, how does that work? Who else has done that, and what did you pay to get your salvage vehicle back?

I might be jumping the issue, the adjuster hasn't even looked at my truck yet. But I fear the worst and want to be prepared.




(I'm fine, the airbag didn't deploy, I have no injuries. The same cannot be said for the lady in the Aveo who ran the red light in front of my F150, but I think she'll be ok.)

 

[Deleted member 12904]

I've never had a vehicle totalled before, but I fear that's about to change. I have some questions that I'm not ready to ask my agent yet.

When an insurance company totals a vehicle with an outstanding bank loan and you accept their payout, does the insurance company pay the bank first and then the vehicle's owner? Or will they write me a check and then it's between me and the bank to settle up?

Second question, if I decide I'd like to buy the totalled vehicle back from the insurance company, how does that work? Who else has done that, and what did you pay to get your salvage vehicle back?

I might be jumping the issue, the adjuster hasn't even looked at my truck yet. But I fear the worst and want to be prepared.




(I'm fine, the airbag didn't deploy, I have no injuries. The same cannot be said for the lady in the Aveo who ran the red light in front of my F150, but I think she'll be ok.)

If airbags didn't deploy I would be very surprised if it gets totaled.

I don't have experience totaling anything with a lien but im my case with a truck that was totaled they would not sell it back to me. But from what I understand if they will 20%-30% of what they paid out is normal buyback.

 

[jeep-N-montero]

Man, I hate to read threads like this, seems you were just starting to like that truck for camping but glad you are okay. I can't recall if they paid the bank first or me when this happened 2 years ago. As for the salvage value, this is usually pretty cheap and varies by vehicle, if the damage is easy for you to fix then you might make out pretty good on the insurance payout. I take it the woman was at fault?

 

[Cascadia]

I'm not positive but I think they'd pay your bank first and cut the rest of the check to you. My sister totaled her subaru earlier this year from a deer. They got a check for 6000. Bought the subaru back for 450 and put about 2000 into it. Still runs and drives great. The price they charge you to buy your vehicle back depends on what they could sell it to a scrap yard for basically. If I totaled my tundra I bet I couldn't buy it back for $15k. Just depends on what it is.

 

[jeep-N-montero]

If airbags didn't deploy I would be very surprised if it gets totaled.

I don't have experience totaling anything with a lien but im my case with a truck that was totaled they would not sell it back to me. But from what I understand if they will 20%-30% of what they paid out is normal buyback.

I have had 3 vehicles get totaled without the air bag deploying, that has little to do with it. Overall cost of repair compared to actual value of the vehicle is what they look at.

 

[mesha]

I have had a vehicle totaled out before. They wrote me a check and I went in and payed off the bank (I don't know if it always works that way). I also was able to talk to them about giving more than they additionally said because I had done modifications to my vehicle.

I bought it back from them and they took that amount off of the check they wrote me. I was able to talk them down a little on that price too.

I got the title and since I bought it back the title was NOT a salvage title. The airbags did not deploy in that case.

 

[Cascadia]

I take it the woman was at fault?

I'd say so since the woman ran the red light. Aren't you supposed to stop at red lights?

 

[Kiel]

They will pay the bank first or they will issue a 2 party check, pretty much the bank has to sign and you.

 

[Deleted member 12904]

I have had 3 vehicles get totaled without the air bag deploying, that has little to do with it. Overall cost of repair compared to actual value of the vehicle is what they look at.

Airbags being a very expensive repair it often has a lot to do with it. Its not super common for a vehicle to be in a front end collision without airbags deploying and it be totaled unless the vehicle is older and not worth much. I was guessing with it being an F-150 with a loan on it still its likely newer and it takes serious damage to total a newer vehicle. My 02 Tacoma was crashed in 06 and had $12k of damage done and they would not total it. I tried every thing possible to get them to.

 

[Kevin B.]

Thanks for the replies. Maybe it won't be totaled, I don't have any experience with this and don't know what to expect or what they're going to value the truck at (not enough, I'm sure).

Yeah, she ran the red, and I tboned her right on the front passenger door. Completely destroyed her little Aveo, I'm so grateful she didn't have a passenger.

 

[mesha]

Thanks for the replies. Maybe it won't be totaled, I don't have any experience with this and don't know what to expect or what they're going to value the truck at (not enough, I'm sure).

Yeah, she ran the red, and I tboned her right on the front passenger door. Completely destroyed her little Aveo, I'm so grateful she didn't have a passenger.

View attachment 93933

WOW! That could have been really bad if there was a passenger.

Tell me she wasn't texting?

 

[jeeper]

I don't know how the insurance works with a loan.. But I have been the rounds a few times with insurance..

1-Don't take the adjusters bid. Go get 3 or 4 others. They will all vary in price. The insurance will (usually) take the average of them all as the amount owed to you.
2-If you are still feeling hosed, tell then you need the rental car for a few days while your car gets fixed. Or you would be happy to take the cash difference
3-tell them you would like to buy it back. I have always kept my vehicles when wrecked (4 so far. always someone elses fault)

I always come out far ahead cash wise after a crash.. However, I drive older cars. The threshold is about 70% of value before they total it.

 

[DAA]

Sucky deal all around. But, long as nobody got badly hurt, it "just" sucks.

No idea on the insurance/total deal. Glad you're okay though.

- DAA

 

[jeeper]

After seeing your photo, You will just end up with a nice check. Buy a sweet winch bumper and call it good!

 

[Kevin B.]

WOW! That could have been really bad if there was a passenger.

Tell me she wasn't texting?

I don't know. The only citation they gave her on the scene was for running the red.

 

[Kevin B.]

After seeing your photo, You will just end up with a nice check. Buy a sweet winch bumper and call it good!

I hope so. Can I just ask for the amount they'd pay the shop and drive my truck away and that's that?

 

[TRD270]

Glad your okay Kevin.

I also had someone run a red light in front of me in my 93 cummins, her mini van looked about what that car does because I was doing 45 and it was raining. The only advice I can give is be prepared for a low ball offer if they are going to total it. Tell the insurance to pound sand and come back with a better offer, also tell them they owe you a rental car until its fixed. I got shafted on my Dodge even after I put up a fight, they said "we can't find any local to compare it to" No shit they are hard to find, it took me 6 months to find that truck. Cherry 93 12V with a 5 speed and 24mpg..... Ended up having a bent frame and some firewall damage so they scrapped it. So sad, but it was paid for so I can't help you in the check department

 

[jeep-N-montero]

I hope so. Can I just ask for the amount they'd pay the shop and drive my truck away and that's that?

If it's not totaled the estimator will sometimes write you a check on the spot for the repairs, that's how mine did it after hitting a deer last fall. After seeing the picture you may be lucky and not have it totaled.

 

[sixstringsteve]

I hope so. Can I just ask for the amount they'd pay the shop and drive my truck away and that's that?

Usually, yes. You can go get your own quotes from different shops and get them to match that price (or at least average it). I've got Allstate and I feel they really take care of me every time, even when the other person had Allstate. Who is your insurance through?

 

[Seven]

I hope so. Can I just ask for the amount they'd pay the shop and drive my truck away and that's that?

I have done that before. I took the money and fixed the bare essentials and then drove my wrinkled car around.

every insurance is a little bit different. you should be able to ask your company what their "totaled" Threshold is? It can vary from over 50% to over 85% before they "total" it. At that time also ask to have first chance to buy it if "totaled". That also will very from company to company. Some do a percentage while others will do what they feel they could get from the scrapyard.


One thing that I would tell you to do is get checked out for medical issues relating to the crash. You may think that you just have a little ache here or there and don't want to. However sometimes those aches or pain will just get worse over time. The farther the time from the crash the less likely they will cover it. and if no pain at all it is good to just have a check up to have a something to fall back and look at if you develop troubles in the following months. Your auto insurance will cover all or most of it. you will have to call them and tell them you want to file a medical claim regarding the accident. Then feel free to make an appt with either a medical or a chiropractor(my preference) doctor. Some chiropractor are also able to prescribe Massage therapy and it is paid for by the insurance. How many years have you paid into your auto insurance? Now is a great time to get something back.