Author Topic: Insurance Company totaled my truck  (Read 2564 times)

Tempname23

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Insurance Company totaled my truck
« on: November 21, 2018, 08:01:47 PM »
We were hit by hurricane Micheal.
 I have a 97 Toyota T-100 in great shape with 106,000 miles on it.
 The hurricane pushed the wall of the garage in, a 3/4" shelf on the wall was pushed
against my truck and put a dent just behind and above the side window. The  bug deflector on the front was
also broken and there are a couple other very minor issues.
 When the adjuster came, I said, "please don't total my truck", he said "that's probably
what's going to happen."
The insurance company totaled the vehicle, my deductible is $1,000.
I had a choice of taking a check for $3,695.08 and letting them have the truck, or
taking a check for $2,968.67 and I keep my truck.
 For a difference of $726.41, I'm keeping my truck.
 I didn't do so well on our other vehicle, it is a white GMC van, known for chunks of paint
falling off. I think there was more paint blown off than the adjuster gave credit for.
I only got a check for $625 for the van, I could probably fight it and get a little more,
but I doubt I will ever get it painted, so I'll let that go.
 On my home, the Ins Co. just out of the blue added another $13k to the $62k they had already promised,
so I think it will all work out, they do hold back 10%, and you need to show receipts to justify getting that last 10%. Seems quite reasonable so far.
 We didn't do well on our outbuildings, that is called coverage B, we only had $4,050 for that, but had about
$15,000 in damage. Luckily a lot of that is repairs that I can take care of.
   I consider us very lucky, we can still stay in our home, I've talked to some that had to move.
Being FI, makes this just a blip on the scale.
 


SwordGuy

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Re: Insurance Company totaled my truck
« Reply #1 on: November 21, 2018, 09:19:49 PM »
So, you got paid $3500 to keep vehicles you planned on keeping anyway?   

How much will it cost to fix the "mission essential" features that were broken?  (I.e., nothing cosmetic or that isn't really needed.)

Because if it's less than they paid you, you just made a profit. :)

We made $10,000 when they totaled our two cars some years back after a hailstorm.  It was awesome.


Important point:  Check your insurance because since they've totaled it, they won't want to pay as much next time your car is damaged.  So don't blow that money on stuff you don't need and then, if your car gets totaled again, be stuck without a car because they didn't pay much the 2nd time...

former player

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Re: Insurance Company totaled my truck
« Reply #2 on: November 22, 2018, 02:16:16 AM »
Congrats.  You may find that insurance on a vehicle is slightly more expensive because some firms won't cover vehicles which have been written off once.

WheresMyMule

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Re: Insurance Company totaled my truck
« Reply #3 on: November 22, 2018, 05:10:19 AM »
I did the same thing when my car was hit 2 years ago.

Insurance gave me $4500, I spent $800 having the light replaced, dent pulled and paint touched up, and out the rest in my emergency fund.

I've had my car from new and it's super reliable so I don't care if it looks a little rough around the edges.

Sent from my Pixel 2 using Tapatalk


Tempname23

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Re: Insurance Company totaled my truck
« Reply #4 on: December 07, 2018, 07:02:37 AM »
So, you got paid $3500 to keep vehicles you planned on keeping anyway?   

Such a deal!
Quote
How much will it cost to fix the "mission essential" features that were broken?  (I.e., nothing cosmetic or that isn't really needed.)

 Nothing "mission essential". I will replace the bug deflector, to prevent it from coming apart in the wind, but I'm driving it daily.

Quote
Because if it's less than they paid you, you just made a profit. :)

 Uhm, I paid $11,000 for it 18 years ago, insurance company paid me $2,968.67 to drive a truck with
a 1" x 5" dent in the side.
Quote
We made $10,000 when they totaled our two cars some years back after a hailstorm.  It was awesome.

Important point:  Check your insurance because since they've totaled it, they won't want to pay as much next time your car is damaged.  So don't blow that money on stuff you don't need and then, if your car gets totaled again, be stuck without a car because they didn't pay much the 2nd time...

 Yes, the company said, I had to remove the collision coverage until I get the truck repaired.
  I don't expect to get it repaired.
It worked out well, but I did like my truck in very good condition.

poetdereves

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Re: Insurance Company totaled my truck
« Reply #5 on: April 19, 2019, 08:46:15 AM »
I just got an insurance check because my car was hit in a parking lot and they crushed my bike rack and trunk before driving away. Luckily a friend saw it happen and saw that it was a vendor for the company we were visiting, so I was able to call them and explain what happened and they gave me his contact info.

Mine didnít get totaled, but they did pay me $1,500 for the damage to my trunk and cut another check for a brand new bike rack. I didnít end up getting it repaired because I have had the car since new. Itís 11 years old and has 15,000 miles. I slapped some duct tape on the dangling trunk pieces (to match the already silver car) and called it good for another 150,000 miles. Put the money right into savings.

I used to pride myself on keeping my vehicle pristine, but the older it gets the more I realize it is just a tool, not a status symbol or symbol of my success. Good luck fixing up everything else on your property! I know storms cause so many headaches.

JLee

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Re: Insurance Company totaled my truck
« Reply #6 on: April 19, 2019, 08:48:26 AM »
If they are totaling these vehicles make sure you can still register them.  Some places require them to be repaired and inspected by the state before they can be considered road legal.

radram

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Re: Insurance Company totaled my truck
« Reply #7 on: April 19, 2019, 09:14:23 AM »
OP, am I reading this right? Did you have collision coverage on a 22 year old truck?

I think if you add up just the collision payments you have been making for the life of the truck you will see that you did not make out quite as well as it originally looks.


Don't get me wrong, I am glad you got something, but in the future you might want to rethink collision on your older vehicles, especially if you have the cash to replace the vehicle.

With regard to future insurance payments and claims on salvage vehicles, every state is different. In my state (WI), insurance companies can collect collision premiums on salvaged vehicles, and then if that car is damaged, they can refuse to pay a claim since the car has already been salvaged. Happened to my sister last year.

The insurance company forcing you to drop collision is the best result you could get!

JLee

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Re: Insurance Company totaled my truck
« Reply #8 on: April 19, 2019, 09:18:39 AM »
OP, am I reading this right? Did you have collision coverage on a 22 year old truck?

I think if you add up just the collision payments you have been making for the life of the truck you will see that you did not make out quite as well as it originally looks.


Don't get me wrong, I am glad you got something, but in the future you might want to rethink collision on your older vehicles, especially if you have the cash to replace the vehicle.

With regard to future insurance payments and claims on salvage vehicles, every state is different. In my state (WI), insurance companies can collect collision premiums on salvaged vehicles, and then if that car is damaged, they can refuse to pay a claim since the car has already been salvaged. Happened to my sister last year.

The insurance company forcing you to drop collision is the best result you could get!

Collision coverage is for repairing your vehicle if you hit someone - comprehensive covers storm damage, etc.

radram

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Re: Insurance Company totaled my truck
« Reply #9 on: April 20, 2019, 08:51:36 AM »
Collision coverage is for repairing your vehicle if you hit someone - comprehensive covers storm damage, etc.

So I have coverage for some natural disasters? cool. I never knew. Thanks for the info @JLee.

JLee

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Re: Insurance Company totaled my truck
« Reply #10 on: April 22, 2019, 09:08:09 AM »
Collision coverage is for repairing your vehicle if you hit someone - comprehensive covers storm damage, etc.

So I have coverage for some natural disasters? cool. I never knew. Thanks for the info @JLee.

If you have comprehensive on your policy, yes.  Minimum insurance is liability, which doesn't cover your vehicle/property at all.