Sorry to hear that. Maybe you can find a Tungsten GT around?


(I still don't understand the "total loss" procedure. I'd rather not have to learn either it seems like a massive headache.)

 

Yeah, I don't quite get it all either. But, the damage was really quite deep.

 

Are you referring to how they decide? If so, "Total loss" is thus:

The car is worth $X on the market if it weren't in an accident.

The car's repairs are worth $Y, estimated, before teardown.

The total loss threshold is typically $X - 20%. The reason that is the number is that the repairs to the car that have been estimated MAY NOT be all, and an addendum cost may run the total bill over $X, in which case, it's not worth the repair at all. And remember, there's also a car rental to consider in that 20% too.

So instead, they cut their losses and just say "Here ya go, $X for the car, please hand us the title... or not, we can get it anyway, just sign here and we'll file the stuff for ya. Have a nice day, good luck with your replacement." And send you on your way.

Of course, you can offer to buy it back from them, but you will, indeed, lose money in that scenario, unless you were going to part it out for the components (which may, maybe, make more than the car's worth itself, but honestly... do ya really wanna part out a car?)

So what happens to it if you let it go? Let it go? Can't hold it back anymore! Let it go... Let it gooo! Turn away and slaaam the doorrr...!

*gets slapped upside the head*

Stupid song...

Um, anyway, it gets sold to a salvage yard typically. And the title gets processed as salvage too, which enacts certain rules about that chassis's resale potential. If someone wants to bad enough, they can get it and rebuild it, true, but that salvage title will hang around it's neck for a while.

Mostly, they're parted out, and then the parts can be recycled. A hood here, a seat there... maybe you'll need a console for your new car.

All part of the cirrrrcllleee..... circle of caaarrrsss.....

*gets slapped again...*

Disney songs... gotta love 'em...

 

The songs were a nice touch. The part that confuses me is that you would have to "buy" your car back. Say $5k of damage is done to a car; the owner should get a check for $5k even if his car only has a resale value of $6k prior to the accident. What it sounds like happens is this: Car worth $10k, totalled in accident of $8k in damages, owner only gets check for $8k then from that would need to buy the car back. How do they figure you need to pay them for your own car?

 

Thanks for the great explanation. I shall find out soon what I get for it. I know I will be replacing Whinnie with another Mustang. No question at all.

 

thats something that really sucks... if your car was your car, and someone did 8000 damage to it, it should still be your car, and they should pay the damage... I dont care if they did 50,000 damage- they still did 50,000 damage and insurance should have to pay that...
alternatively, they should have to replace your vehicle with a equivalent one- and if not equivalent(missing mods/etc) they should have to pay that too. I think its crap that so called insurers can pay out what a book says you are out, and not be on the hook for replacement cost. laws need to change.

I'd be tepmpted to get a estimate at a good shop, finance the repair costs if necessary, take them to court to pay the repairs, interest, and court costs, plus your time- at overtime... I'd do it just to do it- I dont see how they could 'win', worst case they would still have to settle for book value wouldnt they? they pay 'up to 80% book' as a way to cover their asses, hoping to never pay more than book value... but thats bull****, your mods might not add 'book value', but they were worth what they cost YOU and YOUR labor, and they are responsible for insuring YOUR loss... at a minimum they should have to replace the car with a similar one you approve- whether they pay more or less is irrelevant- they should put you back where you were before their insured party 'met' you

I think maybe its time to start suing insurance companies for ripping people off by refusing to cover real losses, by only covering their one-size-fits-all book BS...

I was thinking about that today- driving my goofy 2002 marquis LSE we picked up last fall - the 'book' on that car was less than I paid for it, plus I paid 800 to ship it to ohio, then I replaced a lot of stuff that was just likely to be due from age... book says X, but there were only like 200 built with the LSE pkg... the goofy car is so 'new' it blows my mind its so old... but if it gets hit, I'll be out a lot of money on a car that cant be replaced...and they would likely never give me even what I paid for it... another goofy thing, book values vary by region? a car worth 4000 in ohio might only be worth 1500 in florida??? book is bull****- repairs cost about the same north or south, but prices they are willing to pay can vary on the exact same car in one state over another??? even if you are in a state that might show a higher book, dont forget someone in another state could be getting screwed worse than you...its just not right.

 

^ what he said.

 

Totally agree!! Especially with this "alternatively, they should have to replace your vehicle with a equivalent one- and if not equivalent(missing mods/etc) they should have to pay that too. I think its crap that so called insurers can pay out what a book says you are out, and not be on the hook for replacement cost. laws need to change."

 

RE: buy you a replacement.

Let's be clear: There is no such thing going on. They are buying your totaled car from you, if they choose to total it. What car you then get, whether it be as direct a replacement, with 0 out of pocket cost to you, to the one they just bought, or a brand new other model/make, whereby this is a nice downpayment for, that's up to you. They aren't going to scour the lands to find another one. That's your job. Sucks, but there it is. Sorry.

---

RE: Buy back of a totaled vehicle.

A totaled vehicle is not only too costly to repair, but as it sits the vehicle may have had damage that makes it just completely unsafe to drive that isn't easily seen. They've seen lots of wrecks, and there's also the fact these cars are nowadays meant to bend in really bad ways to protect the occupants first. That means they're almost literally throwaways in a big enough accident.

So not only is it an economic thing, it's a safety thing. It'll cost too much to make it *safe*, not just pretty, in their estimation, in a lot of cases. Frame being bent too much means it won't do what the manufacturer planned, so now the occupants are in danger. (By the way, you should see what they have to do to fix cars these days... it is bonding, riveting just so in this pattern, cut *HERE EXACTLY* and then weld it THIS way... as close to the original manufacturer's actual original assembly as possible. It's really complicated and time consuming to repeat this process by hand, and any reputable shop is not going to cut corners and get the lawsuit that would have happen if the car is involved in a wreck and the parts they didn't do right caused someone to get maimed or dead.)

But whatever. You want that car, forget all that noise.

Your job is to now negotiate with the insurance people, convince them that they shouldn't buy the car, but let you have it and do what you want.

Bear in mind that no matter what happens to that car, the moment it's declared a total, it is now a SALVAGE CAR. (Or flooded or reconstructed, as the case may be.) Period. You do not get to take that away. You can obviously file to get the title changed out from Salvage or Flooded to Reconstructed, but in any of these, it may make it harder to sell, or even insure. You won't be getting a normal title ever again for that car (without being a scoundrel, of course.)

Ok, so now you've got them to say "Fine. We'll let you keep the car." What money do you get?

The value of the car as they were going to pay, less any deductible (if you're liable for that) and the salvage value of the car if they had sold it (an estimate).

They'll write you a check, and you keep the car, using that money to repair it.

That's how it works. And typically why a total isn't much bought back. Unless you plan to part it yourself, or fix it and never sell it (and possibly never insure it), then the total is the better option for most people.

Emotions be hanged.

 

Well said!
I got a rental today, for a week! An Ecoboost '15!
It's fun!
I'm going to take the payout and let them take the car.

 

I wish I could say that answered my confusion. I've never been in the situation, so I can't really relate.

However, (example) if someone causes $500 in damage to your car, you get $500 to repair it from their insurance company. If they do $5k in damage to your car, you get $5k to repair it. Unless it is only worth $6k before the damage. In which case you only get $5k and lose the vehicle. This is where I get confused. It seems like you get less when your car is totaled, unless I'm completely misunderstanding it.
------

Luke, hope you enjoy the EB!

 

Thank you! I am def enjoying it!

 

I think if it's totaled, you get $6k.

This is easier if you pretend it isn't the car you love. Pretend you are stuck driving a junker (like you know it's only worth $1500, runs fine and gets you to work but no one would want it), and you got rear ended and the repair is $1200. I believe your options would be $1200 plus keep the car or $1500 cash using the 20% rule.

I do not think they deduct the 20% when they buy the car from you, which is more than I can say about dealer trade ins. :-)

 

I am having some reservations about getting an 05-09 GT. I would love to finally have a V8, but I am questioning if I would get a huge drop in MPG. My V6 never got stellar mileage. Keep in mind, I am in Colorado, and way above sea level. In my V6, I averaged, on a normal temp day with driving maybe 80% city and 20% highway, I would see 19.3 MPG. The EPA says 15/24. I don't know....
What do you all think?

 

My '06 GT gets 17 in the summer, due to both the summer blend, and the A/C going full blast all the dang time here in Houston-area. I get 19 in the late fall/winter/early spring. due to the not-summer blend and the A/C not being used. That's about the same city/highway driving mix, I would say.

I hope that helps ya.

 

Depending on how and wear you drive, your mileage should not be significantly different.

 

Thank you guys! I think I should be able to manage the GT mileage. I have never had a V8 and this is the perfect time for me to get one.

 

my wifes averages 19, I average 18... on the big road trip last summer, all highway, 5800 miles, she averaged about 24, I got about 23... best we both got was around 26, climbing mountains in colorado, we were both around 17...

seriously, if insurance aint gonna hurt, I'd get the V8... I bet with a economy tune the GT could do a lot better- Ive heard of guys getting near 30 highway, but Ive never seen it.

my 18 average daily commute(35-40 stop and go) will consistently average 20 if I run 89 octane, but it feels 'weird' taking off, kinda stumbly or something, just not quite as smooth as on 87- and I always try to run Sunoco- it hates the generic 87, runs best on sunoco- best time at the track was 87-89 half and half sunoco mix ... I need to get a tuner to play with one of these days

 

Sweet! Yeah, I plan on trying to get back much of the mods I did on Whinnie, like the SCT tuner etc. I definitely want my Bluetooth stereo back. Sync was easy to use in the '15 rental

 

Still scouring the internet for cars! I have found several prospects. Some GTs, some V6s. I'm definitely going with an easier color to maintain than the multicolor Tungsten Grey!