Fiat smashed, possible "total loss". How does this go?

[BNelsonAz]

Yeah we just got my son's 1980 FI on the road after an 11 month rebuild. Another student smashed into him in the parking lot. Their insurance company is going to pay but they said they will probably call it a "total loss".

[img]http://i807.photobucket.com/albums/yy35 ... eg.jpg[img]
Has anyone ever been through this? How does it go?

I appreciate any input, but I'd prefer those who have actually had this happen.

Thanks!

Bill

[Exit98]

If you have collector car insurance with agreed value coverage you are good to go.

Otherwise you are probably screwed.

Maybe you can convince them that the NADA value guide isn't pure fiction and get $5 or 6K from the other guy's company.

In any case let us know how it turns out. Assuming a total what do you think a fair payout should be?

[81SPIDERMATT]

it has been a while since I totaled a car .... they can pay you off or replace the car is how I remember .... the payout will most likely not be enough ..... shop for (nationwide) a similar car with similar options and upgrades ( receipts will help with that) once they see the hassle and price of getting the replacement car they start to get a little bit looser with the checkbook ..... my buddy just laughs at their first offer and says my lawyer will be in touch ... that has worked for him also .... sad for you ... sucks to loose a project car so quickly

[BNelsonAz]

Hi Doug,

Thanks for the reply. I don't know how much it would be worth. The body was good, no rust interior is mismatched but generally in good kit. It has a new top and everything works mechanically. I got it as a craigslist bargain $1800 running good. I put about $1600 into rebuilding the motor but saved a lot since I did all the work.

What I'm wondering is how this works though. When you had yours totaled, did they send you a check? Do they keep the car?

Thanks,

Bill

[redcars]

When I have had cars totaled I have keep them. When I have did that the car was taken to my place. If you are doing this once you come to an agreement on what the car is worth. The insurance company takes off what the car is worth for scrape and gives you what is left. Usually for older cars something like a 10% reduction. Normally you have to work to get what the car is worth. In IL if the car stays in your name and you rebuild it. It keeps a normal title, because the title have never been marked as a totaled car.

[garion]

I believe you can do the same thing as redcars has here in AZ... I vaguely recall having that option when my 04 Audi was totalled.. I didn't take the option cause my B pillar was completely crushed, and wouldn't be safe to repair without replacing half the car..

It might be worth keeping the car, with the amount of work you have rebuilding that engine.

If you decide to rescue it, I have a 78 that needs body work (rust), including the shock towers (which I have good replacements for, just not installed..) I would be willing to part with... Maybe piece the two together to get a good one again.

[courtenay]

Maybe piece the two together to get a good one again.

Chris (Narfire) can provide all kinds of advice on that kind of project...

[BNelsonAz]

Thanks everyone for your experiences.

I don't know that the shock tower is damaged. We'll see what the adjuster says.

My son wants to keep it, and I don't think the repairs will be as much as the total loss payment.

I'll let Y'all know what happens.

Cheers,

Bill

[bobplyler]

Mine was in a wreck about 20 years ago. The insurance guy wanted to declare it a
total loss, but I didn't want to do that.

I got the insurance company to pay for the repairs.

It was hit on the left front of the car, worse than yours, but the right side wasn't touched.

It looks repairable.

[azruss]

Sorry to see all your hard work down the drain. The insurance company will offer you a settlement and they own the car. At that point, the car goes to a salvage auction. As others have said, the settlement they offer you is low and can be negotiated. The amount of money for a car like this is chump change for the insurance company, so they may be compliant on the value just to get it off their desk. There is a lot of body work there. I am concerned about the amount of damage i see on the passenger side. It could easily have distorted the inner fender changing the camber and caster of the right wheel. If they give you $4k for the car, I'd take the money and run. If you tell them you want to keep the car, they usually knock off the scrap value from the settlement. I dont think steel is very high right now and most salvage yards wont mess with it. Maybe salvage is a few hundred dollars. If you are seriously thinking about keeping the car, I would be willing to go look at it to give you my 2 cents worth.

[So Cal Mark]

if the repair estimate is more than about 50% of the cars' value, the insurance will want to total it. They're buying the car from you and will sell it at auction. That's how the insurance company recoups some of the money they paid out.
If you want to keep the car, they will charge you a percentage of the settlement value, usually in the 15% range. Generally you can take the settlement, keep the car and repair it with money left over. Insurance companies are not allowed to purchase used parts for the repair, so it makes almost any repair on an old car unfeasible. Once you get the money, retain the car, you can find a body shop that will agree to used parts to complete the job.
If you've tracked all of the wrecked Spiders I've been posting pictures of, they're all from the insurance auctions.

[RRoller123]

Given that the Insurance Repairs can't use any used pahts, it seems like even a relatively small accident (if there is such a thing), given the generally low market $ value for these cars, would drive nearly all of them to be declared total losses. You folks with body work and painting skills, have a leg up on rebuilding these.

[bobplyler]

About 15 years ago, I had a car that was repaired using used parts.

[4uall]

I am not sure of the laws and how they may differ from my location to yours however, insurance companies generally work on the same principles. Having just had one of my cars written off (see signature below ) it is my understanding that there are two ways the insurance company and you can go. 1) The car is written off and the insurance company pays you the agreed upon value (be prepared to negotiate ) 2) The car is written off and you keep the car with a minimal $ payout. What I would find out is, if the insurance company is putting the car as damaged or salvage, this is important as you may no longer be able to get insurance for a car that has a salvage title attached to it. Best of luck with everything

[RRoller123]

Wooooo.... good point about the salvage title, that could be quite a trap, depending upon locale.