I was involved in an accident where another vehicle sideswiped me. The insurance company claimed it as a total loss and now I have an option of keeping the car or having the insurance company keep the car. If i keep the car the insurance check will be x, while having the insurance company keep the car, the check will be y.

If I decide to keep the car, I believe that I can make up the difference between y-x by parting out the car and eventually donating it for a tax deduction.

What do you think? Is there something that I need to consider before taking this route?

I drive a 125k 2007 TL w/ Navi.

Thanks in advance.

 

Yeah. Time, Space, and Effort.

Take the check from the insurance company and let them deal with the car.

 

The question is: why would you keep the car? In my last accident scenario, car was deemed a total loss. The company allowed me to buy it for $500. I did so and used some of the money from the check to fix the car to drive it as a beater (with a salvaged title). If you're not going to follow this route, why bother?

 

Are you allowed to disclose the prices? If so that would be helpful in our information.

 

This is also a consideration. I assume I can google, but what do I need to do to get a salvaged title. Is there a problem with having the car insured with the same insurance company or would I have to go through another?

 

To keep the car I'll get $6200. Total loss would be $8000.

 

Let them have the car then buy it back after the fact. Why do you want a beat up car when you can get a different one without the issues. It's a huge hassle to fix a car that has been a total loss from a side swipe accident and the cost to repair might be far higher than the cost to just get a different car. In order to get a salvage title, you typically need to go through an inspection.

 

 

They've changed how the donating car thing works. You used to be able to self-report the value of the car and then take the deduction immediately. Now you actually have to wait until the charity sells the car and they'll report to you what they received for it. Then you deduct this value.

For a salvaged junk car, you're only going to get the scrap value of it which is probably less than what you'd get from the insurance's value.

If there are parts on it that you want to keep, you are better off making an arrangement with the yard where the car currently is and pulling the parts off. Make sure you have parts to put back on or insurance will deduct from your payout. So for example if you pull the wheels off, put the stock wheels or some other wheels back on.

 

That'll buff right out.....

 

If its stock, take the 8 grand, if there are any performance parts, talk to the yard so you can get them back

 

Before taking the car, find out how much repairs would be first and what a similar spec'd car but with a salvage title would sell for. For example, if repairs will cost $3,000 and you can sell it for $5,000, why not keep and fix it? (Remember to factor in the $1,800 difference between both payouts too). Use it as a daily beater or sell it at a profit. But if repairs will cost more than ~80% of the value of a salvage titled car, then I'd say take the $8,000 and get something else if financially possible.

Don't know where you are, but in CA, to get a salvage title, you take your car to the DMV after repairs are done for an inspection. If it's approved, you give them your old plates and title, they issue you a temporary and then they send you new plates and a salvage title in the mail after a month or so.

I did this once. It's not really "a huge hassle" as SamDoe claims. It was pretty simple actually. Insurance cut me a check for the car. I picked my own body shop for repairs. Body shop gave me a total for repairs. They repaired the car. I paid them for repairs and drove home. I later took the car to the DMV for an inspection. Done.

And I didn't have any problem insuring the salvage titled car through the same insurance company I had been using before either.

 

unless the car has some kind of sentimental value to you, otherwise take the 8000 and walk away.

you are not going to be able to repair the rear quarter panel,+ taillight + who knows what else is wrong in the suspension department for $1800. But if you have another car and the time to part it out then it might make sense to take the 6200 and make some profit.

i think the wheels/tires, headlight, navi, interior alone will get you 1800. anything else will be profit.

your call.

 

Up until late May, we had a 14 Accord Sport that the wife and I loved tremendously. An inattentive driver nailed it from behind while the wifey/kids were sitting at a stoplight, totaling it ultimately.

As much as I enjoyed that car, I didn't hesitate to seize the opportunity to replace it with my new TLX 3.5. (tough choice between that and a Q50)

Honestly, a car would need to be exceedingly special for me to retain after being totaled.

 

what I ended up doing was keeping the car. I was able to sell the car as is for $2150, and used that to get an Audi Q5.

The TL will always be my first baby.

Thanks all for your input.

 

That TL deserves to live!!!

Damage isn't that bad...

Get $6,200, sell it for $1,800!!!

You got full value, and someone has a luxo/beater!!!

Ok, seriously, do what sits you best, but that is still a nice car!!!

 

^Whatever, yet another hunk of metal that someone has become emotionally attached to.

OP, Walk away from that old busted POS. A new and hottness ride is calling your name...

TRANFN, tranFN! Come over and sit your butt down in my new leather interior with 10 speaker audio system and turbo 3GTL ass kicking motor!!!

 

^ Reading comprehension fail

he he kept it, took the 6200, and sold it for 2150. He ended up making 350 more than the insurance company would have offered him for the whole car.

 

All that work for 350 bucks?!?

 

Yes, but that way, she LIVES!!!

 

^ You realize it may have been bought by a scrapyard/someone else who will part it out??

 

He needed it for the strip club

 

I think he could easily get more for about the same amount of work parting out here on the forum....

But oh well, too late for that.