Re: insurance buyback questions

["David Teitelbaum" <jtrealty@xxxx>]

Some insurance companies have contract deals with salvage companies so
they get a flat price for every car they turn over. Others do it on a
case-by-case basis so they can try to maximize the value on each car.
The best advice is to just tell the adjuster your highest offer and
let him know you will buy the car back if they can't get more than
your offer. Most people in your position usually want nothing to do
with the totaled car. In this case we know why you want it but from a
purely economics point of view it is only worth so much and you are in
a better position to know what that is. You might suggest to the
adjuster to contact one of the Delorean venders to "educate" him on
the true value. In any case if they want too much you do have the
choice of saying no and moving on. At least you didn't have to cover
any deductible and you say they are being generous with the amount.
Make sure they paid for all the incidental costs too like towing,
storage, personal items lost or damaged, any personal injury and
medical bills, etc before you sign over the title. These can become
your responsablity if the insurance company doesn't pay. Don't forget
title costs, registration fees, and taxes on your replacement car. You
may be able to use that as leverage to reduce the salvage price. In
New Jersey when you register a car it costs the registration fee PLUS
6% of the price you pay for the car. If they give you a car for say
$15,000 to register it will cost around $60 for the registration but
the tax is $900. You forget because that was paid "up front". Even if
you transfer the plates you will have to pay the tax! Use that to
negotiate the salvage price!
David Teitelbaum
vin 10757



--- In dmcnews@xxxxxxxxxxxxxxx, Louie Golden <louie@xxxx> wrote:
> Well it looks like my battle with the insurance company of the drunk
driver who hit me is drawing to a close. I'm getting a really great
replacement cost for VIN 10115, but I feel they're jerking us around
with the buyback option. I remember reading that people on the list
were saying that buyback can be as low as $300 on cars, but the
insurance company is quoting me a number that is many many times that.
So does anyone have any additional thoughts on the subject, or
personal experiences?
> 
> -Louie Golden
> VIN- Coming again VERY soon :-)
> 
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