Theres pleanty of ppl here who have wrecked their evos and some totaled. But im wondering how many of u have taken the insurance money for it being totaled and how much was it? I dont have any specific year r anything just somebody throw some of your information out.

 

99% of the time your insurance company will give you book value.

 

They will pay the least amount of money

 

Where you live will also affect the bluebook value as well.

 

gap insurance,for the smart ones...

 

It will vary from insurance company to insurance company, so you need to read your policy. Some companies clearly state in the policy "Wholesale value". some state "retail value". State farm works on a process called "Fair market Value" of the vehicle, which states that the value of the car is based off of what the market would pay for your vehicle or a comperable vehicle.

Just an example. I owned a Toyota MR2 Turbo which was at the time 9 years old. The vehicle was in a fire and declared a total loss. Insurance initially offered me $4700 for the car, however the vehicle had been in 18 magazine articles and had every modification and upgrade documented. a forensic apraisal was done, and 6 months later state farm drafted a check for around $28,000

With my current vehicle, every couple months, I E-mail my agent with receipts and pictures of the vehicle documenting my upgrades. With my current policy, the value of the car, and the upgrades (including installation) is covered.

Gap insurance doesn't matter for me, my IX MR is paid off. :-)

 

What insurance is this... it sounds good to me...

 

State Farm is the insurance I go with, but actually READ your policy... meaning all the fine print.

Have documentation to back everything up... Mine was Easy as the build-up was done step by step in Sport Compact Car Magazine, so I handed them a pile of 18 magazines.

Also know your rights and stick up for them. Don't sign anything or cash a check till you are completely satisfied, once you cash a check or sign anything, you have agreed to their terms.

 

well that is some nice advice about the toyota thing, ill def remember that. But i just wanted ppl to give me some numbers that they got for their totaled evos just cuz im curious for some real experiences ppl had.

 

OK, here's the problem. Unless someone has your EXACT policy, their numbers will not be your numbers.

Read your policy, and it will tell you exactly how to calculate what you would get with a totaled Evo.

 

I had a 03 VIII with 36k on it that was totaled by my sisters boyfriend... State farm gave me over $34000 because of my mods at the time that I showed reciepts for...

 

Most insurance companies will not reimburse you for all the extra money you dump into your car... unless you specifically tell them ahead of time so they can sell you additional coverage. TempeRacerGuy either had extra coverage, or was very lucky.

It doesn't matter what proof you have of the value of your car (that's normally not the issue when dealing with your own insurance company). It's a matter of expectation: you pay a monthly premium for specific coverage based upon what you tell them about your car, and they pay-out claims based upon that expectation.

Now when dealing with another drivers insurance when they are at fault... anything goes Offer everything that proves higher value in your car.

 

i had gap insurance, but it didnt matter
i put a 10,500 down payment for the car, which cost 34,000
when my evo was wrecked, i only had 1 payment on it, and the blue book value was like 30,000
anyways, since i only had 1 payment, insurance only covered half my down payment

 

No extra coverage, just chose to go with a company that's policy takes care of me in a way I want to be taken care of.. I have had 2 vehicles replaced for more than retail Kelly Blue Book. One was listed above, the other was a loss due to an electrical fire. Not very lucky, just made sure to go with a company that offers the best pay out in the worst case scenereo.

EXACTLY...I left farmers, checked with progressive and Geico before going with State Farm. When purchasing Collision, and Comprehensive coverage, I made sure that the policy stated that for a loss of vehicle, that I would be given "actual cash value" for the vehicle. Once you prove the actual cash value of the vehicle, either through an apraisal, or through finding a number of comperable vehicles which have sold recently, that declares the ACV of your car. If there is a dispute of the ACV of the vehicle, many times there is a moderator who is involved in determining the value of the vehicle. This moderator is typically licenced as a forensic apraiser.

If your vehicle cannot be properly repaired, you are entitled to the cost of the replacement of the vehicle, including accessories.

Comparable prices for truly comparable vehicles will help you negotiate replacement of your vehicle, but remember that the prices must be for actual sales, not the asking prices. Auto dealers in similar vehicles or even the salesman that sold you your car may be helpful by providing written opinions of the true value of your vehicle.

In addition to compensation for the value of your vehicle, you are entitled to reimbursement for the tax and license costs you will incur on a replacement.

To get the maximum award for your car, you will need to convince the INSURANCE COMPANY of your vehicle's true value.


Gap coverage typically does not cover anything that you have put out of pocket (unless that's a perk of going with that specific company), gap insurance only covers the difference between your loan balance and the value of the vehicle at the time of loss.

For example, the vehicle is worth 25,000 at the time of the loss. The loan balance is 30,000. The colision/comprehensive coverage will pay the bank back 25,000, and the gap coverage will pay the $5,000 difference.

When shopping for gap coverage, look for the perks, for example, will it pay you back any of your down payment if there is a loss while the gap coverage is in effect, or will it pay towards the principal of the loan on the replacement vehicle? The only time I had to use gap coverage was a totaled motorcycle 2 months old. The gap coverage paid the difference, and also put $1000 to the principal of the replacement bike.

OT, to binarysleep, I am an RPSGT, managing labs in Florida.

 

They paid my viii off 22k and I got 3500 in my pocket. I didnt insure my viii with anything over the cars worth. so I had to dig up every purchase I made for parts. So for my 8k in parts they went from 2000 to 3500. Not much, but its something. Proggresive is my insurer. If you want to pay more for insurance they will cover what you have done to the car. I take my chances.