Totaled value for Honda Accord

[jeffrey]

1998 Honda Accord EX 4cyl/auto ~80,000 miles.

Please help, unpleasant situation.
Car will be totaled (bent frame).
All estimates welcome.
Thanks

 

[Nocturnal]

Did you talk to a body shop or your insurance company yet? As soon as your insurance claims it a total loss they should be able to tell you how much you'll be getting.

 

[jeffrey]

Earliest the adjuster can get out is beginning of next week. I wanted a ballpark figure to start shopping for a replacement.

 

[ucdnam]

It be real good and probably surprise you
I totaled my 2000 Accord LX in 2001 with 30k miles on it (yes I drive a lot) and I got full value. I paid 17,500 and the insurance company gave me a check for 17,000 even.

 

[RossMAN]

Thank goodness for LOAN GAP INSURANCE.

If my insurance company values our Honda Accord at $13,200 but our auto loan payoff is $15,600 they pay the FULL loan payoff.

Costs us an extra $2/mo, well worth it for that peace of mind.

 

[AaronB]

Originally posted by: RossMAN
Thank goodness for LOAN GAP INSURANCE.

If my insurance company values our Honda Accord at $13,200 but our auto loan payoff is $15,600 they pay the FULL loan payoff.

Costs us an extra $2/mo, well worth it for that peace of mind.

Well worth it. Many people don't grasp this concept until it slaps them in the face with a phone call from their finance company.

"After the payout from the insurance company you still owe $3,257 on your loan Mr. Jones. When can we expect a check?"

 

[RossMAN]

Originally posted by: AaronB

Originally posted by: RossMAN
Thank goodness for LOAN GAP INSURANCE.

If my insurance company values our Honda Accord at $13,200 but our auto loan payoff is $15,600 they pay the FULL loan payoff.

Costs us an extra $2/mo, well worth it for that peace of mind.

Well worth it. Many people don't grasp this concept until it slaps them in the face with a phone call from their finance company.

"After the payout from the insurance company you still owe $3,257 on your loan Mr. Jones. When can we expect a check?"

Exactly and I had no clue until I heard about it at work. Our customer was furious that they still owed $4k on their Pontiac Sunfire.

If they had purchased loan gap insurance every last penny would have been paid off.

 

[mgravy]

Was the accident your fault? If not, then you're going to have to do a little legwork on this, but it will be worth it. If you were not at fault you are completely in control.

Find out the Blue Book Value (on-line) given the specifics of your car and the NADA value. Find at least 5 cars of "like kind and quality" -(insurance term) locally and in the surrounding area. Whatever you do DO NOT accept their first offer of settlement!!! They will always try to low ball you as 95% of most people just assume that the first offer is the final deal and take it.

Do all of your correspondence by fax or mail. Try not to negotiate over the phone with an adjuster. They are trained to talk fast and confuse you and before you know it you will have accepted and offer that is much less than you deserve.

I just went through this on a 91 Honda Accord several months ago when some dumbass 19 year old punk pulled out in front of me as I was hauling 50mph. Both vehicles were totaled and they initially offered me $2400. I refused a total of 5 offers until they gave me exactly what I wanted. If you have to borrow a car or rent one or take the bus until you are happy with the settlement. Insurance companies know the importance that a car has on peoples lives and will use this to thier advantage. A month and a half later I was able to settle for $6800!!!

Good luck!