: How does an Insurance Company Decide what the Salavage price is ?



ThumperPup
12-31-10, 12:40 AM
does anyone know how it is that an Insurance Company Decides what the Salvage price of a vehicle is like say they deside that your car that was just wrecked is worth 6000 dollars so ok they pay you 6000 les the deductable but what if you want to take the salvage rate how mouch would you get out of that 6000 how do they decide what that rate would be anyone here know ?

Playdrv4me
12-31-10, 12:55 AM
Typically the insurance company compares the quoted cost of repairs against the value of the vehicle. If this exceeds a certain threshold, typically around 50 percent, then the vehicle is considered totaled and they assign a salvage value to it that takes into account the potential cost to repair it.

ThumperPup
12-31-10, 01:05 AM
so its not like say they choose if u take the salave price they will offer you like say 60 or 70 pecent of what they would if they bought the car from you ?

liek i know ones it hits 50 percent of more on the value thats when they decide to totale it out unless they end up having to pay out even more for extra equpmnt then they dont total it or if you go to abitration usualy in my experience if its like no more then 65 percent they will just say the heck and pay for the reapire cheaper then layers

but like im trying to understand like say my car gets totaled and i know that in a 200 mile radioous any car that valued what mine is in the coniduiton it is would cost the insruance company 6k because thats what it would cost me to replace it
if i took a salvage price on that amount how mouch would they end up giving me thats what im curiouse abotu

thebigjimsho
01-01-11, 07:07 PM
It's very hard to understand your questions correctly since you run on your sentences. I'd like to help since I've had unfortunate circumstances lately...

ben.gators
01-01-11, 09:19 PM
^
I guess he is saying if a car is totaled by an insurance company and the company paid you the money, if you want to buy back your own wrecked car, how much should you pay? How does the insurance company evaluate the wrecked car?

thebigjimsho
01-01-11, 11:37 PM
^
I guess he is saying if a car is totaled by an insurance company and the company paid you the money, if you want to buy back your own wrecked car, how much should you pay? How does the insurance company evaluate the wrecked car?
That depends. Some companies don't want it and will let you have it for very little. Only $3G for my '04 V. They valued it for about $21G...