DD17 totaled 2005 Grand Am

[espana94]

That will just frustrate you. You are entitled to ACV (actual cash value) not retail. So, using KBB, low blue book is $2,658 and high blue book is $3,415. That, of course before they subtract your deductible. And that, of course is assuming you have collision, which really you shouldn't have on a car worth less than $4-5,000. I would expect them to pay about $2,000 ACV before your deductible.

We actually kept full coverage on this car after DD started driving it specifically to protect ourselves since she is an relatively inexperienced driver.

 

[espana94]

Thanks to everyone for your responses...here are some answers to your questions:

* Originally we thought that the other driver was not ticketed; but, when I spoke with my insurance agent yesterday, it appears that both DD and the other driver were ticketed. He got one for speeding.

* Both cars were totaled.

* We still had full coverage on the car, simply because it is the car that DD drove. We wanted to make sure we were covered in case of any situation.

* We put new tires on the car 4 months ago and new brakes 2 months ago. I'll have to pull out those receipts.

* The car has an upgraded stereo with MP3 input and a remote starter. Not sure I can find the receipts for those upgrades They were installed when we first bought the car.

* Out liability coverage is good (again, because this was the car DD drove.) If our insurance ends up paying for the other car, we have enough to cover the loss. His car was older than DD's. The other driver had a 2003 Honda Accord.

* I've already done some pricing of replacement cars in our area, just so I have the information when the loss adjuster calls.

Did I miss anything?

Thanks, Espana

 

[MillauFr]

Do you mean collision? Liability is required for all drivers in NJ. I can't speak for other states.

Oops, yes you are correct. I drop collision. As you said everyone is required to have liability. I use the money I save by dropping collision and use it to by an 1 million dollar umbrella policy. My real concern is my 17yo daughter hits and severely injures a pedestrian and we get sued for a million.

 

[espana94]

Quick update for everyone who was kind enough to reply to this thread...

DD's Grand Am was declared a total loss. Insurance offered just over $4K which included an average of what it would cost to replace the car, sales tax and license/title transfer. After subtracting our deductible, we were looking at about a $3600 pay out.

When the loss adjuster called, I mentioned that the car had a remote starter, an upgraded stereo, 4 new tires and we replaced the front brakes 2 months ago. he told me to send him the receipts and they would readjust the quote.

The adjusted loss quote was just under $4600. So after deductible, they sent us a check for about $4100.

Thanks to everyone for your advice...I never would have thought to mention the recent work on the car or the new tires. Your advice got us an additional $500.

 

[tvguy]

Quick update for everyone who was kind enough to reply to this thread...

DD's Grand Am was declared a total loss. Insurance offered just over $4K which included an average of what it would cost to replace the car, sales tax and license/title transfer. After subtracting our deductible, we were looking at about a $3600 pay out.

When the loss adjuster called, I mentioned that the car had a remote starter, an upgraded stereo, 4 new tires and we replaced the front brakes 2 months ago. he told me to send him the receipts and they would readjust the quote.

The adjusted loss quote was just under $4600. So after deductible, they sent us a check for about $4100.

Thanks to everyone for your advice...I never would have thought to mention the recent work on the car or the new tires. Your advice got us an additional $500.

That is above high blue book, you did very well.