first of all this isn't a complaining kind of post... my 2001 lumina got t-boned in a parking lot a few months ago(the guy pulled through two spots and hit my sister who was driving down the isle), and long story short, the other guy was insured through geico as well, but wouldn't answer or call back the insurance company, so i got the phone call saying that my car would be getting repaired (through his policy). all fine and dandy, geico has been good to me since i first signed up. but i got some questions.

i'm not too attached to the little chevy, but its handy since its been reliable and knocks down 30 mpg out on the interstate. I bought it for 1600 and only owe about 400 bucks on it. i looked up the blue book and even though it just crested 200,000 KBB still put a value on it of 2400. I was told to take it to a shop of choice and get a quote for the repair, which was 1800 (mostly just the two driver side doors)

I have heard that some companies total when repairs are more than 50%, some at 75%. 1800 is 75% of 2400, so i am figuring on a good chance it will be a total loss.

In ways i wouldn't mind the car being totaled and just getting handed a check, but how does the insurance company determine what a car is worth? I don't think i would be very happy with a 750 dollar check, but 1500 wouldn't bother me. 2400 would be great.

also, if it is totaled and they give me the option of buying it back, how do they determine the price for me to buy it back? I'll toss a couple of used doors on it and continue to drive it (drivers door won't open, but the car still drives fine)

any insight or advice?

 

depends on the company and state.

around here its 75% - 80% up in damaged compared to the value. you dont have to take there first offer either. you can fight for more.

example, my 2000 excursion i bought 8/1/10 for $7600 and it was in a head on crash 10/15/10 which totaled it. they almost repaired it even when the damage was close to retail value(10k) mostly because i was fighting it being totaled. once it was decided it was totaled they sent me a offer. i refused it stating the rarity of a clean, low mile truck like it was not for sale in my state. that forced them to take a look at the local market and that in the western US. it was then determined i could not find a suitable replacement for anything less then 12,000(considering buying out of state). so they offered $12,500 then they determined my buy back was $1,400. i bought it back and they sent a check for $11,100 and i kept my truck simple as that. all states are different on what they allow with rebuilt titles.

so what i would do is search craigslist, local dealers. find the most expensive compareables you can find. also get a good high book value. after that depending on what you want to do you can either fight them to fix it if the numbers can work out right. or total it and make sure you get it back cheap, then you can do the work yourself and keep the car.

goodluck, i've had the "pleasure" of working with damn insurance companys in the last year. it sucks!

 

They assess it based on market value, as Alaskan Ex stated, then you pay a set percentage to buy back, usually has been around 10% when I have done it. They may not ask, so be sure to ask them about it. Had one hauled the car half a state away, and then we bought it back for a couple hundred or less, and they towed it back to our house. That actually was a similar situation to yours.

 

I had me GMQ declared a total loss after I was rear ended. They will determine the value after an adjuster looks at the car and asses all the options and the condition of the car. They then use sales results from the area, in your case it will be Denver they used sales as far a way as NM for mine. Before they come to asses the car make sure it is clean and the fluids are all full, they look for all kinds of stuff to knock a few dollars off like soiled carpets, stained dash low oil etc etc.

 

yeah, i made sure to detail mine before the adjuster looked at it. i had mine towed home from the crash site. i bet i looked pretty stupid waxing a totaled truck lol