meepmeep

hey,

if your buying a car for $2000 and you get the used car sales package and the whole sale value is 1000 and the retail value is 3000, the car has a rebuilt title and deemed "fit" and new paint job/ no rust etc when you get into an accident does the insurance company look at the wholesale value and give you that amount or the retail value ?

thanks

rick10

what kind of car is this? model , year?

i think it also depends on the insurance you have and how you fight it

meepmeep

its just a genral question , say its a eg with 2xx.xxx km on it?

fingolfin

most insurance companies offer you the lowest amount they can. It's up to you to make them realize its worth more (obviously).

But heres the catch, if your car has a rebuilt title, it automatically becomes worth the minimum. Why? because demand for a car with a rebuilt title makes it worthless..

It's also more difficult to get insurance for a car with a re-built title.

I hope you're not planning on doing an insurance scam, where you buy a car for $500, get it stolen and say, hey, its worth $5000, pay up. They will find out and you'll get criminally changed, and will never get insurnance again. I'm not saying you will do that, but the way you're asking your vague questions, it looks like you're thinking about it. Don't, trust me.

PS- unless you have proof why the car has a rebuilt title/ or you're in the industry, I wouldn't touch the car.

meepmeep

no not doint a insurance scam, was looking on buying a car for about 2200 and the value of the car was only 1100, its a rebuilt title, the mto lady said its not worth getting, but if the car is in good condition u wont get what u paid for it obviously. like my buddy bought a gsr which had a retail value of 4500 but he bought it for almost 6

ForSale

You must be an insurance broker, when ever someone dicusses an insurance question, you always assume they are going to scam, same way you though i wasn't going to get insurance for a bike, get over it, and stop assuming others have no ethical thinking.

People in certain situations like to know whats the worst that could happen, its called research. Not potential scamming.

Thanks for the warnings anyways, if you know so much about all this, you must have tried it yourself. < see, just because someone says something, don't twist their question.


To the thread:

on the otherhand

Yes, fingolfin is right, that the insurance company will definately value the lower "wholesale" price on the rebuild car.

one advice, don't buy it if you plan to sell it after, i bought a rebuilt car in my highschool days, and the buyer turned out to be a stingy bastard who scamed me on the false odometer reading, which i was not aware off, i bought the car from a mechanic who i trusted, and found out later the person who sold the car to the mechanic had recorded false odometer reading. Nothing happened, but that guy who bought the car from me knew it had false odometer after telling me after he gave me the money, and called the cops, luckly i kept a copy of his carfax i made, and he got busted for scamming a under 18 kid. My parents did sue him.

After that i never bough from private or mechanics or auctions, always car dealers, peace of mine is best.

Team Rukus

totally false. there is a huge market for rebuilt cars. if there wasnt there wouldnt be impact auto, salvage direct, co-part etc...selling atleast 5000 cars every week.

Its not hard to get insurance with a rebuilt title car at all matter of fact its just like getting insurance for any other car. Every insurance company will insurance a car aslong as its been cleared safe ie. salvage certificate.

Insurance doesnt pay minimum on ANY car. Insurance pays what the vehicle is considered to be valued at depending on condition, year, milage etc....

meepmeep

yea i called the insurance company and they said those values dont really mean anything to them, they look at the cars condition, km and stuff like that and make an estimate (also wat the value of the car is due to how old it is etc.)

fingolfin

Not true. I've owned 2 cars with salvaged titles. Both times I was required to have the car inspected. All my other cars I was never had to do anything more than give a VIN.

I should have mentioned the salvage certificate, thats correct.

Insurance does pay the minimum they can. Thats common knowledge. They don't want to pay out more than they have to. A salvage title gives them more firepower to reduce the pay out. I have enough friends in the industry to know this

fingolfin

Perhaps you need to learn to read better. The irony is you're saying "People in certain situations like to know whats the worst that could happen, its called research. Not potential scamming."
Am I not telling him the worst case scenario?

I didn't twist his question at all, like I said in your bike insurnace thread, you sound like a 20 year old punk. You really need to learn to grow up

fingolfin

your best bet is going to be calling around... theres really no 'general' rule regarding this. Shop around and ask them scenario questions.

Pyro

HEY! don't make fun of 20 year old punks! i'm one of them =P haha

Cynikal.Mindset

insurance has always paid me more than the minimum...they gave me 1300bucks for my 86 CRX in 2003 when it was written off...how is that the minimum? sounds like a maximum to me

starboy869

My old 90 civic HB I had was branded with a rebuilt title. I never had a problem in getting insurance.

fingolfin

http://www.trader.ca/search/Results....ategory=&CAT=1#

take a look at autotrader, see the market value of CRX's.

Team Rukus

alot of insurance companies require the vehicle to be taken to a inspection location and have pictures taken and a inspection report done. IT HAS NOTHING TO DO WITH SALVAGE ONLY CARS. i had two brand new cars that had to get this done when i was with belair direct.

insurance does not pay out minimum. stop living in a make belief world where insurance pays out minimum and they price your car according to the colour of the vehicle. its a damn myth thats been well busted.

you have enough friends in the industry to know this but guess what? i am in the industry i have first hand knowledge. no one will go to auctions to buy cars that are salvage titled to end up selling it well below market value and make no profit.

Team Rukus

LOL. you just fooled your self on this one. are you telling me insurance pays out what people are willing to pay for a car now? thats stupid. so if say some little kids wanna pay 10 grand for a crx the insurance company is going to give you 10 grand for a crx that has a total scrap metal value of 23.52 cents? HA! i dont think so.

ForSale

Hmmmm, that’s seems interestingly hilarious to me. If im the "20 year old PUNK" it’s amazing the older "fingolfin" dude is getting personal with the NAME calling.

I guess it's not to do with age and maturity, but more so to do with patients and good education, to be able to communicate with out calling someone a "20 year old Punk"

Furthermore, if you don't want to get yourself in a pickle, you should answer only the questions that are being asked, and try not to come up with scenarios, that others may try to use the system, its better to find a positive in something than negative, just like how im replying with dignity, rather than getting frustrated and calling someone who I have never met a "20 year old punk".

I don’t know how old you are and won’t even assume anything either. Although, just to let you know, when someone does make a valid point, try not to take it to the heart, but respond with something that is more communicating than insulting. This keeps the discussion on topic, and not become thread jacked.

fingolfin

Alright, so just say you get into an accident and your car is totalled. Insurnace comes and see's the car, and says ok, 'we'll give you $1000 for it." you're going to say "ok, thats fine"?

NO! you say no way, my car is worth more than that and you get together proof because of that. Insurnace basis what they pay out on a value, but they have people called adjusters. Did you ever wonder why the job was called an adjuster?

My example pertains to when your car gets totaled and insurnace offers you a certain amount you can counter it by saying, these cars sell for XXX amount of dollars still. When my car was stolen, insurnace said they would pay XX for it. I said no way. I provided examples (including autotrader) that my car was worth way more. Eventually we settled on an amount.

Have you ever had insurance pay you for a car? If yes, why don't you walk us threw the process. Did you just take the amount they said they would give you?

Forsale- Like I said earlier... read what you wrote and read what I wrote. Pay special attention to the bold part. What was the valid point you made by the way? And my asumption about you has to do with the way you talk. I made that asumption a long time ago about you being a 20 year old punk.
"I have no doubt I’m a good rider/driver, its something I’m born with, and no one can take away." there are other reasons why I think what I think.

Team Rukus

on an average month i deal with about 5-10 writeoff's. out of those an average 2 people are not satisfied with their writeoff value. the rest of them accept it because its fair pricing or they are getting more then what the car is worth in their eyes. the other two people usually would not be satisfied because they modded their car or they put too much money into it and cant get it back. which is not the insurance company's fault. just because you choose to put 1000 dollar brakes doesnt make your car 1000 more. i myself had two cars written off 1 car i purchased for 15 grand at the dealership (2000 civic off lease) and i drove it for over a year and a half and got settled when it was written off for 18500 thats including taxes so i got more then what i paid for and i even got to drive it for over a year. did i complain? hell no. but guess what? at that time the cars value was 18500 in the insurance company's eye because of the condition it was in (mint condition only 62k on it). so to again re-state what i am saying only because you had to argue with the company and you knew a couple of guys who did the same doesnt make the rest of the thousands of claims that go in every week the same. step outside the tuner scene and come into real life and see it from that point of view.