03-22-2016, 05:47 PM
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#50
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Senior Member
Join Date: Apr 2013
Drives: 10 Series #974 6m/t
Location: NYC
Posts: 1,956
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Mentioned: 6 Post(s)
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Quote:
Originally Posted by mortybryant
Quick update...
I received a copy of the crash report today. Apparently the driver at fault DID NOT have insurance. Luckily, I have Uninsured Motorist coverage with my insurance company.
The downside: I do not have GAP coverage (mistake on my part, will definitely be purchasing in the future if I ever buy a new car). I checked the KBB value of the car the other day. It is currently valued at $4-6k less than what I owe, so I've got to come up with that difference.
Insurance company informed me today that in order to buy the car back, they will only ask salvage value, which to me is scrap value, which is around $200/ton in my area. Puts it at around $280 to buy back. If this is the case, I'll definitely be going that route.
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