Hail Salvage Buy Back = Racecar?

[cnb1991]

About a week ago I took my baby in to get the rear bumper cover repaired. While at the shop, we had an insane hail storm roll through. I figured the shop would cover her up, or at least call me to come get her to put it in my nearby garage. When I got to the shop today I paid out and went to collect my car, and before I even got close I could see the hail damage. They didn't even f#&*ing tell me about the damage, just handed me the keys and told me to have a good day! Even worse, they said they were calling all of the other customers to come get their cars but failed to call me!

Anyways, I filed a claim today, which will likely result in a total loss. It's a stock 2013 FR-S Ultramarine m/t with 83k on the clock. I have always said I wanted to turn it into a pure track day toy one day, and I am wondering if that day has come....

I owe 4k, comparable vehicles (no damage) seem to be around 13k, my deductible will be $500 (covered by the shop), and salvage value is an unknown. I have Grand Marquis and a moto I could daily, but I want it road legal to drive to/from the track and maybe the occasional country side ripper.

My math is as follows:
Replacement Value (~$13,000) - Loan Payoff ($4,000) - Salvage ($?) = Track Day Build Budget! ($,$$$)

The question is, do I want a tame beauty, or a dented track day beast?

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[humfrz]

Originally Posted by cnb1991

About a week ago I took my baby in to get the rear bumper cover repaired.

Hello cnb1991 and welcome to our group -

That's a shame that happened to your car -

What to do? I reckon that's your call. -

Personally, since it doesn't appear to be in that bad of shape, I'd be tempted to drive it like it is. Of course I'm old and all dented up myself.

[Dave-ROR]

Feel free to let insurance keep it so i can buy it.

[evomike]

what makes you think they are going to total the car? they most likely will write it all for PDR and maybe block to paint, maybe some better pictures and could tell better but the hood doesn't look too bad and the glass seems in tact.

[ToySub1946]

Is your insurance company going to total it for sure ?

Buy it back from the Insurance company for their perceived salvage value.

Then decide if you want to keep it or sell it.

You can easily sell it for more than the salvage value.

(Salvage value they figure is usually lower than actual).

If in doubt, part it out.

Overall it's usually a win win for you...if you have a place to park it.

Since it still runs and drives...no problem parking it anywhere for a while.

The only negative I see...Usually, if you continue to drive it, the insurance will then only cover liability.

That could also be a win...dropped collision and comp means a lower rate.

[cnb1991]

Originally Posted by ToySub1946

Is your insurance company going to total it for sure ?

Buy it back from the Insurance company for their perceived salvage value.

Then decide if you want to keep it or sell it.

You can easily sell it for more than the salvage value.

(Salvage value they figure is usually lower than actual).

If in doubt, part it out.

Overall it's usually a win win for you...if you have a place to park it.

Since it still runs and drives...no problem parking it anywhere for a while.

The only negative I see...Usually, if you continue to drive it, the insurance will then only cover liability.

That could also be a win...dropped collision and comp means a lower rate.

Very true, I will know on Monday whether or not it will be a total loss.

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[cnb1991]

Originally Posted by evomike

what makes you think they are going to total the car? they most likely will write it all for PDR and maybe block to paint, maybe some better pictures and could tell better but the hood doesn't look too bad and the glass seems in tact.

Pictures definitely do not do it justice. Roof, hood, trunk, and a couple quarter panels have sizable dents.



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[ls1ac]

You may be surprised as PDR guys are getting very good.

[Opie]

Buying from the insurance company is more difficult than people think.

If you really want to keep it, you have a few options, each has its pro's and con's
1. Let them total it and try and buy it back
Pro's: You are familiar with the car
Con's: The price they sell if back to you for is usually not as low as you'd think, some insurance companies will not sell them back at all. Car will be branded with a salvage title, depending on your state, to get it titled (rebuilt) again may require you to repair all the damage (or if it will never see the street again, you can leave it salvage).
2. Cancel the claim
Pro's: Title still clear
Con's: Have a damaged car...could fix yourself....

[rande]

Some insurance companies will not insure salvage/prior-salvage vehicles. Check with your insurance company.

[Dave-ROR]

Originally Posted by rande

Some insurance companies will not insure salvage/prior-salvage vehicles. Check with your insurance company.

I've heard this many times and I'm sure there are some out there.. but I've yet to find one. When I last did my ~yearly comparison shopping the broker got quotes from all the normal players even though 2 salvage/rebuilt cars were included at the time.

Now I have found individual AGENTS that immediately say no but the actual COMPANY hasn't seemed to care in my experience. Some (like State Farm in my experience) may want to inspect the car prior to issuing full coverage - but they only did that on the first one I did. The last.. 3? 4? whatever they haven't bothered to inspect.

[Yoshoobaroo]

Originally Posted by Dave-ROR

I've heard this many times and I'm sure there are some out there.. but I've yet to find one. When I last did my ~yearly comparison shopping the broker got quotes from all the normal players even though 2 salvage/rebuilt cars were included at the time.

Now I have found individual AGENTS that immediately say no but the actual COMPANY hasn't seemed to care in my experience. Some (like State Farm in my experience) may want to inspect the car prior to issuing full coverage - but they only did that on the first one I did. The last.. 3? 4? whatever they haven't bothered to inspect.

Including collision/comprehensive?

[Dave-ROR]

Originally Posted by Yoshoobaroo

Including collision/comprehensive?

Yep, full coverage. Really it's good business for them. They charge the same rates as a clean title but pay out 40% less.

[CrowsFeast]

Originally Posted by Dave-ROR

They charge the same rates as a clean title but pay out 40% less.

Damn... hadn't considered that. There's a semi local E46 M3 with a rebuilt title I'd been considering. (I miss my E46 )