Help save a New Edge Cobra from a salvage title!

[GokartMozart315]

to make a long story sort, surprise snow and summer tires didn't mix well on sat night. i had a medium-strength crash in the car; nothing more than bumper knocked off and brackets toasted, but the airbags both went off.

as i understand, airbags deploying often means a car will be totalled. on the other hand, i'm told the car won't be totalled unless the cost of repairing it reaches 75% of its Blue Book value.

i have a hard time understanding how airbags can be that expensive; can anyone give me an idea of how this works? is there anything i can do to make repair and return of my car more likely? does anyone have a connection for cheap replacement airbags?

any advice needed, unfamiliar with this process and don't want geico to total my pride and joy.

 

[notchstang92]

Here are facts from someone who totals cars everyday. Blue Book means nothing. Don't waste time looking at it. Look at NADA average retail for a more accurate idea of the car's value.

Air bags going off don't mean the car is totalled and neither does any unibody damage. A car is totalled when the cost of repair plus the salvage value plus any anticipated hidden damage is more than the the retail value of he car. There are exceptions like salt water flood damage and a fire loss.

Check your state laws on salvage titles too. Some states only require salvage titles on cars that are 10 years old or younger. Anything older doesn't get a salvage title. Of course if the car already has a salvage title then it will always have one.

Law requires new OEM air bag system components to be written unfortunately. They are always huge money. Some air bags alone are over $1000 then you need additional pieces sometimes depending on the make and model of the car. Parts like air bag sensors, air bag control module, clock spring, seat belts if they are locked, steering wheels, dashboards, steering colums. It all depends on your car.

 

[GokartMozart315]

big thanks for the knowledge. playing around with NADA, looks like average retail for my 01 cobra which is in admittedly somewhat rough condition is $11k, more than i actually paid for it. however, trade-ins are much lower, closer to $7k.

haven't heard from the shop yet but i know the airbags have gone and someone has told me the price of a new setup is likely around $2500; i'll also need some new bumper supports and possibly a new bumper.

is there anything i can do, or any negotiating strategy, to avoid getting it totalled?

 

[shurur]

If totaled, I would at least hope you can buy it for parts!!
Let us know how it goes...

 

[svtcobralover]

Please just let the car be totaled. You will make out better that way, unless you do not have full coverage. I made money on my cobra when it got totaled. Why even worry about it. IF you do fix it, when you decide to turn around and sell it, its not going to be worth very much and will be difficult to sell because of a salvage title. Just let it go and start fresh. You can buy it back probaly for next to nothing, if you wanted to keep the car and transfer everything over into something else.

 

[GokartMozart315]

Please just let the car be totaled. You will make out better that way, unless you do not have full coverage. I made money on my cobra when it got totaled. Why even worry about it. IF you do fix it, when you decide to turn around and sell it, its not going to be worth very much and will be difficult to sell because of a salvage title. Just let it go and start fresh. You can buy it back probaly for next to nothing, if you wanted to keep the car and transfer everything over into something else.

if by full coverage you mean insurance then yes i do. honestly hoping/anticipating the next car will be bought in diff financial situation so resale value is less important than enjoying it next year and change of law school. moreover, i have no garage or mechanical ability so would be crazy expensive to take apart and put into another cobra, or something like a fox body roller, and would take forever.

had a really hard time picking this car anyway; not a general mustang person so the ba;ance of muscle car/sports car is hard to find outside of the 99/01 with proper mods and setup. other comparable car options on that budget aren't great either; really just want to keep my car

 

[TerminatedGT]

If you are in Washington not sure were you are I'd take cash and your car for my Mach 1 and I'll fix the cobra

 

[GokartMozart315]

If you are in Washington not sure were you are I'd take cash and your car for my Mach 1 and I'll fix the cobra

haha close the other washington, dc. sorry man i don't like machs, i'd only drive a stang with alum block and IRS. they do look sick though!

car has sadly been totalled; we'll see next steps. goal would be to fix it up, if not find another mustang to transfer parts into

 

[CJK440]

Law requires new OEM air bag system components to be written unfortunately. They are always huge money. Some air bags alone are over $1000 then you need additional pieces sometimes depending on the make and model of the car. Parts like air bag sensors, air bag control module, clock spring, seat belts if they are locked, steering wheels, dashboards, steering colums. It all depends on your car.

So new components written into the damage estimate but what about actual repair? Anything stop him from buying used airbags for $100 a pop and installing himself. What about a repair shop, are they required by law to only use new parts?

 

[blacksheep-1]

FWIW I have full coverage policy 12K for the total, 1K for deductible and 100k for liability, it's through a collector insurance company and costs $350 per year on a 35th anniversary mustang. So I'm sure a Cobra would be do-able through them as well. Mileage is limited to 7K per year, pleasure use only.

 

[notchstang92]

So new components written into the damage estimate but what about actual repair? Anything stop him from buying used airbags for $100 a pop and installing himself. What about a repair shop, are they required by law to only use new parts?

When insurance writes and original estimate there is no law requiring a shop to fix it exactly as insurance writes it. Shops will often times repair a panel we write to replace or put a used or a/m part on where we wrote an OEM.
However, if a supplement is requested then those items are expected to be done as negotiated otherwise it's fraud.

I don't think there are laws about a shop using used air bag stuff. If there is then shops don't care because they do it all the time on salvage rebuilds.

Now that the car has been totalled it's a moot point.

 

[shurur]

I'll follow this with the same response as I did on another recent theard:

It seems worth getting a V6 (03-04 V6 has same 99-01 cobra hood BTW)..and swapping it over yourself..
otherwise labor is going to sink you...especially with some settlement going to buy the original back.

You'll need access to tools, a loaner car..etc..that's the key point as I see it. Great learning experience though!!

Otherwise, as said, hunt down another cobra...that will likely still cost you some up front money too,
because insurance company settlement is usually not up to snuff to actually replace the car, that is,
insurance companies rarely actually "restore you in whole" (I think that's the term), even when their policies claim or allude to it;
so you end up not being able to afford an actual direct replacement for the car you lost with no out-of-pocket money of your own;
however, you'll be driving sooner.

As an aside topic: Then besides not restoring you in whole, we have the insurance company making money indirectly off
the selling of the car for salvage..and that is part of the reason they are so quick to total a car...
This is another separate issue and talksey..but an interesting all on its own.

The insurance company will soon begin rushing you for a decision...

Then they will raise your rates as well.

 

[GokartMozart315]

thanks for all the good advice here. just spoke with insurance and they are being very difficult: offering me $10.5k payout. they've also estimated my cost of repair at around $8k; of course that's plenty high, but their setup obviously leaves me in a very poor situation if i want my car back. i already gave them alternative valuations, some from on here, to get a bigger payout, but so far no dice

any other tips on negotiating here? either my cost to keep the car should be lower or my payout higher, this is bs, but not sure what i might use as leverage

 

[shurur]

Some states require that the amount restore you in whole, something they don't want you to know. I'd check that first.

Can $10.5K get you the same car, not equivalent car, with equal milage?
But then you lose your mod parts to a salvage company...
Sometimes lawyers will give you a free first time consultation..

 

[zPipes]

1) 10.5 payoff is good for your car. If you did not specifically insure addons/upgrades to your vehicle, you will not get that money back. You have to add to your policy 'custom parts' in $xxxx amount for those to be covered, which yes will increase your premium.

2) Insurance is not required to get you back into a car of same or equivalent, they are required to cover the repairs to your vehicle, or the value of your vehicle if its 'totalled.'

3) Paying 2900 for a car that is worth much more than that in parts, is hardly a bad deal.

4) If the repairs are estimated 8k, and they are giving you an option to take a totalled value of 10.5k, they are actually being quite generous, most companies would NOT offer a payoff if they can save a few thousand doing the repairs.

The problem here is you are expecting to come out ahead after your insurance claim. Your expectations are unrealistic. Be honest, and look at your options. You are actually getting quite a deal, whats your problem?

 

[GokartMozart315]

1) 10.5 payoff is good for your car. If you did not specifically insure addons/upgrades to your vehicle, you will not get that money back. You have to add to your policy 'custom parts' in $xxxx amount for those to be covered, which yes will increase your premium.

2) Insurance is not required to get you back into a car of same or equivalent, they are required to cover the repairs to your vehicle, or the value of your vehicle if its 'totalled.'

3) Paying 2900 for a car that is worth much more than that in parts, is hardly a bad deal.

4) If the repairs are estimated 8k, and they are giving you an option to take a totalled value of 10.5k, they are actually being quite generous, most companies would NOT offer a payoff if they can save a few thousand doing the repairs.

The problem here is you are expecting to come out ahead after your insurance claim. Your expectations are unrealistic. Be honest, and look at your options. You are actually getting quite a deal, whats your problem?

if you look around the forum you'll see that upgrades aside, can't necessarily get a replacement car for the payout. while i understand i could part the car out for more than they'd charge auction, why would i want to pull apart a cobra?


least helpful post ever. i'm trying to negotiate for money i want to put my car back on the road, not just take what the insurance company wants to give me. you must be a real go-getter

 

[zPipes]

I dont need to look around the forums I have work experience and education background. As a matter of fact what your failing to recognize is your googling and forum searching are leading you in the wrong direction.

I gave you one of the most helpful posts you could have asked for, truthful information about insurance. I am a licensed insurance agent for 26 states. Could you ask for any more truthful information than that? Yes one of them is the District of Columbia, and maybe even your company..

The first time you learn about the insurance you have been paying for all your life, is usually the roughest. Especially when you find out that because someone else rear ended you, your insurance rates will increase, but thats another story.

You are never, and I mean never, guaranteed that your payout from your car will get you a replacement vehicle. You are insuring your vehicle for its ACV, actual cash value. The best way to determine this is NADA.

Im being honest with you, and your company is giving you good options. If your too young or inexperienced to realize this, its on you, not me, and my 'least helpful post ever.'

I wouldn't mind hearing how you feel that what they are offering you is a bad deal?

 

[lilbuddy]

Is your Cobra paid off? If you owe money on it you come out even worse. Maybe that is why the OP is so upset on the prices he is getting.

 

[GokartMozart315]

cobra is paid off, put down 10.5k cash. bought the car when i was working and now i'm in school, not one single penny to put into the car. if insurance can't make me whole i will be carless for a year and a half; i don't give a damn if it's right or wrong, i just want my cobra back.

it's a bad deal because it's below NADA, on the low end of the actual market, lower than others have gotten for similar cars, and less than i need. the position this has put me in is that with this payout, i can't afford to put the car back on the road. i appreciate your concern, but rather than debate me tell me how to get more money as that's my goal plain and simple. if you support the cobra being back on the road in my possession please give me advice.

someone earlier suggested NADA, i may have forgotten to bring it up and will again with insurance co. they've shown me their comparison cobra market which doesn't really inform whether their offer is high or low, as all the cars out there are within the range between what they're offering and what i need.

as to the issue of laws, highly doubt insurance is legally obligated to repay me the value of a replacement car (i believe it is ACV) but may take on that research project if i have to. insurance policy is in NY btw. bizarrely they included my rear wing as value, not that i'm complaining lol

 

[lilbuddy]

I doubt you are going to be able to get them to give you more than $1-2k more than they are offering now, even if you are super lucky, doubt they will accept much less for the salvage buy back either.

Sucks to say it, but time to start shopping for a new car. Take that $10.5k and go car shopping. I'd much rather have the money to buy a new car than spend a bunch of money on a salvage title car.

If you really think it will cost $9k to fix the car it sounds like it has a lot of fixing needed. If it was $4k of repairs needed it might be worth tackling, but 90% of your cars value? No way would I start fixing it.