My 2003 Cobra is "Economically" totaled per insurance

[Sp3edD3m0n]

Hi All,

So got in a car accident yesterday (my fault) and the insurance adjuster is saying my car is totaled. The damage isnt too crazy, new hood, fender, bumper, radiator support, radiator, lights etc.

They are offering me $12k if they take the car or $5500 if I keep the car. I will note that they said my car had a previous salvage claim due to theft (my physical title says its clean though) so they lowered by my settlement by $5k.

Should I keep the car or get rid of it. If I keep it, I am basically buying the car for 6500.

 

[GT350R]

Consider getting an independent appraisal and fighting them. It's funny whenever an insured person runs into your car, and they fix it they don't want to give anything for a lost value. Yet, when they want to total a car they want to dig up those same claims to devalue your car.


Of course more details on the car would help. We can ballpark the value.

 

[Dombrocj]

Do you have the means to fix it? Id challenge them on those numbers too, try to get more for both options.


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[GT350R]

Too bad you're not local to Cleveland, there's a guy partying on a black one right now.

 

[Corbic]

What is the repair quote? If you take the $5500, you could likely sell the car for $10k. Powertrains are worth $7-8k.

 

[GT350R]

For the record... Sorry about your loss

 

[zredfire04]

Seems to me that $12k is a lowball starting point.

I'd tell them to replace the car.

 

[ShootyMCstabby]

That sucks, at least your ok. As said I would buy it back part it out. And keep a piece of it in your garage.

 

[NateDogg]

I'd fight that all day.

That car will sell for 12k at the auctions that's probably why they offered you that.

If it has a clean title it's worth at LEAST 15 if the mileage isnt crazy.

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[gimmie11s]

Have you run the VIN to verify what they are saying about salvage? That is going to matter a lot. If it's salvaged, then the $12k number is probably correct.

 

[03 Cobra DSG]

Keep it and turn it into a race car!


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[me32]

Did everyone miss the fact that it already has a savage claim? Anyway you should get some quotes on the cost of fixing it.

Also without knowing milage and other things its hard to help out but looking at i would say $12k is in the ball park

 

[TK1299]

How many miles and what’s the condition otherwise? If it’s in good shape and you love the car, do a partial restore while you’re at it.
If it would need that of course

 

[zredfire04]

$12k is a joke.

as stated, engine and trans is $7-8K. IRS is another $2500 easy. there's $10k without going into small parts or interior. salvage title or not, $12k is a joke number.

insurance companies thrive by denying claims and lowballing the claims they absolutely have to pay. don't let them get away with it.

 

[Sp3edD3m0n]

My car has 95k miles and interior is in pretty good condition, however exterior would be decent. Its for the most part stock except for pulley, long-tube headers, exhaust, intake, mgw shifter.

So I went down to the Department of Motor Vehicles and pulled a inquiry on the title and it said no notes of it being salvaged. I sent a copy of that and my title to the insurance and I am waiting to hear back.

 

[50stangpower]

This sounds like the title got washed and you bought it as a clean title vehicle. Essentially you got screwed from who you bought it from.

As others have said, get an estimate to fix it and make sure the frame isn't bent or the k-member pushed back.

 

[Sp3edD3m0n]

Insurance came back adjusted their offer. Not sure which way to lean. They are offering me 17.5k for the car or 8k if I keep it. So I would basically be buying it back at 9.5k.

 

[Corbic]

Insurance came back adjusted their offer. Not sure which way to lean. They are offering me 17.5k for the car or 8k if I keep it. So I would basically be buying it back at 9.5k.

Good deal, you can buy a very nice car for $20k. As others mentioned, find out what repairs cost to determine keep and fix for $8k is worth it.

$18k should easily get you another stock 90k mile car with an accident history and ho-hum condition.

 

[MG0h3]

Insurance came back adjusted their offer. Not sure which way to lean. They are offering me 17.5k for the car or 8k if I keep it. So I would basically be buying it back at 9.5k.

I see the math you are doing but I’d do it a different way.

What you paid for the car - 8k= current investment for a wrecked car.

If you would buy a wrecked cobra for that amount have at it. If not, take the 17.5 and get another.


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[mariusvt]

17.5 goes a long way towards a replacement, just my opinion.