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Post by driveit on Mon Aug 05, 2013 6:18 pm

Talked to the insurance company. They are totaling my car. In the state of Ky this means I have to get a salvaged title. They will give me 2,400 for the damage and let me keep the car. Still not happy with being forced to get a salvaged title.
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Post by 77mali on Mon Aug 05, 2013 6:55 pm

Fight them. Tell them you want the car fixed & not with a salvaged title. Tell them you are going to hire a lawyer.
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Post by 1973montec on Mon Aug 05, 2013 6:59 pm

its KYs fault
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Post by BlackChevelleSS on Mon Aug 05, 2013 7:32 pm

Theres ways to get out of a salvage title. Its shady but do able.

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Post by driveit on Mon Aug 05, 2013 8:10 pm

ug...
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Post by thatfnthing on Mon Aug 05, 2013 8:31 pm

Okay, dumb Q time: if you're not planning on selling the car, what's the trouble with a salvage title? I'm asking 'cuz I honestly don't know.
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Post by Joe73 on Mon Aug 05, 2013 9:02 pm

Definitely a topic I have experience in.
Question. The insurance company is totaling the car and you want to keep it. The insurance company wants your title so Kentucky DMV can reissue the title as a salvage???
Here in NY, if your car is totaled and you want to keep, it the insurance company just deducts the salvage value from what they're paying you and give you the check. You keep your title.
Either way, if thats the way Kentucky works, then I wouldnt be too concerned about it. I would take a bunch of pics to show what damage occurred so in the future you can prove to a potential buyer that the damage wasn't bad.
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Post by driveit on Mon Aug 05, 2013 9:17 pm

It's just the fact the I am being forced to do it and for something that wasn't my fault. It makes the value of the car drop and though it will never leave my possession willingly it still is very frustrating to know that this was all because some guy wasn't paying attention.

My baby... Sad

Plus side. I should get 2400.00 to fix it and I don't think it will take near that to do the job. I may even be able to fix the other quarter and paint the car!

It makes me a little happier when I think about that aspect.
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Post by thatfnthing on Mon Aug 05, 2013 9:39 pm

Okay, next dumb Q.

Once a salvage title is issued, you get to keep the car.  But you have to insure it again to drive it.  What's to stop it from happening all over again?  Let's say something else happens (heaven forbid) and you get a significant amount of damage again.  Does the insurance company salvage it yet again?  Does it even work that way?  If so, what's the point of the salvage title in the first place?  Just to let the next buyer know it was technically "totaled" at some point?
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Post by driveit on Mon Aug 05, 2013 9:48 pm

I guess.
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Post by Joe73 on Mon Aug 05, 2013 9:52 pm

After you fix the car you just have to have your insurance company inspect it again, that it was fixed, in order to have the full coverage again. Then if it happens again, they'll pay again.

My uncle got rear ended in his delta 88. He got paid full book value on it. I fixed it, new quarter, tail panel, bumper, etc. He got full coverage on it again and got rear ended again. Insurance company paid out again. He made some nice cash on the deal. And never had to hand in his title. I didnt fix the car the second time, we parted it out.
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Post by driveit on Mon Aug 05, 2013 9:57 pm

I need both quarters and a rear bumper. I don't know how you could fix the gashes in that bumper without painting it.
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Post by driveit on Mon Aug 05, 2013 9:57 pm

Going home fellas. Been here for 13 hours and I am tired.
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Post by dynchel on Tue Aug 06, 2013 7:48 am

driveit wrote:I need both quarters and a rear bumper.  I don't know how you could fix the gashes in that bumper without painting it.
A good chrome shop can do things you wouldnt believe only problem is $$$$.Mad
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Post by thatfnthing on Tue Aug 06, 2013 10:19 am

So if I'm understanding it right, the salvage title really only serves a purpose for newer cars -- it indicates the car has suffered horrific damage and the consumer who buys it should be aware of that fact.

However, it seems that that idea falls down once the car is not technically worth much in book value, because even a paint scratch can cost more to fix than the car is worth.

In this instance, it might even have worked in driveit's favor -- he gets to keep the car, he's not barred in any way from reinsuring or driving it, it only has relatively minor damage, and they actually gave him a significant amount of cash to repair it with.

Certainly sucks that it happened at all, but there seems to be a decent silver lining at least.


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Post by Bruisr on Tue Aug 06, 2013 4:09 pm

Is this your insurance company? If its the other driver's insurance company, I think they would rather total out the vehicle and be done with it, it easier for them to just issue a check. I say fight it, hire a lawyer! Its not your fault, and you shouldn't be burdened with title issues. Fix the car, or contact a lawyer!
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Post by driveit on Thu Aug 08, 2013 10:14 am

That is certainly a thought, Bruisr!

So here'r the run down.

They are totaling the car which means I will have to do the following.

Turn in my Title and plate. Pay 9$ for a salvage title and wait for like 2 weeks they told me to get that back. Once I get that I will have to have the vehicle inspected. (Not sure yet what that entails.) Then if it passes the inspection it will be ready for re licensing. This will cost an additional 75$ for the taxes on the 400$ they are saying my car is worth now.

I will get 2400 to fix it, so that should cover the repairs and them some. Just a lot of headache!
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Post by 77mali on Thu Aug 08, 2013 11:01 am

So if I'm understanding this right- you're newly repaired car will be worth $400? If something else were to happen to if (Heaven forbid) is that what you'd get to cover any future repairs?

If that's right, you guys need some serious insurance reforms in Kentucky.
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Post by Joe73 on Thu Aug 08, 2013 11:34 am

77mali wrote:So if I'm understanding this right- you're newly repaired car will be worth $400?  If something else were to happen to if (Heaven forbid) is that what you'd get to cover any future repairs?

If that's right, you guys need some serious insurance reforms in Kentucky.
$400 is definitely correct. Salvage values are pretty consistent throughout the country. That $400 is what the insurance company would get when they take possession of the car and "junk" it, but it actually goes to auction. It has nothing to do with the "value" of the car in good condition for resale.

Thats why, nowadays, it pays to grab up a junk car sitting in someones yard and bring it to the scrap metal yard. A car usually fetches $350-$500 in scrap metal. I see ads on craigslist all the time from people looking to pick up your junk cars for free. Their making money.
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Post by thatfnthing on Thu Aug 08, 2013 11:54 am

Okay, now it makes more sense. But not in a good way.Mad 
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