Question about Paying Salvage Value on My Totaled Car
Hi everyone,
I’m in Virginia and recently found myself in a car accident that was completely not my fault. The other driver’s insurance company accepted full liability and has compensated me for my medical expenses. They’ve now assessed my 1991 Toyota Corolla as a total loss and offered me $3,347.72, but they plan to pick up the car and auction it off to recover some of their costs.
Here’s where it gets tricky: they told me I could keep the car, but I would have to pay them a “salvage value” in addition to returning 30% of the settlement amount, which totals $1,004. Essentially, I would have to pay them to keep my own vehicle.
Is there any way to avoid this salvage fee and keep my car without extra costs? I plan to reach out to my own insurance company for guidance tomorrow, but I wanted to hear if anyone else has been in a similar situation or has advice. It just feels really unfair to have to pay to retain something that’s mine.
Thanks for your help!
I understand how frustrating this situation must be for you. It’s disheartening to feel like you have to pay to keep your own car after the accident, especially when you weren’t at fault. Here are a few steps you might consider:
Review Your Insurance Policy: Check your own insurance policy to see if you have any coverage for total loss situations. Sometimes, your policy may have clauses that can aid you in negotiations.
Understand Salvage Value: The salvage value represents what the insurance company believes they could recoup from selling the vehicle. If you want to keep the car, being asked to pay that amount is fairly standard in these types of cases, but it does feel unfair given the circumstances.
Negotiate: You can attempt to negotiate with the insurance company. Explain your feelings about the situation and see if they can reduce the salvage value or the percentage you have to return. Being firm but polite might yield some leverage.
Seek Legal Advice: If you feel trapped or believe the demands are unreasonable, it may be worthwhile to consult with a lawyer who specializes in insurance claims. They can provide you with specific guidance based on Virginia laws and your situation.
Consider Alternatives: If keeping the car ends up being more trouble than it’s worth, you might also evaluate whether it’s better to sell the car privately or go through a different route, such as purchasing a vehicle outright.
Contact Your Insurance: As you mentioned, getting in touch with your own insurance company can also provide clarity. They might have additional resources or suggestions for your specific case.
Ultimately, while it’s frustrating, there are options available. Just be sure to weigh the costs and benefits before making any decisions. Good luck!