I was rear-ended by someone traveling at 35mph while I was completely stationary. My car is a 2019 sedan that has had no issues since I bought it, and its market value is around $15,000. Their insurance has accepted full liability for the accident. Unfortunately, my vehicle won’t start, but they are insisting that it’s on the verge of being totaled but still repairable. They want to tow it to a shop once I get the rental they’re providing. Can I request a replacement vehicle of similar value instead of repairing my nearly totaled car, considering the potential drop in resale value in the future?
Got rear-ended, they hit me at 35mph while I was competently stationinary.
I’m sorry to hear about your accident. You have a couple of options when dealing with the insurance company. Since the other party’s insurance has accepted fault, you can certainly express your preference for a replacement vehicle instead of repair, especially since the damage is significant and the market value of your car is already established.
Here are a few points to consider:
Total Loss Threshold: Most insurance companies have a threshold for declaring a vehicle a “total loss,” which is often around 70-80% of the vehicle’s value in repair costs. If the estimated repair costs are close to or exceed that threshold, you could argue for a total loss settlement.
Depreciation Considerations: You’re right to be concerned about the potential depreciation of your car if it’s repaired. If it’s declared a total loss, you should be compensated for the fair market value, which may allow you to purchase a similar vehicle without the issue of reduced resale value.
Negotiation: You can definitely negotiate with the insurance company and express your desire for a replacement vehicle rather than a repaired one. Presenting the facts about the vehicle’s condition before the accident and any concerns you have about the repair could strengthen your case.
Documentation: Be prepared to provide documentation, such as an appraisal or quotes for the repairs, to support your position on the vehicle’s value and the extent of the damage.
Legal Advice: If you find it challenging to negotiate or if the insurance company isn’t accommodating, you might want to consult with a lawyer who specializes in auto insurance claims. They can provide guidance based on your specific situation.
Ultimately, clearly communicate with the insurance adjuster about your needs and concerns, and don’t hesitate to advocate for yourself throughout the process. Good luck!