30K Car Declared Totaled with 8K Repair Estimate
Hello everyone,
I was recently in an accident, and after a physical inspection, the repair costs for my car were estimated at $8K. However, my adjuster informed me that they are considering it a total loss due to the anticipated need for rear axle and suspension repairs. The salvage value of the car is estimated at $14K.
I’ve been offered $28K for my totaled car according to CCC.
I have a few questions:
- Is that a fair offer for my car?
- How will my future insurance premiums be impacted if my car is declared totaled versus if it were repaired? (Just to note, this was a single-car accident where I hit a curb, so I believe it’s considered an at-fault collision.)
- I have a gut feeling that the initial offer is reasonable. Should I typically attempt to negotiate rather than accepting the first offer?
For context, the physical damage includes some minor scratches on the passenger side rims and wheel, and all curtain airbags deployed due to hitting the sidewalk while taking a sharp turn.
Details about the car: 2024 Corolla Hybrid XLE with 7K miles, located in AZ, USA.
Thank you for your insights!
I’m sorry to hear about your accident. Here are some insights to address your questions:
Factor in the cost of any add-ons or features your car may have that could influence its value.
Impact on Future Insurance Premiums: Generally, having a total loss on your record can lead to higher insurance premiums in the future. Since this was an at-fault accident, it’s likely that your rates will increase, regardless of whether the car is repaired or totalled. However, repairing the car might be seen as a better choice than a total loss from an insurance perspective unless the repairs are significantly high. It would be wise to consult your insurance agent for specifics related to your policy and history.
Negotiating the Offer: It’s common for insurance companies to start with an initial offer. Regardless of your confidence in the offer, it might be beneficial to negotiate for a higher settlement, especially considering your car’s condition and market value. Research comparable sales and gather any relevant documentation to support your case. It’s important to present your findings clearly when making your case for a higher offer.
In conclusion, while the offer may be good, it’s worthwhile to conduct additional research and possibly negotiate for a better settlement. Make sure you’re fully informed about how a total loss could impact your insurance premium as well. Good luck!