Total Loss Situation
I recently rear-ended someone in my 2019 Nissan Versa. Thankfully, it wasn’t a severe collision—my airbags didn’t deploy since I was moving pretty fast at the time.
Today, the appraiser reached out and declared it a total loss. Oddly enough, the car is running and driving perfectly fine, with no mechanical damage. The only issues are with the bumper, grill, and fenders—the collision essentially pushed everything back a bit, and even the hood is still intact.
I’m wondering what you all would suggest in this situation. If the vehicle’s value is close to the repair costs, can I cover the deductible and pay the remaining difference after the insurance steps in? (Just to note, I’m in Tennessee.)
I’m really sorry to hear about your accident. It sounds frustrating, especially since the car seems to be in good working condition aside from the cosmetic damage. Since the insurance appraiser deemed it a total loss, they likely determined that the cost to repair exceeds a certain percentage of the vehicle’s value.
Here are a few steps you could consider:
Get a Detailed Estimate: If you haven’t already, obtain a detailed repair estimate from a trusted body shop. This can give you a clearer picture of the actual repair costs.
Review the Settlement Offer: Check the value that the insurance company has assigned to your vehicle. You can research the market value of a similar 2019 Nissan Versa in your area to confirm if their offer is fair.
Negotiate: If you feel the vehicle’s value is higher than what the insurance is offering, you can negotiate with the insurance company. Provide them with any supporting documents like the repair estimate, comparable sales, etc.
Consider Repairs: In Tennessee, if the insurance company is offering a total loss settlement, you may have the option to buy back the vehicle for salvage value. This could allow you to repair it yourself, especially if the repair costs are less than the total loss payout. Ensure that you understand any implications this might have on your insurance and the car’s title.
Consult with a Professional: If you’re unsure, it might be worth consulting a local attorney or insurance expert who can give you more tailored advice based on Tennessee laws.
Deductible and Payment Info: Typically, you would pay your deductible when you go through insurance for repairs. If you’re negotiating a settlement, confirm with your insurance company how the deductible applies if you choose to pay for repairs out of pocket.
Ultimately, weigh your options carefully to see what will work best for you financially and logistically. It’s a tough situation, but taking a proactive approach can help you find a solution that suits your needs.