gschoen
Posts: 3
Joined: Sun May 22, 2016 2:00 am
Delivery Date: 13 Apr 2016
Leaf Number: 309850

Re: Insurance and accidents questions

Wed Sep 20, 2017 9:53 am

A good rule of thumb is after the initial insurance adjustment if it's within 80% or more of book value it's usually totaled because the initial is a low ball estimate anyway and with supplementals during the repair it's easy to exceed the value of the vehicle and the insurance company can keep the damaged vehicle for salvage value. I would go through the other parties insurance unless you live in a "no-fault" state, since a rear end collision is generally presumed to be the fault of the rear vehicle.

I disageee if there is body damage to a unibody vehicle it's automatically totaled. A unibody vehicle can be safely repaired by replacing the damaged pieces at the original weld points. This can be an expensive process. My two year old Prius couldn't open the hatch or rear doors. It was nearly $9000 to repair, only body damage nothing mechanical.

SageBrush
Posts: 1495
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: Colorado

Re: Insurance and accidents questions

Wed Sep 20, 2017 10:03 am

The interesting twist here is that the other driver's insurance will probably be quick to total because the market value of the car is so low while the OP's insurance will not want it totaled to evade paying out the gap.
2013 Model 'S' with QC & rear-view camera
Bought off-lease Jan 2017 from N. California with 63.9 Ahr after 22k miles
Car is now enjoying an easy life in Colorado

nerys
Posts: 686
Joined: Tue Sep 09, 2014 10:11 pm
Delivery Date: 09 Sep 2014
Leaf Number: 020441

Re: Insurance and accidents questions

Wed Sep 20, 2017 10:08 am

it looks like they are going to total it and I can't buy it back from them (they want $3500 its not worth that in its current state with that damage) Grrrr

so now the problem is getting approved for a new one before I finish with the old one (as I genuinely can not afford a car payment "AND" gasoline about $450 a month in gas if I did not have the leaf)

Fingers crossed. I found a 2016 SL 5200 miles in Blue YEAH not black silver or white !!! but its $18. I think (hope) I can get approved for $17k so hoping they can work with that a little.

I have to get a 14 or newer as the interested rate goes up triple for older than 14 (odd way of marking interest ehh??)

I really hope I can get the blue one. its more than I wanted to spend but I want a non white black silver car more than I want a lower payment. at this price I can pay the same I pay now and get 5 year instead of 6 year loan.

just waiting on approval from the bank.

looks like the gap won't be so bad either. they are valuing it around $8500 I owe $10,500 not as bad as I thought. I talked to the bank about that as I was not sure what my duties and obligations are. apparently none. they take no involvement in the process at all. the insurance company simply writes them a check and gap takes care of the rest. needless to say I will have gap on the new one (and bonus its $2500 advance now instead of the $1000 I am getting for this one) double bonus. so that process at least is easy. hopefully they can give me a 1 or 2 month grace on the first payment so I can clear the old loan before the new payments start so I don't have double payments to make (as that would be very hard to do)

going to try and find some wheels so I can keep the wheels from the 2012 as I like them better than the new wheels by a lot. got to get my hitch off too. can't be without my hitch.

man I hope I can make this work. really hoping. I need a break for once. :-)
2012 SV 4802miles. 1month 2400 miles. 9 weeks 5000 miles. 6 months 13,300 miles. 4/18 15,000 miles.

SageBrush
Posts: 1495
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: Colorado

Re: Insurance and accidents questions

Wed Sep 20, 2017 11:19 am

I'm curious ...

Numbers so far:
Totaled value: $3500
Gap ? $8500
Outstanding loan: $10,500

When all is done, will the total money pay off your loan ? Leave you additional money ?
I was under the impression that you should end up with $10,500 to pay off the loan completely but I have no direct experience.

By the way: owing $10k today on a 2012 is pretty bad -- that is like $7k underwater.
I wish you a much better deal this time around. $8k for a 2014 with a good battery is, I think, obtainable.
2013 Model 'S' with QC & rear-view camera
Bought off-lease Jan 2017 from N. California with 63.9 Ahr after 22k miles
Car is now enjoying an easy life in Colorado

nerys
Posts: 686
Joined: Tue Sep 09, 2014 10:11 pm
Delivery Date: 09 Sep 2014
Leaf Number: 020441

Re: Insurance and accidents questions

Wed Sep 20, 2017 11:32 am

sorry my bad. the car "in totaled condition" is worth $3500.

the value of the car (pre totaled) $8500 so that is the check they will cut to my bank.

they will then attempt to sell the car at auction for $3500 to recover some of there loses MEANING if I wanted to keep it I would have to pay them that since in a total condition it becomes "their" car. I would have to "buy it back" if I wanted to keep it.

the gap insurance will cover the $2000 difference between what I owe and what they will be paid from the insurance company.

I got approved so I am going to go look at the 2016 blue leaf.

I am looking at a 2016 blue SL with 5339 miles for $18k hoping to get them down to $17k. that is quite a fantastic price I believe seeing as 16's that low in miles are going for over $25k its basically brand new. not even a year old. I hope it has quick charge but I am ok with just being able to 6.6kw charge the critter. will make a HUGE difference in delivery. probably never need a backup car anymore.

good news is this loan will be 5 years not 6 since I am getting a much better interest rate 2.49% so instead of taking a lower payment I took a year less (which will end up costing me a LOT less in the long run less interest and above water much faster) and the gap on the new car is $2500 bonus if it gets totaled. fantastic. and its not black silver or white! yeah! I could live with white if I had to but really prefer nice colors (red blue etc..)
2012 SV 4802miles. 1month 2400 miles. 9 weeks 5000 miles. 6 months 13,300 miles. 4/18 15,000 miles.

nerys
Posts: 686
Joined: Tue Sep 09, 2014 10:11 pm
Delivery Date: 09 Sep 2014
Leaf Number: 020441

Re: Insurance and accidents questions

Wed Sep 20, 2017 6:19 pm

got it. so far very nice. one annoyance. no led headlights? WTH thought that was standard on SL

I will swap them over from my SV and put the incans on the old car.

wow SO MUCH RANGE its amazing. it says I can go over 100 miles. I wonder just how accurate that is :-)
2012 SV 4802miles. 1month 2400 miles. 9 weeks 5000 miles. 6 months 13,300 miles. 4/18 15,000 miles.

SageBrush
Posts: 1495
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: Colorado

Re: Insurance and accidents questions

Wed Sep 20, 2017 6:51 pm

nerys wrote:I am looking at a 2016 blue SL with 5339 miles for $18k hoping to get them down to $17k. that is quite a fantastic price I believe


You can do so much better. Keep looking
And if you do end up buying a used car, know the battery health! "12 bars" or whatever is NOT ENOUGH

Where do you live ?
2013 Model 'S' with QC & rear-view camera
Bought off-lease Jan 2017 from N. California with 63.9 Ahr after 22k miles
Car is now enjoying an easy life in Colorado

nerys
Posts: 686
Joined: Tue Sep 09, 2014 10:11 pm
Delivery Date: 09 Sep 2014
Leaf Number: 020441

Re: Insurance and accidents questions

Wed Sep 20, 2017 7:05 pm

Wee to late :-)

I would accept nothing but a perfect battery at this price point. Or a very cheap price if not perfect. One place wanted $16k for a 15 with 10 bars. I almost laughed. Not a chance. Battery so far is perfect. 12 bars over 22kwhr usable nice.

$18k 5300 miles perfect battery an SL in Blue! Only 10 months old. Insane. Its literally brand new.

It has dcqc as well! Suggestions on a portable L6-30 6.6kwhr evse?

New battery plus 6.6 charging might mean never needing a backup car at work again. At least for a few years :-)
2012 SV 4802miles. 1month 2400 miles. 9 weeks 5000 miles. 6 months 13,300 miles. 4/18 15,000 miles.

SageBrush
Posts: 1495
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: Colorado

Re: Insurance and accidents questions

Wed Sep 20, 2017 7:49 pm

All the best then ! :-)
And congrats on the new car
2013 Model 'S' with QC & rear-view camera
Bought off-lease Jan 2017 from N. California with 63.9 Ahr after 22k miles
Car is now enjoying an easy life in Colorado

baustin
Posts: 526
Joined: Tue Feb 24, 2015 1:23 pm
Delivery Date: 09 Mar 2015
Leaf Number: 402162
Location: North Las Vegas, NV

Re: Insurance and accidents questions

Thu Sep 21, 2017 2:50 am

You never want it to happen, but you should always try your best to be prepared for what may happen. About a year into the loan on my Leaf, the Credit Union sent out a mailer offering GAP insurance. I took them up on the offer. It was something like a $250 one time charge added on to the balance of the loan. One less thing to worry about. If there is an accident, at least I won't be paying off a loan on a car I no longer have.
2013 Leaf SV - Cayenne Red - QC Port - LED Headlights

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