[IMOLA*20TH]

I got into an accident last week in my 2001 GTI GLX (previous post) and today I get the bill to fix it. $7,000.00!!!!! and that is with no airbags going off. So in Iowa my vehicle is now considered salvage. The car is thirty days old and now after even fixing it is worth about 15,000.00. That is not remotely close to what I owe on it. Iowa law states that the insurance company has to pay me the depreciation but I know that will not be realistic it will be a goofy figure like 2,000 bucks, um no way. So do you think I will have any luck pushing for a new car (them paying off mine or coming close). I do not want a car that is salvage I paid for a brand new 2001 automobile 30 days ago. The only good thing is the guy that I hit was at fault, but his insurance adjuster is a complete ass. The other guy was sited for failure to yield so at least I might be able to sue him for the loss. Think I will have any luck?

 

[MasterAdkins]

Re: What should I do? (GTI*VR6)

Contact a lawyer.

 

[swmacneil]

Re: What should I do? (GTI*VR6)

usually an insurance company will give you the price of the car LESS THE DEPRECIATION, not just the depreciation. if it is salvage then it is salvage, i dont think they will give you any money to fix it, you either get the salvage money and give up the wreck, or get the money to replair it. correct me if i am wrong

 

[Green-Golf]

Re: What should I do? (GTI*VR6)

Guess what? Your car wasn't worth what you owed on it the day you drove it off the dealer's lot. Don't assume you will only get $2k from your insurance till you talk to them. Although they WILL try to minimize their loss on a claim.
As far as suing the other guy, talk to a lawyer.

 

[BostonMk4]

Re: What should I do? (GTI*VR6)

Doesn't sound right. What's the use of having insurance if it doesn't pay you when the accident is not your fault. I'm sure there's more to this story. Call your insurance company and have them expain everything you to again. If it's not your fault you can definitely sue the other guy for any losses that your incur.

 

[IMOLA*20TH]

Re: What should I do? (BostonMk4)

Here is the deal, State Farm (my insurance) settles the claim with me (if I choose) then recoups there losses from the other guys insurance and pays me back my deductible (problem I do not get enough to pay off my loan). If I try to go after the other guy I put my claim with State Farm on hold and attempt to recoup directly from the other guys insurance, (problem this will take forever and there is no garauntees of more money), thirdly getting an attorney on the average is 33% of what I get back from either insurance company goes to him/her(problem, I get more but lose more in the long run). Fourth they make me keep the car pay to get it fixed and then pay me the depreciation, which means I have a 24,000 car worth 15 that I owe 19 on.

 

[VB102]

Re: What should I do? (BostonMk4)

GTI VR6
2 Reasons to talk to a lawyer.
1)- He was at fault so they should be responsible for compensating you to get you to a level you were at before the accident. They should pay to have your car either repaired or replaced depending on condition and the extent of the damages.
2)When all is said and done depending on the value of the car after repairs you should also demand to be compensated for any loss in value.
For example
Before the wreck ( after depreciation) car is $ 20,000
After the wreck but before repairs $ 10,000
Cost to repair car ( paid by insurance) $5,000
Current value $15,000
According to tax laws you have a
capital loss of $ 5,000
Its definatly an issue that invloves having a CPA prepare you taxs next year but in very simple terms a Capital loss is defined as any amount that is the difference between book value and the amount reimburesed by insurance. Good luck


[Modified by VB102, 10:04 AM 2-12-2002]

 

[Punk42]

Re: What should I do? (GTI*VR6)

insurance=scam
get a lawyer then if you sue you can have the other guy pay court/attorney fees if you're lucky. then you get your money and he gets his... at least talk to one and see what he can do.

 

[pal]

Re: What should I do? (GTI*VR6)

Unless you total the car, what is the guarantee that you won't get into another accident with your next new car. That may be something to think about too ... if you are going to keep the car for a while, then probably the depreciation right now does not matter else ... well you have to decide in the end.
Good thing you are unhurt! VWs are safe cars.

 

[IMOLA*20TH]

Re: What should I do? (pal)

Update: Calling a lawyer, the insurance companies will pay me no more than what it takes to fix the car. So I now have a 24,000 car worth about 15,000 after it is fixed (due to the salvage note). I have an appointment with my attorney later today.

 

[VB102]

Re: What should I do? (GTI*VR6)

Maybe you could round up a couple of fellow vortexers to come over and increase the unseen damage.

 

[geofftii2002]

Re: What should I do? (GTI*VR6)

Get a good lawyer, it is more than worth it in the end!

 

[evilveedub]

Re: What should I do? (GTI*VR6)

I had a similar prob w/ my MKIII. $9K in damage (five car pileup, massive front and rear damage)
Car wasnt totaled...
I owed $15K on my loan, insurance value was $10K...
My only options were take a $5K loss or get the car fixed...(which they fuct up royally)
What should you do? GO TO THE HOSPITAL!
Tell them you are having severe neck and shoulder pain.
THEN SUE!
or you will end up with a car payment on a car that's in a junk yard like me!
Insurance is a JOKE! Next accident I get in, you can bet your arse I'm playing that one for every penny!

 

[DJKeebler]

Re: What should I do? (GTI*VR6)

Shoulda bought the debt cancellation/gap insurance. I bought a 2001 Mitsubishi Montero last year that was stolen and torched 3 months after I bought it. The blue book was $8000 less than what I owed and if I didn't have the gap insurance, I'd be riding the bus right now and still making payments.

 

[Replicant]

Re: What should I do? (GTI*VR6)

I dunno man, you can't really expect an insurance company to be concerned with what you owe on the car. I mean, if you take it to the extreme, you could have been one of those people who go in the dealership with $500 down and buy a car for list with the 6 year plan. They will only be concerned with the value of the car which is totally different than what you owe. You will have to haggle about the value BTW. Don't take a BS offer.
I am sorry though, that would blow goats to be in that situation.

 

[IMOLA*20TH]

Re: What should I do? (Replicant)

Sorry no such thing as gap insurance in Iowa. Also the insurance industry uses NADA values according to State Farm. NADA on my car is 23,600,If I get that I will be more then happy, plus with the liability issue and my bodily injury claim they should be more than happy if I settle for paying the car off.

 

[landrumdh]

Re: What should I do? (GTI*VR6)

ok so you have a NEW car, that's been totalled? And your worried about a replacment?
Most insurance policies include a section that if a car is <1yr old and is totalled you get exactly what you paid for it minus your deductable back.
Or maybe I'm just misreading your post.

 

[tcrboravr6]

Re: What should I do? (GTI*VR6)

If your car is to be salvaged title, dont you have the option to not fix it and get the money your car is worth. Salvaged title cars are not worth anything. Salvaged is a car that was totaled but fixed if im correct.

 

[smd3]

Re: What should I do? (GTI*VR6)

When I bought my VW they sold me on some rider where they etched the glass, give me oil changes at 5,000, and they cover me whatever the insurance won't in situations like this.
Kind of felt scammed after I signed it, but they said I can cancel...
It's stories like this that make me happy I got it.
Good luck with whatever you decide to do...

 

[J.R. Rogers]

Re: What should I do? (GTI*VR6)

Welcome to the wonderful world of insurance. Suing the individual who hit you for the property damage isn't an option unless you're a lawyer. The only way a lawyer would take that case is if you're injured. My wife worked in the personal injury law field for years. Property damage claims are a waste of time and rarely yield any money.
The minute you signed on the car, it lost $2000-$3000 of its value. I know it sucks but that's the way it is. When VW "bought back" my original "lemon" 2002 Golf, they had to pay the dealer the depreciation which was $2000 on a Golf GL that only had 400 miles on it (Most of which was put on by the dealer, trying to fix the problems).
Now, I don't know that I'd put your car's value at only $15000. My Golf GL's value was right around $15,000... But you probably lose another $2000 because it's an '01 model instead of an '02. I'm assuming you got a REALLY good deal on that car since it's last years model and has the old VR6 engine? If that's the case, what you saved on the car should pretty much cover the difference between the '01 and '02 models value.
Did you pay $19k for it initially?