How to work with Insurance Company regarding ACV and salvage buy back?

Just get your payment, buy another car and move on. Best of luck and be safe. RE: How to work with Insurance Company regarding ACV and salvage buy back? Here is my situation: I recently crashed my 2003 350z and my insurance company just deemed it a total loss. My original plan was to accept the total loss and buy back the car to repair it myself and get a salvage(rebuilt) title. Today, I received a call from my claim rep with Progressive Ins with the numbers regarding the accident. Here are the numbers in approximation as I'm awaiting a breakdown via email. Car Value(tax, registration, etc):$12,400 Deductible:$1,000 Lien Payoff:$8,250 Settlement amount(check to me):$3,170 I requested to purchase the car back to repair myself, and my agent advised: I would need to first pay down my lien by about $2,250. Once the payment posted, they would then complete the payoff of the lien and I would be able to get my car back. So, basically, they are wanting over $5,000 for me to purchase this car back, which is over 40% of the car's value. I feel this number is a little high and originally expected to be able to at least have the lien and deductible paid, and just receive the car back with little or no cash in addition to the car. After hearing this information, I became frustrated and let the rep know that I would need to think about how I wanted to continue. After doing some research online, I was able to locate where the car was(never advised). The car was towed directly to an Insurance Auction company in Phoenix, AZ. While looking for information regarding this company, I was actually able to locate my car on their web site ready for auction with a start date of TBD, awaiting certificate. This was posted on their site yesterday, a day before I received any information regarding my claim. As mentioned, this was declared a total loss and I was able to obtain the repair summary, and every part listed on their paperwork was highly overpriced based off my part research. Their web site also stated that the car did not start, but since the accident on last Thursday, 03/15/2012 and every single day following, I started the car and it started without a hitch, even on Monday, when I left the key in the car for the tow company to get the car. The car also has a lot of aftermarket(performance) parts installed on the vehicle. So, how would I find out if the value of the car included these parts in there figures? If it wasn't figured into the pricing, or the payout amount for the premium parts is not very much, I can opt to remove and replace these parts with stock or acceptable parts. For instance, I have a cold air intake, full adjustable coil over suspension with camber kits, (4) Work Wheels and Nitto Invo tires, full cat-back single exit exhaust, and premium sound system. Obviously, if these were not figured in to the pricing, how would I go about adding these, or would it be better to just remove and replace these with stock or acceptable replacements? Is there anyway to get the buy back price down? Or if that is not an option, would my additional GAP coverage work in paying the $2,200 to the lien holder so I could buy back the vehicle within the limits of their settlement offer? Regarding the starting of the vehicle, like I mentioned, it was fired up everyday until it was towed, and now it states that it doesn's current state with all the parts? I understand the reasoning behind totaling the car, but I don't quite understand their valuing of the car, and the amount they want me to pay to buy back the vehicle? How should I move forward, who should I contact, and what would be the best plan of action in this situation? I'm thinking that removing the aftermarket parts and replacing them with oem or acceptable replacements would be the first step, as I would make more money on selling the parts private party than having them remain on the car with the current values. I's not. Can anyone please help me with this situation? It would be greatly appreciated and any advice would help greatly! I should also note that I also had a total loss last year with the same Insurance company and it was handled very differently. The car was taken to an actual reputable body shop for the appraisal, and the value of the car was higher than blue book and also had aftermarket parts. This was an 2006 Ford Focus ST (SAP) with 73,000 miles. They even offered the buy back option at 20% of the ACV, and with my current 03 350Z, they want over 40% of the ACV for the buy back. PLEASE HELP Thanks!

T.M.I. They won't pay for the "extras" you chose to put on the car. No insurance company will. They can use whatever repair parts they want to use. They are overvaluing the salvage value of the car. Forget about buying it back. Just let them have it Move on

A 350z has a slightly higher value unless your mileage was high. Instant Market Value A used 2003 Nissan 350Z has an average retail price of $13,212 and 82,700 miles. Your insurance company is trying a swindle. Be Aware.

Something is wrong somewhere. The car belongs to you not the insurance company. You gotta watch the insurance companies because they are all thieves and crooks. If the car is valued at $12,400 with $1000 deductable, then they should cut you a check for $11,400 minus the $300 salvage rights. The car is yours. Don't sign anything. You should retain possession of the vehicle and get a check for $11,100. The insurance company is looking to take advantage of a persons general ignorance of "how things work". Most people just "trust" that the insurance company is being fair. But they're only being fair to themselves. They can not auction it without your waiver. My advice would be to call a tow truck and have your car towed elsewhere immediately.

Something is wrong somewhere. The car belongs to you not the insurance company. You gotta watch the insurance companies because they are all thieves and crooks. If the car is valued at $12,400 with $1000 deductable, then they should cut you a check for $11,400 minus the $300 salvage rights. The car is yours. Don't sign anything. You should retain possession of the vehicle and get a check for $11,100. The insurance company is looking to take advantage of a persons general ignorance of "how things work". Most people just "trust" that the insurance company is being fair. But they're only being fair to themselves. They can not auction it without your waiver. My advice would be to call a tow truck and have your car towed elsewhere immediately.

Whatever you do, DO NOT ACCEPT ANY SETTLEMENT NOW. Until you accept a settlement, they cannot sell the car. They will need to pay DAILY STORAGE until the settlement. The longer they need to pay storage, the more amendable they will be to bringing the price down for you to buy it back. I once made an insurance company pay storage for TWO years. They would not accept my settlement offer of $3,000, but instead wanted to settle for $1,800. I refused. At the end of two years they cut me a check for $20,000 and I got the vehicle back. The biggest problem you have is the outstanding lien on the car. The lienholder may force you to do something since you probably cannot pay the lien off. Just set your sights on a figure that you think is fair and be stubborn. In the worst case scenario, your car gets auctioned off. If it is a public auction, you can bid on the car yourself and may get it back cheap. If it is a dealer only auction, you could find a dealer qualified to bid for you for a fee. Regardless, you know better than anyone else what is really valuable on the car, so probably could outbid anyone else. The big question is whether you would have the available cash to do that.

A 350z has a slightly higher value unless your mileage was high. Instant Market Value A used 2003 Nissan 350Z has an average retail price of $13,212 and 82,700 miles. Your insurance company is trying a swindle. Be Aware.

Try places like your bank as i got a very good quote from my bank. When i tried the comparison sites i found them all to be higher as companies pay to be put on them. The best thing would be look on the comparison sites then try the ones that don't show on them, Direct line don't go on these but that doesn't mean that they will be right for you. Sorry i could not be more help full but we all go through this good luck.

Whatever you do, DO NOT ACCEPT ANY SETTLEMENT NOW. Until you accept a settlement, they cannot sell the car. They will need to pay DAILY STORAGE until the settlement. The longer they need to pay storage, the more amendable they will be to bringing the price down for you to buy it back. I once made an insurance company pay storage for TWO years. They would not accept my settlement offer of $3,000, but instead wanted to settle for $1,800. I refused. At the end of two years they cut me a check for $20,000 and I got the vehicle back. The biggest problem you have is the outstanding lien on the car. The lienholder may force you to do something since you probably cannot pay the lien off. Just set your sights on a figure that you think is fair and be stubborn. In the worst case scenario, your car gets auctioned off. If it is a public auction, you can bid on the car yourself and may get it back cheap. If it is a dealer only auction, you could find a dealer qualified to bid for you for a fee. Regardless, you know better than anyone else what is really valuable on the car, so probably could outbid anyone else. The big question is whether you would have the available cash to do that.