another S down........ *update*
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Joined: Sep 2002
Posts: 24,004
Likes: 3
From: Pasadena, CA
I work in the insurance industry. I would be very surprised if they didn't total out your car. $7500 is definitely a low ball estimate. Wait for YOUR insurance adjuster to write the estimate
Most insurance companies will total out a car once the repair estimate is at/or exceeds 75% of the actual cash value.
If the repair estimate is not quite at the 75% threshold, your insurance company should call in for a salvage bid on the vehicle. If the repair estimate total and the salvage bid on the vehicle equal or exceed the actual cash value of the vehicle, then they can total out the vehicle.
Example 1:
$14,000 = Actual Cash Value of 2002 S2000
$10,500 = Repair Estimate Threshold (75% of ACV) in Order to Total Out Vehicle
____________________________
Net effect is that the vehicle is a total loss.
Example 2:
$14,000 = Actual Cash Value of 2002 S2000
$ 9,000 = Repair Estimate not quite at 75% of ACV
$ 5,000 = Salvage bid
__________________________
Net effect is that the vehicle is a total loss.
Hope this helps.
Most insurance companies will total out a car once the repair estimate is at/or exceeds 75% of the actual cash value.
If the repair estimate is not quite at the 75% threshold, your insurance company should call in for a salvage bid on the vehicle. If the repair estimate total and the salvage bid on the vehicle equal or exceed the actual cash value of the vehicle, then they can total out the vehicle.
Example 1:
$14,000 = Actual Cash Value of 2002 S2000
$10,500 = Repair Estimate Threshold (75% of ACV) in Order to Total Out Vehicle
____________________________
Net effect is that the vehicle is a total loss.
Example 2:
$14,000 = Actual Cash Value of 2002 S2000
$ 9,000 = Repair Estimate not quite at 75% of ACV
$ 5,000 = Salvage bid
__________________________
Net effect is that the vehicle is a total loss.
Hope this helps.
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