Flood damage, possible total loss?

CamRamRo · 11-02-2015, 05:13 PM

Just wanted to throw this out there and gather some thoughts on this, my buddy's 2010 Camaro SS drove off into some deep water on the highway and apparently sucked up quite a bit of it... It's at the dealership now, and the insurance adjuster made an estimate of repair including not only the motor being replaced, but to fix every ding and scratch, replace the tires, and fix any wear to the interior. This brings the estimate to about $12,500 and he says the car will likely total. The car does have a lien on it, but the balance is only @7000.

Now my question is this... How is it that the insurance can decide to bring the car back to showroom condition and at the same time total it out because the repair would cost more than the vehicle is worth in it's current cosmetic condition? This seems like some sort of scam to me... First of all, I have never heard of an insurance adjuster wanting to include every nick and scratch on the car. Second of all, if they are going to repair the "entire" car like new, shouldn't they be appraising the car as if it had no damage at all? Seems like they are pulling a fast one and comparing apples to oranges here.

Side question... If the insurance replaces the motor, does he get to keep the old one?

sherob · 11-02-2015, 05:17 PM

If they total it, he can then turn around and try and buy it back from the insurance company, if that's what he wants. I have friends that do that when their motorcycles get totaled. They then buy used parts and fix them up themselves with the check they get cut from the insurance company.

No he doesn't get the motor if it gets replaced, the insurance company gets it... but again, if he wants to try and buy it, he needs to talk to the adjuster.

CamRamRo · 11-02-2015, 05:22 PM

He doesn't want to buy it back, in fact he was going to sell it because he ordered a '16 2SS that may be here by the end of next month.. I guess we are just worried that the insurance is trying to pull something here, big surprise I know.. I don't believe it's required to estimate repair for any and all damages including wear just to try and total the car, or even common for that matter. The shop told us that the motor part alone was about 8200 of that. I'd say let the insurance total it if they would pay a fair market value, but we are waiting for a call back from the insurance to see what they are going to offer. I'm sure the first offer will be borderline offensive.

sherob · 11-02-2015, 05:32 PM

Make sure and add any aftermarket upgrades he had done... receipts are great!

pickwithaustin · 11-02-2015, 05:42 PM

Quote:

Originally Posted by sherob

Make sure and add any aftermarket upgrades he had done... receipts are great!

The insurance isn't going to cover those unless they were previously reported to them and included as a part of what they were insuring. They will value the car based upon generic value (most likely NADA).

sherob · 11-02-2015, 05:44 PM

Just going off what I do for motorcycles (gear, helmets, GPS, luggage... etc)... guess we get screwed for cars. I need to go over my policy.

pickwithaustin · 11-02-2015, 06:12 PM

Quote:

Originally Posted by sherob

Just going off what I do for motorcycles (gear, helmets, GPS, luggage... etc)... guess we get screwed for cars. I need to go over my policy.

Personal items inside of the car that are lost or damaged (equivalent to helmets, luggage, etc.) are covered for a car... but not "mods" done to the vehicle. In fact, if some of the mods were high-performance, you might not even want to let the insurance company know that now...

11-02-2015, 05:13 PM	#1
CamRamRo Drives: 2014 TR Stingray M7 Join Date: Jan 2015 Location: Los Fresnos, TX Posts: 76	Flood damage, possible total loss? Just wanted to throw this out there and gather some thoughts on this, my buddy's 2010 Camaro SS drove off into some deep water on the highway and apparently sucked up quite a bit of it... It's at the dealership now, and the insurance adjuster made an estimate of repair including not only the motor being replaced, but to fix every ding and scratch, replace the tires, and fix any wear to the interior. This brings the estimate to about $12,500 and he says the car will likely total. The car does have a lien on it, but the balance is only @7000. Now my question is this... How is it that the insurance can decide to bring the car back to showroom condition and at the same time total it out because the repair would cost more than the vehicle is worth in it's current cosmetic condition? This seems like some sort of scam to me... First of all, I have never heard of an insurance adjuster wanting to include every nick and scratch on the car. Second of all, if they are going to repair the "entire" car like new, shouldn't they be appraising the car as if it had no damage at all? Seems like they are pulling a fast one and comparing apples to oranges here. Side question... If the insurance replaces the motor, does he get to keep the old one?

11-02-2015, 05:17 PM	#2
sherob Drives: 2015 SW 1SS/RS 1LE Join Date: Mar 2015 Location: Brighton, CO Posts: 2,736	If they total it, he can then turn around and try and buy it back from the insurance company, if that's what he wants. I have friends that do that when their motorcycles get totaled. They then buy used parts and fix them up themselves with the check they get cut from the insurance company. No he doesn't get the motor if it gets replaced, the insurance company gets it... but again, if he wants to try and buy it, he needs to talk to the adjuster. __________________ “The Eagles and the Captain and Tennille ruled the airwaves, and we were the answer to it.” - Joey Ramone

11-02-2015, 05:32 PM	#4
sherob Drives: 2015 SW 1SS/RS 1LE Join Date: Mar 2015 Location: Brighton, CO Posts: 2,736	Make sure and add any aftermarket upgrades he had done... receipts are great! __________________ “The Eagles and the Captain and Tennille ruled the airwaves, and we were the answer to it.” - Joey Ramone

11-02-2015, 05:44 PM	#6
sherob Drives: 2015 SW 1SS/RS 1LE Join Date: Mar 2015 Location: Brighton, CO Posts: 2,736	Just going off what I do for motorcycles (gear, helmets, GPS, luggage... etc)... guess we get screwed for cars. I need to go over my policy. __________________ “The Eagles and the Captain and Tennille ruled the airwaves, and we were the answer to it.” - Joey Ramone

11-02-2015, 05:22 PM	#3
CamRamRo Drives: 2014 TR Stingray M7 Join Date: Jan 2015 Location: Los Fresnos, TX Posts: 76	He doesn't want to buy it back, in fact he was going to sell it because he ordered a '16 2SS that may be here by the end of next month.. I guess we are just worried that the insurance is trying to pull something here, big surprise I know.. I don't believe it's required to estimate repair for any and all damages including wear just to try and total the car, or even common for that matter. The shop told us that the motor part alone was about 8200 of that. I'd say let the insurance total it if they would pay a fair market value, but we are waiting for a call back from the insurance to see what they are going to offer. I'm sure the first offer will be borderline offensive.