Ugh..heh well I told the story numerous times, probably make me cry if I tell it again. Anyway here goes:
Me and two buddies were coming off the freeway and were slowing down to make a u-turn under the underpass of the freeway...some total idiot comes off and apparently didn't slow down and as he was switching into my lane, he hit the back right portion of my car, making me lose control of the car, which in turn made the car hit a large pillar that supports the freeway. The driver drove off, all I remember was that it was a Ford truck, most likely an f150 (damn you ford drivers)...anyway I had surgery on my nose to repair it from the damage that the airbag did. My two friends both walked out of the car and were totally fine. The car was taken to a body shop and is now at Foreign Auto Body, here in Houston, which is on Silber road, if anyone interested wants to go look at the car. Anyway, they gave a rough estimate when the car was brought in at about anywhere from $15k-$30k of damage. Today I received a call from the body shop saying that the car was totaled (the damage was almost as much as the value of the car). I don't know how this could be because, only the right front and the right side of the car was damaged. Anyway we posted flyers for possible witnesses to the accident and any info that would lead to the driver of the truck, but we received no calls. There were no witnesses, and my friends didn't remember much either. Anyway the car was leased and we had gap insurance on the car from the dealership, so it shouldn't be too much of a problem to compensate for the vehicle with the dealership, however insurance premiums are going to skyrocket. I have said that I would get pictures like last week, but I've been really buisy and had surgery and didn't have time to do much. Anyway tomorrow I'm getting my stiches out, and will try to make it to the car place to snap some pics of what was a "beast". I have no idea what I'll be driving next if the car is in fact totalled. Anyway that's all I have to say for now =) Take it easy guys.....
I would consider this good news. A car with so much damage will never "feel right" after being repaired. And since you must disclose the accident at the time you sell your car, you'll not get a fair price for it.
I would rather shell out some more money (deductible, depreciation) and get me a trouble free car...
Wow, get this the estimate on the car is $55k to repair (major bummer) and the reason being the engine is considerably damaged. Anyway I guess the best solution is to order up a new "beast". Was also wondering is there anything on the car that is salvagable? I mean can I gank the rims off the car? Three of them supposedly are in "like new" condition...Anyway...later
Don't take anything from that car. You are lucky they are "totaling" the thing for you. When they pay a settlement, they are entitled to what is left... which will be sold at auction. They are treating you right, so don't be tempted. Hope you feel better.
My understanding is that the salvage value of cars like the M5 is 40 percent or more (since it's so new.) This is why the insurance company will total it with ~$50K of damage.
DISCLAIMER: I'm not an insurance expert and Texas insurance laws, rules and regulations change frequently, this is my understanding of Texas auto policy regulations --
Since this was a hit-and-run accident, on Amir's Texas auto insurance policy it will be covered under his "Uninsured Motorist" coverage, up to his coverage limits. There is typically little or no deductible on the uninsured motorist coverage. Claims made on this portion of the policy cannot be recovered by the insurance company by increasing his insurance premiums, as would be allowed if the claim was filed against the "collision" coverage. Hence, a frequent insurance company "mistake" is to file the claim against the "collision" policy rather than the "uninsured motorist" policy thereby allowing for a rate increase. My understanding is that in Texas, the insurance company can increase the collision coverage premium up to a rate that permits them to recover their "collision claim" loss within 3 years of premiums...ouch.
Under Amir's "Personal Injury Protection" (PIP) coverage, he can collect for lost wages and other incidental expenses, even if he receives full or partial coverage from other insurance policies -- yes, he can legally double and triple collect for certain losses.
Then, on his "Comprehensive" coverage, he can collect for injury, pain and suffering, generally for an amount equivalent to 3 or 4 times the actual cost of all his medical expenses, again, independent of what any other policy may provide.
Since he is a legal minor, I believe he has until his 20th birthday to settle with the insurance company. By Texas law, insurance companies are required to "settle" these claims. He can separately settle the claims for the M5 while leaving open his PIP and Comprehensive claims, a technique that generally ensures the most favorable settlement on the car since insurance companies fear personal injury claims. Amir should also assume that all his conversations with the insurance company are being tape recorded. One phrase to avoid, "I feel great just give me my money."
if one or two of the rims and tires are in useable condition you could go and bid on them- they would be good spare parts. but Daniel is right- dont just take them. if you want these parts bid on them like anyone else would.