uMulla

I have a 2007 Lexus ES 350 and it got into a wreck yesterday, airbags deployed and car most likely will be total. The issue it car already had a "Rebuilt Title" and my insurer is geico, they have been insuring it for almost 2 years now and haven't said Anything about the title.

Will the give me issues while claiming ? Does the title make the car worth less( for the claim) even though I am paying the insurance rate for a regular title car ?

Has anyone delt with it before, how should I negotiate with them

Dave Mac

I think you can expect Geico to offer you a lower settlement for the diminished value of car with a salvage title and they are probably right. Interesting point about paying the same rate for your insurance but that would only apply to the collision and I doubt that they will give it any consideration. Good Luck.

Dave Mac

uMulla

Ya I expect them too
The car has 85,000 miles so the ACV ( actual cash value) or replacement cost
Should be about $20,000 - $22,000. They will prolly take out 25%-30% for the branded title. Since I live in the state of Texas it's better for me because the DMV requires rebuilt salvage cars to get fully Inspected before they can be considered " road worth" again.

That should leave me with like $13,500 - $16,000 dollars ?

MDames2

iTrader: (1)

I doubt your car is worth 20 - 22,000. I have a 2007 with 53,000 miles in pristine condtion. It's current market value is about $19,000. It has NAV, HID swiveling headlights, premium wheels, etc... Your car's market value is likely closer to $17,000.

uMulla

insurance adjuster looked at mt car today and offered $19,100 plus TTL around $20,000 even but he hasn't mentioned anything about the title. I am waiting on the official offer letter from insurance right now.

SW17LS

Take it and run.

Dave Mac

Yes, take it without question.

Dave Mac

uMulla

Ofcorse I did, thats about the walkout price i payed for the car 2 years ago at 38k miles, which included tax n title fees n interest for finaince. The adjustr was super nice and said he wanted me to rate him "10" on their survey. ( 10 being the highest)

He knew bout the title, I have to send it to their office to get a check

SW17LS

Good for you!

flowrider

iTrader: (9)

Well, I guess you got more than the car is worth But, what I don't understand is how, when you bought it, did you find an institution to finance a vehicle with a salvage title

Lou

SW17LS

Some banks will finance them with a salvage title...credit unions...etc

jagtoes

Unless Tx is different you cannot put a salvage tittled car on the road without a state inspection and certification. Once this is obtained the car will now get a clean tittle and can now be registered and insured. Insurance companies will not insure a salvage car unless it has been inspected. The only record of a clean tittled salvage car would still show up on carfax.

uMulla

The car was brought from Somone I know, I payed half as down payment n in house financed the rest.

Acctuly Texas is one of the states with the toughest laws on salvage cars. It has to be fully repaired then inspected by the department of transportation.

After that a blue title is issued but it start " Rebuilt" and in Texas data base it shows up as a branded " salvage" title

uMulla

I'm thinking about getting a theft recovery 2008 LS 460 32k miles with a minor fender bender from the Insurace auction
It will go about 22 23,000

ThumperPup

I had an accident in my 07 there is about 10k in damage maybe a little less I am worried that after the insurnace geico goes out and is asked for more in cost to repair they might total it out no airbags deployed but there is rail damage and the passenger rail frame needs to be replaced I have 61k on it all the es350 07s near me are going for around 17-20k with my mileage and options do u think it will be Tottales out if its 10k to repair ?