xmq2002

A month ago I had an accident with my ES350, I got slippery with the FWD, the left front part of my car was broken, including lights, hoods and a flat tire. The insurance company gives a $7000 loss at the first estimate but it finally got totaled when start repairing... Painful..

Really bad. I just buy it half year ago...Luckily, no one injured and it is definitely a good car to save driver!!

Now I really wonder how much I should expect to get... It is a 2014 ES 350 with luxury and navigation, only 45k miles for now. The car is pretty good before the accident

I also have a lexus certified warranty for 2 years left, will this increase the car value?

Thanks for any advice.

NachoNYC

Tell me more about how your accident happen. Speeding, turning??...

Dave Mac

I can't tell you a dollars amount that you will get but it should be full retail/replacement cost plus sales taxes in your area plus any related fees. Since you have only had the car for a short time the amount you receive should be pretty close to what you paid, or you should ask for more. Did you buy new tires or have a major service done after buying the car. It sounds like you are saying it was a single vehicle crash and you were at fault. It's always a little better position to be in as not being at fault but the basics are still the same - full replacement cost plus...

You might prepare yourself by inquiring around for similar cars for sale.

Good luck.

Dave Mac
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Poppa

not to be argumentative, but I would be really surprised if you got anywhere near full replacement costs... I could be wrong ( wouldn't be the first time ) but the car is now a 5 year old model. You might want to go to kelly blue book and get an idea of what the blue book value is. Won't be exact but it will at least give you some kind of idea what the vehicle is valued at today. Good luck with it all and I hope your insurance company does the right thing. for you.

Roland

Maikerusan

Sometimes when I read these types of things I am Ok with paying my insurance company a few additional $ for total loss protection. If my car is written off in the first 5 years, I get a complete and new replacement car. Write off my 2015? Hello new 2019 !

Dave Mac

My only concern with this coverage is that the company may be reluctant to total loss some cars that are marginal. With any substantial collision damage I would always prefer to have them total the car rather than put it back together no matter how much I like the car. Aside from that, total loss replacement for 5 years would be good.

Dave Mac

Dave Mac

Wait, your not saying you total a 2015 model and you get a new 2019 model are you? That would be great, but crazy, and I would really be expecting them to patch a lot of cars together.

My coverage and earlier reference was to getting full replacement value vs. whole value for a totaled car. I was happy with that.even though it was a lease and had gap insurance.

Dave Mac

Poppa

I'm confused... are you saying there is an insurance company out there that will, for a supplemental fee, replace your car with a new / like kind for up to 5 years? I certainly wouldn't be brash enough to say this is fiction, but I sure would like to know which company and an idea of how much extra per year. Almost sounds too good to be true.

Kijug

I was curious on price...so I looked up KBB. I have a 2014 ES UL with all options. To be frank, I paid $50K OTD (about 5% below MSRP+TTL if I recall). At "Very Good" condition and 68K miles, KBB says between $16K - $17K now.

I plan to keep the car for 10+ years, depends on how it holds up...but I suspect it will. Nevertheless, that's the way cars go. Drive off the lot and you're already 10% down and the clock is ticking. =)

wdlugitch

Whoever the insurance carrier is would owe actual cash value minus deductible; it will find comparable vehicles, add for options and mileage on the loss vehicle and deduct for optionse and mileage on the comparable vehicles, add sales tax and DMV prorated fees

Maikerusan

Yes--I am saying exactly that. Remember though I live in Canada and policies here I would assume are quite a bit different than those in USA.

I just pulled out my policy. I pay $208 on my 2015 (all figures in Canadian $) this year for what is called 5-Year Replacement Cost Advantage/ It works on a sliding scale... in Year 1 the cost is cheaper (literally peanuts) and it goes up every year you continue the coverage.---the 2nd year more, 3 year higher etc, as the gap widens between what a new car would cost and what your old one would be worth. You can cancel any year.

Here is a cut and paste from the insurance website showing what it is and what it covers. The actual company is Primmum Insurance Company which underwrites the TD Insurance Meloche Monnex home and auto insurance program for members of employer groups and other associations throughout Canada under the trade name TD Insurance Meloche Monnex. Its program is distributed by Meloche Monnex Insurance and Financial Services in Quebec and by TD Insurance Direct Agency Inc. in the rest of Canada.

__________________________

A new vehicle is a big investment, so you want to be sure that you won’t lose out if you fall victim to theft or have a serious accident. With our Replacement Cost Advantage, you have that guarantee.Here’s how the coverage works.

If your car is declared a total loss within a period of up to 5 years of the time of purchase, we’ll replace it with a new one – the same model with the same options. That means there will be no depreciation of the value of your car. Please note that the original delivery date of the vehicle and the date the policy takes effect determine the expiry date of the Replacement Cost Advantage product.Who’s eligible?

• You must have an auto insurance policy with one of our companies that offer the Replacement Cost Advantage and satisfy its conditions.
• You must be a licensed driver of a private passenger vehicle.
• Your car has to be declared a total loss due to an accident or because it was stolen, vandalized or involved in a weather-related incident such as hail or a severe storm.
• You must be the original owner or lessee.
• Your car has to be new or a demo.
• The value of your vehicle must not exceed $65,000 in Quebec or $100,000 in the rest of Canada, including taxes and accessories.
• You must reside in Alberta, Ontario, Quebec or an Atlantic province.

Mike728

Have you ever had a claim with them? I know online ratings can be skewed, but here's what's out there: https://insureye.com/Reviews/Auto-In...5-TD-Insurance

I would suspect if your vehicle was in an accident, it would take a fire for it to be totaled. They would need to pass the $50k repair mark to total it.

Maikerusan

No claims, so will keep fingers crossed. I do have coworkers with the same company (Primumm sells to employees of certain companies only, not to the general public) who have had claims. Some were total writeoffs. Nothing unusual really as to how the claims were settled.

Don't know how you can say it would need to pass 50K repair when it is 4 years old already.

As you say, the only people who bother writing reviews about insurance companies are people who either feel ripped off or really have no concept what insurance is and what it should pay. I am not going to lose sleep over those ratings. I looked up a few random Canadian insurance companies...all seemed to get similarly terrible ratings.

In any case, all I was doing is stating what my insurance is as Poppa had his doubts that such a policy would exist.

lesz

I believe that what Mike is saying is that, if you have an accident whose repairs total, say, $30,000, even if the car is only worth $20,000, it will still be cost effective for the insurance company to pay to repair the car than it would be for them to declare the car to be a total loss, which could cost the insurance company $50,000.

For me, I would not want to give the insurance company any incentive to do extensive repairs on a car that is only worth $20,000.

Maikerusan

Well, to each their own. I don't really feel like buying a 50,000 car in the next few years with only 20,000 from the insurance company.