IS250 Total Loss Value...what a pain
12-14-12, 05:54 AM
#1
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IS250 Total Loss Value...what a pain
About 3 weeks ago my wife and I were involved in a rear end collision. We were at a stop light when a PT Bruiser barrels into us going about 40mph. The result:
Geico's Adjuster originally estimated the repairs at $8,500. When the body shop started tearing it down, they found some more significant frame damage and then it was estimated at 10,500 damage. This week when the body shop dug deeper and found damage further up the frame (I told them that the rear wheel was pushed in by a finger or two from the beginning). Long story short, the damage now is $16,500 and they are considering it a total loss. Geico originally wanted to give us $19,700 inc. tax. I complained and they are looking at a couple more sources for a value. This is a 2008, is250, AWD, With every option (the door sills even light up)... I'm expecting we should get at least 21K + tax, is this off base? I can't find a replacement anywhere!
Mind you this is the second Lexus that was total on my wife ( and not her fault):
A tree fell on this one. I tried to convince her to get a different car but she loves the IS to much!!
Geico's Adjuster originally estimated the repairs at $8,500. When the body shop started tearing it down, they found some more significant frame damage and then it was estimated at 10,500 damage. This week when the body shop dug deeper and found damage further up the frame (I told them that the rear wheel was pushed in by a finger or two from the beginning). Long story short, the damage now is $16,500 and they are considering it a total loss. Geico originally wanted to give us $19,700 inc. tax. I complained and they are looking at a couple more sources for a value. This is a 2008, is250, AWD, With every option (the door sills even light up)... I'm expecting we should get at least 21K + tax, is this off base? I can't find a replacement anywhere!
Mind you this is the second Lexus that was total on my wife ( and not her fault):
A tree fell on this one. I tried to convince her to get a different car but she loves the IS to much!!
12-14-12, 08:01 AM
#3
Lexus Test Driver
As far as the value, look it up on kbb.com and see what they sell for in your area. Can't believe you've lost two, and especially that the first was so bizarre! Third time is the charm, right? Stick with the IS if it's what you like. I wouldn't switch cars just because of an act of God and a moron in a PT Loser (correct name for those cars, btw). Hang in there and stick to your guns on the value pay out.
12-14-12, 08:10 AM
#4
According to kbb, they are trying to short-change you a little bit, depending on the mileage at least.
I tried out of curiosity with 60K miles on a decked out '08 IS250 AWD, and the range is ~$19K for a "fair" condition trade-in (worst case) to ~$25K for an "excellent" condition private sale (best case).
I don't really know how exactly insurance companies determine the value of totaled cars in these situations, though.
I tried out of curiosity with 60K miles on a decked out '08 IS250 AWD, and the range is ~$19K for a "fair" condition trade-in (worst case) to ~$25K for an "excellent" condition private sale (best case).
I don't really know how exactly insurance companies determine the value of totaled cars in these situations, though.
hope the insurance will compensate you appropriately
12-14-12, 08:41 AM
#6
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Ouch - geez.
Losing 2 cars in random accidents sucks.
When a guy hit my RX300 - the damage was within a grand of totalling out the car - we took the money we got from the RX and put it into the IS350.
Fight for as much money as you can get.
Losing 2 cars in random accidents sucks.
When a guy hit my RX300 - the damage was within a grand of totalling out the car - we took the money we got from the RX and put it into the IS350.
Fight for as much money as you can get.
12-14-12, 09:11 AM
#7
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According to kbb, they are trying to short-change you a little bit, depending on the mileage at least.
I tried out of curiosity with 60K miles on a decked out '08 IS250 AWD, and the range is ~$19K for a "fair" condition trade-in (worst case) to ~$25K for an "excellent" condition private sale (best case).
I don't really know how exactly insurance companies determine the value of totaled cars in these situations, though.
I tried out of curiosity with 60K miles on a decked out '08 IS250 AWD, and the range is ~$19K for a "fair" condition trade-in (worst case) to ~$25K for an "excellent" condition private sale (best case).
I don't really know how exactly insurance companies determine the value of totaled cars in these situations, though.
To OP: I hope everyone is safe and doing well. Fight for every penny that you believe your car is worth!
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12-14-12, 09:46 AM
#9
Lexus Champion
That's a good price, take it and move on. KBB, Edmunds and other pricing sites are NOT the ones the industry uses. Most use the Manheim auction prices which are the wholesale prices and are lower. The other ones are just guides. Hope your 3rd IS is the charm.
12-14-12, 10:07 AM
#11
Makes me want to keep my LS in storage for winter. Family in NC is taking my DD back to NC after Christmas.. Might have to put my trusty mountain bikes to use for winter.
12-14-12, 10:58 AM
#13
man, that's definitely a totaled loss. i was told by body shop whenever there's any damage to the roof, it's a total loss because of safety issues. my previous IS250 had damages of $11k but they would not total loss it since the car was too new, and the main damages were on the driver side doors.
