Posted by oldtanker on February 06, 2014 at 11:28:53 from (66.228.255.116):
In Reply to: Truck damage update posted by rrlund on February 06, 2014 at 09:20:10:
rrlund: They can total the vehicle without there being much or serious damage. It goes like this. As you adjuster I get or do an estimate. I look at the book resale value of the car/truck. If repairs exceed 70% (for most companies) of the value I can total it. That's because a lot of the time there is unseen damage that will add to the cost. With some companies I call around to recyclers and have them give a bid for the vehicle in question. If the values of repairs added to the bid meets or exceeds 70% of the values it can be totaled.
This is where it get interesting. Not picking on him but if G1355 bought an new Ram 1500 today with the new engine, then gets in a wreck the recyclers will go nuts trying to bid on that track because there are basically no parts in the yards. So those parts are almost as good a gold. While I have, lets say a new car that really hasn't changed much in the last few year models and they sold a lot of that model. Well then there are parts out there but there isn't much demand because it's still a relatively new car. They are not worn out yet so demand is low. They are not going to be willing to pay near as much for mine.
That my friends is why sometimes a new model vehicle with little damage can be totaled.
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