ACCIDENT WITH TOTAL LOSS: WHAT DO YOU GET?

[Larz]

My 2007 M35 was totaled last month. It had nearly 100,000 miles on it. The way the insurance company decides your car's value includes an amazing list of methods and comparisons and very detailed research. They begin with the basic resale value and then add / subtract dollars based on the condition of your individual vehicle at the date of loss and arrive at a final payout amount. Like many of you, I take great care of my car and here is how it paid off for me. My appraisal had NO deductions, and in fact they added dollars to the 'expected' value for payout. More reason to keep your car in great shape and keep up with required maintenance. It WILL come back to you!

Here are a few highlights from the 15-page report:

Introduction:
GEICO has requested CCC to conduct an inspection of your 2007 Infiniti M35 4 door Sedan located in Fort Lauderdale, FL. The inspection information was then used to conduct research in your local market to determine the market value of your vehicle. The local market value of your vehicle was defined by the Zip code 33308 -- Fort Lauderdale, FL
The average settlement amount based on the loss vehicle description provided by CCC is $17,338.00
** this includes sales taxes, licenses, and fees where applicable
Information used to determine value is based on the following research:

The state of Florida is composed of 16 distinct local markets. The following 3 zones were used in the preparation of this CCC Valuescope Market Report.

Fort Lauderdale, FL - Primary local market vehicle database.
In this market, CCC maintains a database of 5,113 inspected dealer vehicles located at 21 dealerships, and 29,650 dealer advertised, and 1,928 privately advertised vehicles taken from 20 local papers or magazines.

Miami, FL - Secondary local market vehicle database. In this market, CCC maintains a database of 6,600 inspected dealer vehicles located at 34 dealerships, and 66,644 dealer advertised, and 6,880 privately advertised vehicles taken from 28 local papers or magazines.

West Palm Beach, FL - Third local market vehicle database. In this market, CCC maintains a database of 3,322 inspected dealer vehicles located at 13 dealerships, and 23,913 dealer advertised, and 1,838 privately advertised vehicles taken from 19 local papers or magazines.

2007 Infiniti M35 4 door sedan Obsidian Black / Bourbon Leather Interior Mileage: 98,956

Odomerter check: For this 2007 INFINITI M35 (JNKAY**********) no indication of odometer rollback or tampering was found. AutoCheck determines odometer rollbacks by searching for records that indicate odometer readings less than a previously reported value. Other odometer events can report events of tampering, or possible odometer breakage.

Title check: AutoCheck database for this 2007 INFINITI M35 (JNKAY*********) shows no historical events that indicate a significant automotive problem. These problems can indicate past automotive damage or warnings associated with the vehicle title.

Problems Checked Results Found
Accident No Accident Record(s) Found
Corrected Title No Corrected Title Record(s) Found
Driver Education No Driver Education Record(s) Found
Duplicate Title No Duplicate Title Record(s) Found
Emissions Safety Inspection No Emissions Safety Inspection Record(s) Found
Fire Damage No Fire Damage Record(s) Found
Lease No Lease Record(s) Found
Lien No Lien Record(s) Found
Livery Use No Livery Use Record(s) Found
Government Use No Government Use Record(s) Found
Police Use No Police Use Record(s) Found
Fleet No Fleet Record(s) Found
Rental No Rental Record(s) Found
Fleet and/or Lease No Fleet and/or Lease Record(s) Found
Fleet and/or Rental No Fleet and/or Rental Record(s) Found
Repossessed No Repossessed Record(s) Found
Taxi Use Taxi Use Record(s) Found
Theft No Theft Record(s) Found
Flood No Flood Record(s) found

Physical inspection at salvage yard:

Body: No rust, no dents. Clean original appearance. All panels intact and properly aligned. Adjustment: $560
Tires: Loss measurement at 9/32 ** new tires typically measure 11/32 70%-90% of new Adjustment: $32
Paint: Very few small scratches, chips, or swirls noted. No fading. Adjustment: $40
Engine : Belts and hoses firm, minimal wear. Minimal dirt, no grease in engine compartment. Adjustment: $150
Transmission : Fluid translucent. No seepage. Adjustment: $100
Carpets: Clean. No significant tears, holes and/or burn marks. No significant wear. No bare spots. Adjustment $64
Dashboard: No significant scratches and/or gouges. No significant wear. Adjustment: $81
Headliner: Clean. No significant holes and/or burn marks. No significant scuffing. Adjustment: $48
Interior: Clean. No rips or tears. No significant wear or discoloration. Adjustment: $55
Doors: Clean. No rips or tears. No significant wear or damage. Adjustment: $45
Total adjustment: + $1175

Expected value: $17,338
Total adjustments: $1,175
Adjusted value: $18,513
-----------------------------------------
Final appraised value: $18,513

No Lien, no loan. Payment (less $500 deductible) to titled owner: $18,013.00

** I paid a little over $20k for it with 60k miles at purchase. Even after 2-3 years and nearly 100,000 miles, I got most of that back.

[njjuliano]

Next time you look at the market, let me know what you see. I might get a few shares.

[svard75]

Hey Larz, this is fantastic news! Congratulations. Did you get a chance to remove your mods?
Tbh a car in that condition will be auctioned off and get a rebuild title. The insurance company will recover most of this money.
I'm wondering what they would evaluated mine for seeing I have replacement value on my plan.

[pegasus]

Sweet payout, I'd take that and run.

[Larz]

Hey Larz, this is fantastic news! Congratulations. Did you get a chance to remove your mods?
Tbh a car in that condition will be auctioned off and get a rebuild title. The insurance company will recover most of this money.
I'm wondering what they would evaluated mine for seeing I have replacement value on my plan.

Unfortunately, I wasn't able to drive or do much of anything else while the car sat in the tow lot. I was still under the impression that it could be repaired. We didn't know the entire rear body was twisted or that both frame rails were bent and I wasn't thinking about my next car. After we got the bad news that it could not be repaired, we went back and they allowed me to remove personal items like the mats, the NAV disc, my Revo sunglasses, and all the rugby stuff in the trunk, etc. I wasn't expecting to find another M like the one I ended up buying. My full intention was to get a Jag L model. It was only about a day prior to purchasing the Jag that I got the call from the guy at Carmax telling me about the white 09 M35. After deciding to get the M instead of the Jag, my 07 M was long gone from the tow lot.

I have replaced all but the reear turn indicators with Vleds, and I intend to get the brakemotive kit, MGP caliper covers, and Osram CBIs in the near future. I'm still mending and going though therapy so progress is slow. OH! and I also got new silver radio knobs, LOL. When Fetucini looked at the dash, her first words were "love the colour of the dash lights, but those cheezy black radio knobs have to go!"

[jiggersplat]

See if you can buy the car off the insurance company... they might sell it to you for around 10% of what they paid you and then you get all your aftermarket parts back and can part out the rest.

[svard75]

Parting out a car is probably the worst thing to do ever. The parts take forever to sell then once everything is out someone has to haul the body away or let it rot. In most cases that's what happens especially in Florida. Let her RIP together

[jiggersplat]

not if you have a bunch of aftermarket parts on it and a good motor and transmission and then just call the we haul junk car guys after you sell the easy bits.

[svard75]

I won't pretend to know how much the insurance company would sell if for. Based on some online salvage titled M35s likely between $3-$4K. You may get 1500-2000 for the engine maybe 500-700 for interior and perhaps 200-300 for the lights. You might break even in the end. The worst part is the actual sales of the parts. Dealing with people complaining about shipping, low ballers, etc. Seriously sales is the s*** most kiss a** thing to be involved in.

[jiggersplat]

I won't pretend to know how much the insurance company would sell if for. Based on some online salvage titled M35s likely between $3-$4K. You may get 1500-2000 for the engine maybe 500-700 for interior and perhaps 200-300 for the lights. You might break even in the end. The worst part is the actual sales of the parts. Dealing with people complaining about shipping, low ballers, etc. Seriously sales is the s*** most kiss a** thing to be involved in.

agreed... the worst part is the headache of selling it all....