My 2002 Toyota 4Runner sustained extensive rear end damage in an accident which is reportedly repairable. Would it be better to complete the repairs to take it as a total loss and purchase used vehicle similar to what I own?
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Who says it’s repairable?
What does your insurance company say?
Your question is hard to understand. We’re not there. We can’t see your truck. You need to provide more detail.
That Depends . . .
. . . on quite a few things. Here’s a few things for you to answer:
Do you own the vehicle free and clear?
Is it covered by collision insurance?
If so, will you have a choice?
If so, do you know what the settlement would be? Do you know that it’s negotiable?
Could you wait a couple of weeks for repairs? Do you have rental coverage?
Was the vehicle of average miles?
Was the vehicle in excellent condition and you had planned on keeping it?
Do you know how much a comparable or better replacement would cost?
Some people lose money on an insured total and others make money. I have taken a settlement several times and bought the “salvage” (damaged car) from the insurance company, repaired the car, and come out ahead, minus the hassle.
CSA
I own the vehicle free and clear and I plan on keeping it for at least 5 more years before looking for a new car. I purchased is brand new 7 yrs ago and have maintained it in excellent condition. The person who caused the accident, her insurance is taking full responsibility for the incident. Her insurance has offered to either repair and pay for the damages in the amount of $8300.00 or pay me cash value of $9800.00 to claim it as a total loss. There is primarily body damage and no damage to the frame or suspension of the vehicle. Her insurance company is also supplying me with a rental car so that are anxious to either repair the vehicle or pay me by claiming a total loss.
It’s Your Call.
I wouldn’t be too concerned with repairs done at a quality shop since it is body damage and not mechanicals with unknown damage.
Those 4-runners don’t have a seperate frame, do they? I might be concerned if damage extended to the area that the rear suspension attaches to.
I wouldn’t have a guess as to the cost of a replacement, but you’re always taking a chance on somebody else’s used car. You seem confident that your vehicle was well maintained and in excellent condition.
Does the $8300 easily cover the estimates? Does it call for “used” parts? You could save a little by installing quality used parts (after all, the rest of the vehicle is used and 8 model years old). Do you get to take the settlement and do whatever you want with the vehicle and the $8300?
You could shop similar vehicles, maybe one with a warranty or a few less miles and negotiate up based on this vehicle if necessary.
That’s good that they’re anxious. Find out though if that rental car has limits. Often they won’t go beyond 30 days, no matter what.
If you are going to repair it, I’d work it out so that they pay for anything over $8300 if additional or hidden damage is found after repairs begin.
It’s your decision to make.
CSA
The estimate of $8300 is what the insurance company Auto Damage Adjuster states it will cost for the Collison Repair shop to repair the damages. If I decide to claim it as a total loss and take the $9800.00 then I would only receive the Cash and not my vehicle. The Adjuster also stated that anything that needs additional repair later identified after getting into the replacing and repair of the damages is something that the insurance company is responsible for paying as well.
The 30 day limit on the car rental is a good thing to know and I will ask about that tomorrow.
Any additional thoughts are welcomed!!!
Can you post a PICTURE of the damaged vehicle??
If you take the $9800, they will sell the vehicle (at auction) to a rebuilder who will repair it and sell it at another auction…It’s just a game played with known odds…
Approximately, What’s A Price Range For 02 4Runners? I’m Kind Of Surprised That They Would Authorize $8300 And Any Additions.
CSA