Auto Insurance Claims: Auto insurace claim, lexus gs 300, salvage title

Question
I have a car that has hail damage, my insurance company, estimated that it will cost $4800 to fix my car, i have a 1993 lexus gs 300 in excellent condition, the say it worth $5100 not true, but it is worth 7500, but I owe 8500, the car is still derivable what do I do? Option 1. Total the car, the ins. company (Progressive) pays my lien holder $5008.77 and I still owe the balance of $3491. Option 2. Ins. pays me $3984 and I take the car and get a salvage title, what do I do. I don't want to loose my car.

Answer
Hi Seven,

First of all, you can argue the value of your car. If you can get them to increase the value of your car to $7500.00 that solves the problem. In Florida a car is considered totalled if the repairs are 80% of the value. If the value is $7500.00 the point at which it would be a total is $6,000.00. Your repairs are only $4800.00. So they would pay for the repairs and there would be no salvage title.

You should go to www.autotrader.com to find other cars like yours that are currently for sale. Print out 5 to 10 cars like yours and average the values. Then send it to the insurance company demanding that they increase the value of your car. Even if you negotiate the value down a little you still have room. If you can get the value to $6500.00 then 80% is $5200.00. With the repairs at $4800.00 it is still repairable.

I hope this helps
Richard Hixenbaugh