Insurance Question please help!
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This is a discussion on Insurance Question please help! within the Everyday Impreza Talk forums, part of the Community - Meet other Enthusiasts category; Three weeks ago, some a**hole kid ran me off the road on snow and ice causing me to total my ...

  1. #1
    Registered User Mabf355's Avatar
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    Insurance Question please help!

    Three weeks ago, some a**hole kid ran me off the road on snow and ice causing me to total my WRX, and a Chevy Silverado. Thank god I was alright (that car was a life saver), but i was wondering if anyone on here was familiar with what happens with insurance when they total a car. I am new to the whole accident thing, and i hope this is the last. I am aware that Insurance buys the car back from you and cuts the bank a check for the difference, and they also return your sales tax. My question is this: I have heard many things, but how does insurance come up with a number to buy your car back? I know its full retail, but do they base their number on what you payed? Or on common market value becuase there are no book values for 04s yet. (Full dealer retail on an 03 with obviously no premium package, and more mile still retails for $24,200!) Since I am a VIP customer through SOA and I payed invoice for my 04 WRX back in April 03, it is still less then retail for my simlar car with similar miles. I have heard of a VIP cust. who bought an 03 RS, totaled it and ended up getting more money back then they paid! It doesnt make sense to me, but again I am new at this. If someone could help clear this up I would greatly appreciate it! Its hard enough seeing all these people enjoying their WRX's while im chuggin' to school 60 miles a day on the highway in a 99 Outback Limited.(nicer then a wrx, but not quite so). Condering the douche bag who ran me off the road kept going and left me will all thse events on my shoulders, you can understand where i am coming from.
    My goal, is to atleast break even and hopefully buy a new 04 (even though I think that is going to be impossible without being an idiot) or atleast buy a used WRX, which i dont want considering i had a brand new loaded WRX, but I love the car!

    Thanks everyone!
    -Marc

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  3. #2
    Registered User Lt. Boom Stick's Avatar
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    Marc-

    I'm going to move this into the Everyday Imprezza Talk b/c that section seems to have more responses to insurance questions and I want to ensure you get an answer.
    Worse comes to worse, you might want to post in your regional section b/c insurance laws etc vary from state to state and you might get a more precise answer from somebody in your neck of the woods.
    Glad to hear you're alright and best of luck w/ everything.

    -Lt. Boom Stick

  4. #3
    Registered User Wade-0's Avatar
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    In my experience, it's the replacement value of the car. This can work to your advantage or disadvantage, depending on what you paid for the car and how much you still owe on it. Most new car buyers have the option of purchasing GAP insurance, which will cover the difference between replacement value and what you still owe on the car. This pretty much applies only to people in your situation who total their car right after they buy it.

    On the flipside, my dad bought my first car for $1200 at auction and I got rearended and it was a total loss. The ins co estimated the replacement value of the car at $2250

  5. #4
    Registered User driverj's Avatar
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    Glad you are OK. Sorry about the car.

    I agree with Wade. Just make sure you tell them every single thing that was in your car. Down to the last bolt you added. This usually helps in negotiating if necessary.

    You didn't get the info on the other car?

  6. #5
    Registered User Mabf355's Avatar
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    Thanks for all the fast responses. I really appreciate it! No, I didnt get any of the info off the car that ran me off the road. To much was happening at once, and I didnt expect to crash!

    I actually heard from my insurance company today, and I am making out quite well on my car. It is an O4 WRX, 5-spd, with the Premium Package, and the Security System upgrade with 13,000 miles! My original window sticker was around 26,800. I paid around 24,400 (Subaru VIP ) and get this...Insurance co is buying my car back for 28,300!!!!!!!!!!!!!!!!!!!!!!!!!!

    I was blown away at this number, but hey I cant complain now can I?! I still however, after I pay off my loan will only end up with around 16,000 for a new car. I am not sure, since I lost so much on 8 months of car payments if I am going to get another 2004. I will definately get another WRX though, even if it has to be an 02 or 03. I dont want to be car poor. For now I just have to wait and see what comes of this and what is in my best interest.

    Again, I thank you guys for all your help!
    -Marc

  7. #6
    Registered User driverj's Avatar
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    Excellent!

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