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!