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Only 10 ten days to learn options from Insurance Co Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Thu, 19 May 2016 10:16:23 In Reply to: Repair Cost versus Market Value for totalling?, MI-Roger [Profile/Gallery] , Tue, 10 May 2016 14:23:22 Members do not see ads below this line. - Help Keep This Site Online - Signup |
The son's car is considered totalled. 2002 GrandAm with 182K miles of use and regular maintenance (by me).
Buy-out amount if son surrenders title is ~$2100
Buy-out amount if he keeps title is ~$1900
Because car is over 7 years old Michigan's draconian Scrap Title and Salvage Title laws do not apply. Hooray!!
Last quote he saw from Body Shop to perform all repairs was ~$2500
Insurance Co will not automatically re-insure car after repairs. Coverage should be available with certification of repairs by Licensed Mechanic and inspection.
He is leaning strongly toward retaining title and hiring repairs himself. Might trade it in late Fall when new car prices typically drop, or might keep it for the final two years of Med School. As he said, "What quality of used car could I get for only $2100? At least I know this one has been maintained regularly and properly."
->Posting last edited on Thu, 19 May 2016 15:45:14.
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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