How to buy back a totaled car cheap.

[Timco]

Originally Posted by shadrach74

And how is that determined? In most cases it is determined with regional comps. If Jakes car is modded (which it is) than that must be taken into account.

Have you priced the 4 bow glass top assembly from Porsche lately? $11,500...

The scenario you mention (actual cash value) is more in line with how a collision claim would be handled. If driver (policy holder) trashes their own car than most insurance companies will pay them "actual cash value" on a collision claim. If the insurance company finds out the policy holder had a $50K hand built engine installed on a car they underwrote as being worth $19K, then the policy holder is SOL as they had a duty to make insurer aware of the car's mods and the value of those mods.

However, This is not a collision claim...this is a liability claim. The at fault party's insurance company responsibility extends beyond actual cash value. They must make Jake whole.

Whole, as in compensation for rental, time off work, injuries, and property loss. If I had over $10k in mods, I sure as hell would get a rider or make sure I am covered for replacement value, not just car's value. A new top and things like that seem to fall under "things you need to do to keep said car on the road" not performance mods. You can't claim the car is worth more because it just has an oil change and fluids flushed...it's what you have to do. Same with a top. That top may have helped the car hold a high BB value, but you do not get to add $11,500 to the fair market value.

I cannot speak to liability. My accident was 100% her fault, no doubts or arguments. That helps. I agree it goes beyond cash value, but not adding up every dollar spent on repairs. No car goes up in value the exact cost of it's new shocks or tires unless those items are superior to stock, but then only to someone else who wants the mods. The ins company just sees the car has shocks and tires like any other car. Now, you may be able to claim those mod items as yours separately, and insist they take the car but you want the items you bolted on. If mine had a similar fate, you bet those delete pipes and UD pulley would come off and stock would go back on.