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One less Volt, she's totaled

11K views 25 replies 18 participants last post by  ctdeng0 
#1 ·
Got the word from my insurance company that the Volt is totaled. I think I might cry.

Estimate was greater than $30,000 and there was still missing prices for some parts. The other insurance adjuster said he will go with the assessment of my insurance company. Now I need to find out how much money I am going to lose ! My insurance did say that they will cover sales tax so at least I do not lose that.

How do I argue that I should get MSRP for a totaled, 2 1/2 month old, hard to replace car ?
 
#2 ·
sorry to hear that. I'm interested in what happens, will you get on a waiting list for a 2012? etc.
 
#3 ·
I never thought about the sales tax! Yikes. One thing you might want to ask your insurance agent about is a rider that buys you a new car if the old car is totaled, rather than being paid a discounted book value. Not all insurance companies offer this though. I did not have to bring it up, my agent volunteered this option. It turns out to be $30/year (I thought it was $60). I took it.
 
#4 ·
Contact GM to see if they will buy it for research into Volt collision remnants. I bet GM in Michigan could use the Volt for some research. Maybe the Volt advisor could help make that happen?
 
#5 ·
That's terrible news, I'm so sorry! As far as getting MSRP, it may be a long shot but see if you could find evidence that buyers were willing to pay more than MSRP. If the "market value" of the Volt is more than MSRP, then you should get at least MSRP, right? Good luck!
 
#7 ·
I have a buddy that might be interested in a purchase for the right price (scrap value) Maybe you can cut a deal with the insurance company and in total you can fund a new volt.
 
#8 ·
Ownership of a totalled car

It was my understanding that if an insurance company totals your car that they take ownership, since they have paid you the 'total' price.

If that is the case, the only one selling this vehicle back to GM would be the insurance company.

Can someone correct or confirm my understanding?
 
#9 ·
How do I argue that I should get MSRP for a totaled, 2 1/2 month old, hard to replace car ?

Sorry to hear of your loss. Hope you are able to sell it to GM, but if the insurance pays you, generally they get the car so you don't have anything to sell. I thankfully never totaled a car, so I don't know first hand. You could argue that the car is extra hard to replace and you will have extra expenses (maybe have to pay a premium over MSRP) to get another one.

Paul (Cari's husband)
 
#10 ·
You are correct about totaled cars. At least in this state, the insurance company takes title of totaled cars, so they don't get repaired, resold, re-insured, re-wrecked, and totaled again.

I'm very sorry. It was a beautiful car.

Seems to me the other guy's insurance company owes you a new Volt, not just 85% (or whatever) of what of you paid for it. Let's face it, there isn't much of a used Volt market out there to price your car with.

WVhybrid
 
#11 ·
Well I would think you still get to claim the $7500 tax credit regardless of what happens because you were the original owner of the car. And you really ought to be talking to a lawyer in case there were any hidden injuries your wife experienced when she was in the accident.
 
#13 ·
I got rear-ended 3 years ago. My insurance said they considered the car totaled and when they paid me the price of a new replacement, they took the damaged car for salvage value. i had that rider so they priced a new model with all the equipment i had (plus some), paid off the old lease and cut me a check in 8 days.
 
#15 ·
Sounds like the battery itself would be worth some good money if it is not damaged from the collision. Now, it would only be "usable" in say a build which ends up as a demonstrator or other test vehicle. Maybe in a 2012 crash-test vehicle up at GM.
 
#16 ·
Update:

Lease payoff is $3,000 more than the insurance company will pay me. This does include the $500 deductable which I should get back from the other insurance company, so actual loss is $2,500. I briefly argued that I would not accept this value and she seamed reseptive to adjusting the value. I told her that I was going to contact the other guy's insurance to find out what they will value the car at.

I was told that because it was the other drivers fault I can go through either insurance company to settle this claim. If the other guy's insurance is not cooperative then I can submit to my company pay my deductable and then they will fight it out. I guess this is the benefit of "No fault" insurance.

But this sucks !!!!!!!!!
 
#17 · (Edited)
Man, I'm really sorry to hear, but sure glad your wife is OK. Always have to look at the bigger picture. I sure hope you get the insurance settlement you want.

But dang! Such a nice car lost. Here's to you getting a replacement soon.

Good luck!

Edit: I re-read your post of actual loss is $2500. Did you take into account the down payment on the lease? I'm just thinking if you put $$ down on a lease, and the lease payoff is still more than your settlement, you actually lost the down payment plus the lease payoff difference.
 
#18 · (Edited)
Good point, so my loss is $4,000 as I only put down $1,500.

This is the problem with how US Bank is handling the $7,500 rebate. They will make $7,500 on this lease as their money was only tied up for 3 months !
 
#19 ·
Is this the money the other insurance company is willing to pay, or your insurance companies settlement. With such a new car it would seem a replacement is really in order.

I hate those vultures, and this is why replacement option on a policy should be considered, generally a very low cost option.
 
#20 ·
Not sure if it helps, but there is a Silver Ice Volt sitting outside the dealership I bought mine from, along with their demo Volt. If you end up wanting to grab one without waiting, I would call up Bellavia Chevrolet in Rutherford NJ and see what options the car has. They were a great dealer to work with.
 
#21 ·
Sorry to hear about the loss of your Volt, ctdeng0. If you have any interest in replacing your red Volt in the future, we here at the Volt Advisor Team will be more than happy to assist you find a new one.

Volt Advisor Trevor
Chevrolet Volt Advisor Team
 
#22 ·
Erie Insurance (the other guy's insurance company) has been very good so far. They are using my purchase price and then deducting it by 51 Cents per mile (government depreciation value)[$1,767 depreciation], then adding 8% NY tax. I don't think I can expect anything better.

It is US Bank that appears to be screwing me with a $1,183 early termination fee and pocketing the $7,500 rebate. Hopefully they will remove the early termination fee when they provide a payoff number to the insurance company. This would reduce my loss to $432 + my $1,500 down payment.

Even the insurance guy couldn't understand how the payoff could be so high. This given the $2,000 GM rebate, $7,500 tax credit, my $1,500 downpayment and I have made two lease payments ! Thats total of $11,948, and the payoff is $3,000 more than MSRP.

I am starting to question if I should buy another Volt.
 
#23 ·
I am starting to question if I should buy another Volt.
That doesn't seem to be the Volt's fault. It seems the bank lease is what is screwing you, which would probably happen if the leased car was a Lexus or whatever. I'll certainly scrutinized any lease I may have in the future for this behavior (thankful I didn't lease mine).

I guess that's why banks got bailout money and are now giving bonuses to executives again.
 
#24 ·
I just checked on the cost for new car replacement insurance coverage through my ins company. They basically would replace the car with the current year's version if totaled. It would be about $8 for every 6 month renewal. This would only apply if I totaled the Volt (my fault). I looked over section 25 of my US Bank lease which describes waiver of gap amount. It would appear that without the extra ins coverage, if my Volt was totaled, I would be out atleast any money already paid (down payment and monthly payments) plus my ins. deductible. If collision is cause, you must have an ins deductible of no more than $500 for US Bank to waive the gap amount.

I could see most people being out $2500+ dollars unless you get the insurance company of the other driver to cover this expense. I am pondering the extra ins coverage, but I just don't see totaling our Volt and it being my fault. Heck, I don't even like driving faster than 59 now as I want to keep the ball in the center :)

Paul (Cari's husband)
 
#26 ·
Leasing the car makes sense if you do not plan on keeping the car more than 3 years which I did. As long as you do not total it in 2 months. Live and learn.

Lease payment was $474.00 ($1,500 down), to purchase it would have been $562 @ 3.49 % for 6 years, this would include putting down $9000 ($7,500 + $1,500). After 3 years that would have cost $3,168 more and I would still owe $20,000 on the car. The question is will you be able to get more than $23,168 for the car after 3 years ?

If GM takes $10,000 out of this car (which they need to do if this car is to be successful long term) and the $7,500 rebate is still available ( GM needs to sell 200,000 before rebate expires) then I think it will be difficult to get $23,168. This given a ($42,100-$10,000) $32,100 MSRP - $7,500 = $24,600 will make it impossible to sell a 3 year old Volt for $23,168. Even if they only take out $7,000 I think it will be difficult to sell this car in 3 years for $23,168.

The other reason I leased was I did not have $18,000 to cover the two $7,500 rebates plus $3,000 in down payments for the two Volts I bought.
 
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