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Rarasaurus
11-29-2010, 01:24 PM
If a car gets hit and the quote to get fixed is $4000. You can choose to take payout instead of getting it fixed. Insurance is saying that payout is 4000 minus 20% and minus 5%. Does this sound correct? or should payout be the full 4000?

Also when taking payout I assume the car does not go to salvage title correct?

tom_9109
11-29-2010, 01:33 PM
Payouts are usually less tax (5%) and anywhere around 25% when dealing with your own insurance company. You will not get a salvage title as long as it wasn't a write off that you retained.

If you're dealing with the other insurer they shouldn't be reducing it.

Rarasaurus
11-29-2010, 01:40 PM
It was hit while parked by another person. So not at fault accident. So it should be paid out in full right?

G-ZUS
11-29-2010, 02:14 PM
I was in the same situation. Im guessing every company has a different policy towards payouts, some are sleazy (read SGI). they tried writing my car off AND taking 25% off. I told them to pound sand, and made a deal to keep my car active.

Rarasaurus
11-29-2010, 02:17 PM
^So you ended up getting it repaired? I figured there was room for negotiation. I assume insurance would rather pay me 3500 then give the body shop 4g. They are offering just under 3g which i think is bull.

G-ZUS
11-29-2010, 07:41 PM
Originally posted by Rarasaurus
^So you ended up getting it repaired? I figured there was room for negotiation. I assume insurance would rather pay me 3500 then give the body shop 4g. They are offering just under 3g which i think is bull.

I took the cash, 3000 and fixed it myself, as I bought the car for less than that. Cost me less than $500 to fix it