Hail Damage Opinion

[Aznshadow85]

Just a question to you all on what you would do in this situation.

I have a 2008 Lexus ISF that recently was caught in the hail storm.

Damages were as follows:


Normally I would just pay the deductible and fix it with other cars. Caveat with this is the mileage is fairly high (185000). Other than that, car runs great and body & mechanical is in great shape.

If it were you, would you just pay the deductible and fix it or take the payout and just live with the dents?

I'm pretty sure I know what I'll do already but thought I'd get your opinions. Thanks everyone!

[vengie]

Any pics of the damage?

To be honest with a car like that I think I would have it repaired.

[dirtsniffer]

repair.

whats' the payout figure?

[realazy]

I would lean towards repair as well. ISFs tend to hold value fairly well, having unrepaired damage would really hurt your chances of selling it at a good price and limit your buyers.

[ExtraSlow]

I'd take the cheque baby. Cash in hand is worth more than any change in assumed value of the car, which is a depreciating asset.

[Tik-Tok]

Aren't cash payouts typically FAR less than the repair amount?

[max_boost]

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I'd take the cheque baby. Cash in hand is worth more than any change in assumed value of the car, which is a depreciating asset.

50/50 I would flip a coin

[redblack]

Rare car, I’d get it fixed.

[infamous]

in my opinion i would not get them fixed, i would take the payout and call it a day. it doesn't matter with 180k on the odo that the body isn't perfect, and i am almost positive that if you can take the almost 6k now it would be more than if you were to fix the hail and try and sell the car for more money. but that is just my opinion.

[SR54RNR]

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in my opinion i would not get them fixed, i would take the payout and call it a day. it doesn't matter with 180k on the odo that the body isn't perfect, and i am almost positive that if you can take the almost 6k now it would be more than if you were to fix the hail and try and sell the car for more money. but that is just my opinion.

2008 ISF's are still trading for mid to high 20's. There is one on kijiji with a blown engine, still asking $16,500. And there is one for sale at Beyonds favorite car dealership for $31,888

[ExtraSlow]

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Aren't cash payouts typically FAR less than the repair amount?

Good call, get payout quote from insurance it's often not the same as repair quote. There are other deductions.

[Nufy]

Are hail payouts a one time thing tied to the car ?

So if OP takes the cash and sells, the new owner can't make a hail claim ever again on that vehicle.

I could be wrong and I'm sure someone will point out if I am...

[ExtraSlow]

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Are hail payouts a one time thing tied to the car ?

So if OP takes the cash and sells, the new owner can't make a hail claim ever again on that vehicle.

I could be wrong and I'm sure someone will point out if I am...

That's basically true, but you or any future owner has the option of getting the damage repaired, in which case you can again make hail damage claims.

[yipb]

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That's basically true, but you or any future owner has the option of getting the damage repaired, in which case you can again make hail damage claims.

Is it possible to do nothing (do not take cheque or repair the hail) and wait for another hail storm and hope the damage will be 15k+?

[dj_rice]

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Is it possible to do nothing (do not take cheque or repair the hail) and wait for another hail storm and hope the damage will be 15k+?

As long as he hasn't reported it to insurance maybe?

[rx7boi]

I had no idea these cars were worth so much.

If it's got 185k on the clock already, on average how much more before it becomes a money pit?

[R-Audi]

ISFs are quite reliable, especially with your major service already being done.

Get the car fixed. If you sold the car with hail damage you will take a bigger hit than what they will provide you with for a payout.

[Mitsu3000gt]

I feel like hail damage would hurt the resale value of the car way more than ~$5K (I would never even consider a used car with hail damage), so personally I'd get it repaired.

You have 2 years to make a claim (I know I do - Intact)...so you may want to wait until the end of the next 1-2 summers if it doesn't bother you to either maximize the payout or avoid paying another deductible.

[schocker]

Car is still worth enough that IMO I would repair it. When mine got damaged the payout was like $12k on a $20k car, but I got it fixed and it ended up being more like $15k to repair anyways.

[Aznshadow85]

So based on the documentation provided to me, the pay out would be the hail damage repair minus the deductible only. So essentially $6k. It's such a middle number to sit at because if it were like $10k+ then I would probably take the payout immediately but at the current value, it really is a coin flip.

I don't have any pictures that show the damage well because the car is a dark gray and the dents don't show up clearly. The car damage is noticeable at certain angles and obviously up close.

Car has all major services done so essentially just fluid changes and brakes in the foreseeable future.

Thanks for all the inputs. It's really helpful. I'll think about it some more before making the final decision.