Auto Insurance Claims/Salvage Value

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Expert: - 12/14/2009


Question
Our 2002 Pontiac Supercharged V-6 Grand Prix GTP was totaled in an accident. I would like to know what would be a fair price to buy back the vehicle from insurance.  We plan to use the engine for another vehicle.  

Answer
Hi Andrea,

Generally the salvage value of a totaled vehicle will be about 10% of the pre-damage value of the car. So if the pre-damage value was $8,000.00, the salvage value would be about $800. If the car is not so popular it may be less. You should ask the insurance company to get 2 or 3 salvage bids and provide you with the name & phone of who they got the bids from so you can verify.

I hope this helps
Richard Hixenbaugh

Auto Insurance Claims

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Richard Hixenbaugh

Expertise

Auto insurance claims procedure, auto coverage, liability issues, auto damage questions, how to deal with the insurance company, loss of use and diminished value.

Experience

I have been involved in the insurance industry for over 25 years. I have experience in underwriting, sales, claims adjusting, auto damage estimating, auto value appraising and diminished value appraising. I have testified as an expert witness over 35 times.

Organizations
Society of Certified Auto Appraisers

Education/Credentials
Completed all required courses for the Florida Property-Casualty agents license and the Florida claims adjusters license. I have attended various courses on auto damage estmating, vehicle appraising and am ASE certified in collision damage analysis.

Past/Present Clients
My company has done work for consumers nationwide.

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