My little 2006 Matrix was damaged in a hail storm a few weeks back so I filed a claim. The adjuster came out today to give an estimate. He said its a total loss and it will be totaled out. He gave me two options for my situation:
1) The current value of the car is $4473.00,less the salvage value of -$1582.99, = $2890.01, less your deductible-$0.00=$2890.01. This is how much they (Allstate) can pay me and I keep the car.
2) Or they can pay me $4473.00 + taxes $360.21 = $4853.21, less the deductible-$0.00=$4853.21 and Allstate takes the car.
I want to go with option 1 and keep the car and get some cash.
My question is, I will most likely end up with a salvaged title, how do I get insurance for it once it's been totalled out by my insurance? I know I can't full coverage but liability at least right. My current company probably won't provide insurance for it?
Has anyone delt with this before and how did you handle it?
Or should I take the max deal and run?
1) The current value of the car is $4473.00,less the salvage value of -$1582.99, = $2890.01, less your deductible-$0.00=$2890.01. This is how much they (Allstate) can pay me and I keep the car.
2) Or they can pay me $4473.00 + taxes $360.21 = $4853.21, less the deductible-$0.00=$4853.21 and Allstate takes the car.
I want to go with option 1 and keep the car and get some cash.
My question is, I will most likely end up with a salvaged title, how do I get insurance for it once it's been totalled out by my insurance? I know I can't full coverage but liability at least right. My current company probably won't provide insurance for it?
Has anyone delt with this before and how did you handle it?
Or should I take the max deal and run?