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Still Doin Time
Join Date: Nov 2004
Location: Nokesville, Va.
Posts: 8,225
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In short, the repair (according to his insurance company) has met or exceeded the market value of the car. Two things can happen. 1) Your friend accepts the 'offer' amount to total the car, they cut a check, then take the car away where it will will auctioned / sold off to a salvage facility. 2) They total the car, your friend tells them he wants to 'buy it back" which averages @20% of their estimate of the 'totaled' car.
In this case he'd keep the car, have @80% in cash ( value) in his pocket. Then he can decide to do whatever including repairing it, putting it back on the road. But the car will now have a 'salvage' title where in some insurance companies will not insure.
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'15 Dodge - 'Dango R/T Hauls groceries and Kinda Hauls *ss
'07 Jeep SRT-8 - Hauls groceries and Hauls *ss Sold
'85 Guards Red Targa - Almost finished after 17 years
'95 Road King w/117ci - No time to ride, see above
'77 Sportster Pro-Street Drag Bike w/93ci - Sold
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