Quote:
Originally Posted by the
It's not clear from your post how the insurance company is treating it.
In your first sentence you say you "totaled" it, which suggests the insurance company is considering it a total loss.
But then you talk about fixing it, and your keeping it, which suggests that they are not treating it as a total.
The answer depends on how much the vehicle is worth, how much damage there is to it, and whether the insurance company is declaring it a total loss or not.
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That's true.
If it costs $8,000.00 but has depreciated to $4,900.00, you are only going to get a check for $4,900.00. The idea is that you can go and buy another like truck for $4,900.00. If you choose to repair it, that's fine, but you don't get more money because of it. If you can prove your truck was worth more, that's fine too. Repair costs that exceed the total vehicle value don't really make it worth more.
This is why it is so easy to total old cars: even fixing minor scratches can exceed the vehicle's value.