Salvage value lol...

My Jetta got some hail damage that totaled it out. Personally I don't think it's that bad and I'm going to keep it. Insurance valued my 2000 jetta at $4,350.

Salvage value, $300.


Easy buyback for me. Just did injectors and timing belt.
Time for suspension, chip and maybe paint.

Thinking suplex springs and not sure...bilstein or koni.
Track density mounts

So your getting back $4350? And rebuying for $300????!!!!! 8 )

My brother-in-law in Colorado kept a hail damaged car and took the money. He had it for many years and the hail dents sort of healed themselves somewhat with the different temp cycles over the years.

I have seen a good detail guy, or body shop miraculously remove hail dents with a heat gun and dry ice, if they are not too bad. I know you can get horrible hailstorms there though.

On the bright side, you need not fear storms anymore if you keep it.

It boggles my mind someone would carry that type of insurance on a 17 year old car.

Scobi-wan said:

So your getting back $4350? And rebuying for $300????!!!!! 8 )

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Yeah, seems no brainer to me.

pdq import repair said:

My brother-in-law in Colorado kept a hail damaged car and took the money. He had it for many years and the hail dents sort of healed themselves somewhat with the different temp cycles over the years.

I have seen a good detail guy, or body shop miraculously remove hail dents with a heat gun and dry ice, if they are not too bad. I know you can get horrible hailstorms there though.

On the bright side, you need not fear storms anymore if you keep it.

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Nope, wasn't fearing any of the storms, but this one finally got it.

oilhammer said:

It boggles my mind someone would carry that type of insurance on a 17 year old car.

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It's $18 more a month for $0 deductible full coverage including glass. Covers hail (which welcome to Colorado multiple times EVERY summer) and theft. Seemed to work out ok with not much outlay. So at 5 years of an extra $18 dollars that's $1080. I just gained $3k on that deal.

Now which suspension and slight lift...

Yep, bad math confirmed. Plus, that deficit of $3k did not come from ether. It came from other insurers' pockets, and to some extent your own (in higher costs). All the more reason not to pay into a system like that.

$18/mo paid into a decently invested retirement account would be a far wiser place, in my opinion.

However, I do not know your situation. It may be a big deal for you to have some sort of total loss. And this covers you. I always look at it as "Can I afford to just go out and BUY outright a car just like this one?" And if the answer is 'yes', then it make no sense to spend money to insure it. And lately it does sadly appear a lot of Americans cannot afford to go out and buy even a 17 year old running/driving car for cash for a couple grand.

Where is your cutoff for full insurance? I'm not saying insurance is good or cheap, but we have to have it and they are out to make money (don't get me started on health insurance)



The S&P good average return is 8%

$1080 invested in one chunk, for 5 years at 8%, you get $1,586 at the end.

Still leaves me $2414 "ahead" of investing in the 5 year picture.

As said point I could invest that $1,586 and use the $2414 on a bender in Vegas and still be in the same boat (financially speaking)

Yes I could go purchase another vehicle of said or better quality without insurance money. We have 3 cars and have not had a car payment for more than 10 years.
My wife van actually got totaled as well. $11,500 in damage, and imo doesn't look that bad at all either.

There are "other things" that go into account of TCO of a vehicle, others insurance fees etc....but i'll take this deal and freshen up the old girl.

I was just laughing that they say it's only worth $300 to salvage...basically scrap metal, yet insurance had too look a little harder to find a 2000 Jetta TDI 5 speed to compare.

If the hail "dimpling" is just right your aero may improve and you may get extra MPG's !

That, a payoff and a cheap buy back seems like a win win win to me ! ;-O

Andrew

Andyinchville1 said:

If the hail "dimpling" is just right your aero may improve and you may get extra MPG's !

That, a payoff and a cheap buy back seems like a win win win to me ! ;-O

Andrew

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lol, yes forgot about the "aero" feature

That's awesome

I got a check for almost $5K (after a LOT of negotiating) after my 2003 Jetta TDI was rear ended while parked. I only had liability on it, of course, but since I was not at fault (or even in the vehicle) the other policy holder (not the owner or "driver") paid off-eventually. And I kept the car. Swapped the engine into a 2003 1.8 gas (broken TB casualty) chassis that was found locally for $600. So, the old TDI has survived to run some more.

A few years back the wifes Cadillac SLS was left out overnight one of the few times in its life. It got hailed a bit. Adjuster came up with a number (I don't recall the $) that we would accept and keep the car. By the time summer was over it was almost impossible to find any sign of the hail dimples. Several cycles of sun heat and the cool garage took care of it very well. When we traded it off the sales guys never noticed or mentioned it.

oilhammer said:

It boggles my mind someone would carry that type of insurance on a 17 year old car.

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On certain vehicles, I'll keep full coverage, with a $500 deductible until the insurance cost exceeds about 1/10th the replacement value for a similar vehicle. In the case of my 2004 Audi A8L, insurance runs about 900$ a year. Replacement is about 10-14k$ right now, so this next year I'll look at the coverage costs. My 2007 F350 diesel, crew cab, long bed, dually 4x4 costs me about 850$ a year, but a replacement truck is going to be in the 25-30k$ range. It will be probably be after 2020 before I reduce the coverage on it, with the way truck prices are these days.
Have to evaluate the numbers for what you drive, how much you drive and your personal level of financial risk on losing the particular vehicle. In our case, we do not have the ability to replace either vehicle at our current financial position right now.

oilhammer said:

It boggles my mind someone would carry that type of insurance on a 17 year old car.

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I have to keep full coverage and high liability limits on the vehicle I drive for business, mandated by the company I work for. That meant full coverage on my 02 Jetta until I blew the engine in January and started driving my 335d for business

pdq import repair said:

My brother-in-law in Colorado kept a hail damaged car and took the money. He had it for many years and the hail dents sort of healed themselves somewhat with the different temp cycles over the years. .

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Our first new car was a 1966 Chevy Super Sport

18 months into the 36 month loan, we were living in an appointment complex.

It got battered by 1.5 inch hail aplenty. Maybe 250-300 dings. No windows broken.

We dutifully paid the insurance money on the loan. Possible 3.8 payments.

Had the car for 'bout 14 years total. After a few years we noticed the dings were getting smaller.

When i sold it, seemed like there was only a few (10-15) dings still visible.

The extreme summer heat was a self healing issue. Me thinks.

oilhammer said:

$18/mo paid into a decently invested retirement account would be a far wiser place, in my opinion.

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Mid way through my youngest uncle's life, he went to liability only.

You guessed it. Two years later he lost his MB to an uninsured drunk. Value < $9,000.

On the other hand, I dropped my coverage, on a 3/4 ton van I was paying quite a lot for full coverage. My estimated (retail) curb value was $3,000 - $4,000. May have saved almost $1,000. The gamble paid off.