Update on my total loss

Glad this all worked out. That's what insurance is for, when life comes at you.

 

Not sure which state you transact business in, but here in Cali most preferred carriers pay full purchase price in the first year of vehicle's life and it looks like in OP's state too. Some charge extra premium, most don't. And all pay tax+license.

 

My friend is looking for a 2022 Tacoma in California. He alway mentions the 11% California tax .
$45,000 truck X 11% tax= $4,950.00 . Hope California got good roads and a safe place to live?

 

lmao you’re a trip man

 

Depends on where you live, but generally, the roads are not that great.

 

This is sus. They don’t pay more than you paid for your truck.

And as that amount it would have been repairable. There wasn’t even 20k worth of damage there.

 

all of the states. yes, tax, reg, etc is normal and straightforward (except in MO where it isnt because no one in that state is smarter than a 5th grader.)

plus, if that were the case i would not see so many people filing gap claims on <1 yr old cars in CA.

basically you're setting expectations way higher than they should be (as do most agents, not saying you are one... but...)

anyway, there's no point in beating this dead horse anymore. i might as well be arguing with someone about their 'mint condition' 1986 dodge aries is a collector car worth $20k.

 

Sales Tax on Vehicles in Ca is based on where (which County) in Ca you live in; if your friend lives in a high-tax County, then he will pay the higher tax rate. I live in Orange County which has a lower tax rate then LA County. A few years ago I bought a car from a dealer in LA County and they tried to charge the higher LA County rate (you all read or at least skim the contract(s) you sign when you buy a new or used car, right?) A quick Google search to prove that they were wrong and the rate was changed.

It gets even more confusing because some cities are free to charge a higher tax rate as well.

As far as the roads go, it all depends. Where I live my City and County take good care of them. Other cities and counties, not so much. I recently took a weekend MC ride through some very rural parts of CA and was impressed with how good the roads were out there.

 

Gap claims are because most consumers are not smarter than 5th graders and don’t make smart buying decisions.

Picking vehicles they find attractive, instead of ones that hold historically high resale value, basing their decisions on payment amount instead of loan terms, getting suckered into stretching out the length of their loans, and swindled into additional line items on their contract.

Auto loans today are the predatory junk home loans of the early 2000’s. Repossession stats are at the highest levels in history. Of course there are more gap claims, there’s the correlation.

Most carriers will pay you 100% or exactly your purchase contract amount if you have a total loss within 90 days of purchase. After that, you either have the add for replacement value, or it’s ACV based on fair market value within a certain radius of your zip code.

The only way I can see him getting 58k is if he got absolutely railroaded at the dealer and they paid out the contract for a loss within 90 days.
Which would make sense why the dealer was more than willing to give him the same deal on a new one.

 

That's a brutal schedule.

 

My friend lives in LA. Good to know some ares in California have lower tax rates. Hawaii the tax rate are all the same.

I like paying “taxes”;supports our useless government. Pays for food stamps, those people eats better then us.. We get more bad roads, not a easy thing to have? Best part , we get less spending money, no need think ,what to do with the extra money. Support your local taxes. They know how to use it.

Hawaii rail system over 9 billion dollars spent, will be only 20 miles long., expect to be open by the end of the year? Our taxes at work and working harder each day.
Was to cost only 3 billion.

 

Look at how well it took the impact impressive

 

Both of you are leading people astray with this shit.

The only way to know what a policy will pay is to read it.

Considering how many morons will take a thread to 500 pages about clicking a torque wrench twice but won't read what they bought...

 

Rail won't be open by the end of the year lmao

 

I’m an auto damage adjuster for a major company and work CA claims. Insurance claims work like this in CA regardless of the carrier:

If you total your car, whether you were driving it home the first day or driving it to the crusher after 20 years, the payout consists of the ACV which is the actual cash value. This is computed by taking sales data in your area of similar vehicles currently for sale or sold within the last 90 days and then adjusting it for options, mileage and condition. Since the sales data is from dealers almost exclusively the prices are slightly higher. After that, the sales tax for your county/city is added based on the ACV. Next, the unused portion of your registration fees are added. Finally, your deductible is subtracted.

ACV+TAX+REGISTRATION-DEDUCTIBLE = Total settlement amount.

There are obviously intricacies if an individual wants to retain the vehicle or is able to show data that could change the ACV but that is rare.

No insurance company is going to pay you what you paid for the vehicle directly. That being said, if the market for a certain vehicle is crazy (Tacomas for example) then I can absolutely see a higher dollar amount settlement than what someone may have paid for a vehicle. And I’ve in fact dealt with such claims.

 

39k of damage according to the shop.

 

Oh look someone else that knows how it works.

 

Are you able to get the estimate from your adjuster or shop? They had to have written one to compare it against the vehicle value. Either that or they just deemed it an obvious total.. which I doubt. Would be nice to see how much it was inflated to write the truck off and not have to deal with a shitty shop on supplement after supplement.

 

67% before you take into account another $1050 on rental and salvage value.. close enough.

 

I paid $50,100 for mine in February. Plus Taxes were $4,500 and additionally plates were $787 per year in California. Included in that price was a $2,500 market adjustment. You can't get around high taxes, that doesn't make you underwater, it's the price to play the game unless you live in a low tax state.