enjun

Wed. my wife and son where hit from behind, no one was hurt. The shop said the damage was a little over $7000.00, but the insurance said it was not totalled because of the following. The car is a 2000 GS400 Platium Series with all the bells and has less than 66K, was in excellent condition and the other person insurance company was going to offer us compensation for the amount that the car lost in value. My question is (1) Keep the car (shop said it will be 100%). (2) Look at a low mileage 06, 07 GS430. or (3) Trade this one in and get about the same thing again. I personally believe that if it had been any other car, it would have much worse.

charmz

in my opinion, i would say get rid of it.
but its your car and your choice.
i just hate owning car which have been in major collisions because in my opinion they never are the same

paradox

Hey, sorry to hear about the accident, but glad no one was hurt. I was in a similar situation a short time ago where my Lexus was rear ended by an idiot who was doing everything else but hitting his brake at a stop light. My family was also in the car, and were also safe by the grace of God. Car was totalled by the insurance company, because the damages (8-10K) exceeded the book value of the car. I talked to the body shop guy and he said that they could get the car looking better than before, but honestly -echoing charmz's sentiments- I would not want to drive that car again... Apparently, also (and this can probably differ by insurance company)there is a finite time for guarantee on the repairs, and if some follow up issue manifests itself beyond that period -that was caused by the accident- you would probably be responsible for the out of pocket costs yourself.
As far as the other insurance offering you compensation for the depreciation in value, just make sure that it's part of the subrogation package -for damages to the car only- and not also fulfilling a pain and suffering claim that you have to sign off on.
Also, if you just had the accident, take your family to your physician, get a clean bill of health for them, and have this billed to your insurance (you'll get a claim number assigned to the accident). Soft tissue damage takes about 7 to 10 days sometimes, before you experience any pain. For any pain and suffering, loss of wages from work (this includes holiday time, comp time etc, not just sick time), diminished capacity, you are entitled to a dollar figure within reason as compensation. The insurance will not mention it.... you have to bring it up, and provide all the necessary documentation to substantiate your claim as part of a 'demand' package, which will then involve negotiating a settlement with the insurance company. There's a distinction to be made here... This is not arbitrarily trying to "milk" the insurance company, it a compensation for everything else you and your family had to deal with, in addition to the damage to your car. You decide a fair value for that....
In addition, do not sign a parent/guardian release for your son, unless the following 2 conditions are met:
-You are absolutely sure he has no injuries at this time, and there is no chance of a likelihood of pain resulting from this in the future (until he is 18, at least). You have to make this determination with the help of his doctor, and it's not an easy one.
-You are financially compensated for signing the above release form.

Sorry to be so long winded, but back to your original question, -and this is just what I would do, so my opinion and a buck could probably get you no more than a cup of coffee- since they will not total the car, I would get it repaired, do a private sale with full disclosure to a potential buyer and take the hit on the front end with resale value (trade in probably won't get you close to what you're looking for), using the other insurance's check to offset that (keeping in mind what I mentioned), and using whatever you can get for pain and suffering in addition, to purchase another clean, clear, preinspected vehicle that you can drive with peace of mind. If you do get something worthwhile for pain and suffering, you can either -like I said- use it to help with the newer car's purchase or -hint, hint- throw it into a 529 for your son.