Actual Cash Value Quotes

[Rogue]

Starting this thread because I am curious what others have gotten quoted for actual cash value. My car was totaled this week (very likely, not officially), so I am curious for the 23' models. 22' models would be an interesting perspective as well. Current insurer is USAA.

I know there is at least one individual who got reimbursed for a brand new one. Kelly Blue Book is not pulling any useful information.

Attached photo of the damage to see if others have had as extensive damage as well. If not, what kind of damage totaled your car?

 

[hydbob]

@hmp10 and @Amster

 

[xponents]

@hmp10 and @Amster

Although @Rogue had considerably more damage than them. I think you will be reimbursed for full value(new) based on other's past experiences. It may be a long fight depending on your insurer(usaa) however.

 

[Amster]

Much less damage than that was enough to total it. The rear end looked similar, but the front corners looked more like the back. I'm with Safeco. They took a few weeks to come to that decision.
I did get reimbursed for a new car, thanks to a full replacement ad on in my insurance. It was a 2022. The crash was in February of 2023. They assessed the value at $126K, but gave me $138 + tax, around $151K.

 

[blueice89]

Much less damage than that was enough to total it. The rear end looked similar, but the front corners looked more like the back. I'm with Safeco. They took a few weeks to come to that decision.
I did get reimbursed for a new car, thanks to a full replacement ad on in my insurance. It was a 2022. The crash was in February of 2023. They assessed the value at $126K, but gave me $138 + tax, around $151K.

Just curious would they give lesss now since a brand new GT is like 10-20k cheaper ?

 

[Rogue]

Just curious would they give lesss now since a brand new GT is like 10-20k cheaper ?

That's with incentives. I don't know if they include incentives vs. actual price. Full price is still 154k I believe, 15k more than grandfather pricing.

 

[xponents]

That's with incentives. I don't know if they include incentives vs. actual price. Full price is still 154k I believe.

No, the GT's price has been lowered to around 124k. It does not include DDP and SSP however.
(not including 10k air credit for gt, but you'd have to order the inventory car before the end of this month which is unlikely)

 

[blueice89]

No, the GT's price has been lowered to around 124k. It does not include DDP and SSP however.

GT is lower I think
$117k

 

[xponents]

GT is lower I think
$117k
View attachment 16371

Yes, that is including both credits.(free ssp and ddp credit along with 10k off)

 

[Rogue]

GT is lower I think
$117k
View attachment 16371

Looks like prices are back at 139k fully loaded. Does this include credits? No idea. Maybe they rolled back the increased price with a price cut to the 139k followed by incentives for the 117k.

Now the question is also... What does insurance use? Do they include incentives? Not include incentives? Guess I will be the guinea pig.

20% bump as an insurance option will help either way.

 

[blueice89]

Looks like prices are back at 139k fully loaded. Does this include credits? No idea. Maybe they rolled back the increased price with a price cut to the 139k followed by incentives for the 117k.

Now the question is also... What does insurance use? Do they include incentives? Not include incentives? Guess I will be the guinea pig.

20% bump as an insurance option will help either way.

If insurance pays out more than retail close with incentives then you make bank

 

[Amster]

Insurance paid out the current price of the car. Not counting incentives.

 

[blueice89]

Maybe my car will get totaled accidently lol

 

[Amster]

Maybe my car will get totaled accidently lol

You have a weird sense of humor.

 

[Amster]

Starting this thread because I am curious what others have gotten quoted for actual cash value. My car was totaled this week (very likely, not officially), so I am curious for the 23' models. 22' models would be an interesting perspective as well. Current insurer is USAA.

I know there is at least one individual who got reimbursed for a brand new one. Kelly Blue Book is not pulling any useful information.

Attached photo of the damage to see if others have had as extensive damage as well. If not, what kind of damage totaled your car?

Now that I'm home, I could look up the details. The initial valuation was $123K, based on similar cars for sale and the zip code. The actual payout and second evaluation was $139,650 which was the current list price of a GT at the time.
I'm definitely curious how USAA works this out, since I'm currently looking at possibly changing insurance companies. If I didn't have the extra "new car replacement" on my policy, I would have been paid the $123K. And now that the new and used values have a much bigger difference, that becomes even more important.
This was my car. No damage at all to the glass, just all the corners.

 

[hmp10]

. . . what kind of damage totaled your car?

Insurance companies look at the cost to repair the car compared to the replacement cost of a similar car (age, mileage, features, etc.) minus salvage value of the damaged car and/or its components.

Many lay observers tend to assess extent of damage based on obvious sheet metal, glass, and wheel damage. But other components, such as deployed airbags, can cost significantly more to replace/repair than fairly extensive damage to the aforementioned things.

In the case of our wrecked Dream Edition, an initial body shop examination suggested the car might be repairable, although the deployment of all the airbags in the car brought the matter close to the tipping point from a cost perspective. What finally pushed the car into totaled status after deeper examination was the deformation of the "horseshoe", an aluminum yoke in the front end through which the axle passes. If the deformation of that yoke exceeds a very small limit (a matter of a few millimeters) the car is deemed unrepairable no matter how minor the other damage is.

 

[Rogue]

Now that I'm home, I could look up the details. The initial valuation was $123K, based on similar cars for sale and the zip code. The actual payout and second evaluation was $139,650 which was the current list price of a GT at the time.
I'm definitely curious how USAA works this out, since I'm currently looking at possibly changing insurance companies. If I didn't have the extra "new car replacement" on my policy, I would have been paid the $123K. And now that the new and used values have a much bigger difference, that becomes even more important.
This was my car. No damage at all to the glass, just all the corners.

This is a good ballpark. To break even with USAA, the car would have to be valued at 116k (16% depreciation) with the +20% bump. Incentives certainly help to reduce the cost of repurchase and provide wiggle room.

 

[borski]

Just curious would they give lesss now since a brand new GT is like 10-20k cheaper ?

It depends on your insurance. I have agreed value coverage, so they assess it at the beginning and then depreciate it over time - my DE, if totaled, gets paid out at something like 160k right now, no matter what a GT is going for.

But for actual cash value insurance policies, they base it off of comparable vehicle sales; since Lucid doesn't have very many, they'll likely just use MSRP possibly with some depreciation percentage, but it depends.

It's always relatively negotiable, and you can push back on the initial offers with some more data, etc.

 

[xponents]

Maybe my car will get totaled accidently lol

I would delete that, insurance companies are getting better at tracking us online and you never know.. kinda like an audit but for insurance!