How was the process carried-out? (I posted this in off topic, but it seems there are more people who've had similar experience about the subject here).

Here's my situation:

My '04 Z was declared a total lost from my insurance company (Mercury) about two weeks ago. Right now, I still owe my lender, so the car is not yet mine. Today, I received DMV documents from my insurance company to transfer the car's title to Mercury, and ducuments allowing them to pay off the car and have the pink slip sent to them. Basically, the car will belong to Mercury once all papers are signed.

Here's my concern:

I haven't received any offer of settlement for my car from Mercury, so I don't want to sign any title transfer papers to them, without knowing how much I'd would get compensated. It would make sense to me if they had offered:

1) the lost of my car based on whatever its value. And after that, 2) the amount if I chose to give my car to them.

The reason is, I might want to keep my car (after the reimbursement) and just sell it myself, if the insurance's offer for my car is not good.


So my questions:

What is the insurance process for a car whose owner still owe money on?

Should I payoff my car myself now to be the title holder, then deal with the company's offer for it?


What do you think is the best thing to do in this situation....

 

they should have told you what they would be willing to give you when they declared it a total loss. i am still waiting on my check to come. i had an 04 base with 63000 miles and they gave me 20500 after they took out my 250 dollar deductable

 

yeah, I though they should have given me a settlement amount before anything. I'll give them a call tomorow, doesn't seem right.

By the way, thats awesome that you got a great settlement for your Z....what insurance company do you have? That $ seems like the amount with you giving them the car too right?

So is this how your total lost process happed?

- Insurance offered you a settlement amount (pays your lien holder if you have one, then the rest goes to you)
- You agree
- They give you paper to transfer your Z's title to their name, and remove the car.
- Then they send you a check

 

I am surprised that Mercury has not given you a settlement amount. Call and ask.

Mercury will take position of the car. Its theirs.

 

^ thanks dav, yeah, I'll have to give them a ring tomorow.

I guess if I have the pink slip with me, then they'd give me the option to either keep the car and receive a smaller settlement amount OR let them take the car away and get paid in full for the car's cash value?

 

1. they came out and did an adjustment on the car
2. called and said it was total loss and they would give me x amount for them to take it and x amount to buy it back
3. i told them i needed x amount of time to remove aftermarket parts and replace with stock pieces.
4. i recieved the paper work for me to sign the car over to them and send them the title
5. they came and picked up the car
6. waiting on my check.... they picked the car up on thursday the 24th


i have statefarm

 

wow i want my Z stollen haha mines got 22,000 miles and i bought it for less than that.

 

thanks very much for the info ryan, that helps a lot in giving me an idea of what to expect. Best of luck with your 07 Z, that HR engine is a beauty and a beast.