I got rear-ended Dec 26th 2020. The other person’s insurance has been slow-moving I only got a rental car two days ago and finally got the estimate for the damages of my car today.
I had called my dealership to check if they could get the inspection of my car done while it’s there since my lease ends in March and they said they definitely could and that they had just finished the estimate of the car repair and it came down to about 15K which they were going to notify the insurance about.
A few hours later I got an email from the insurance company that said:
We will pay for the total loss of your vehicle:
$17570.00 Actual Cash Value (ACV)
$1669.15 tax at 9.5%
$67.00 Vehicle License Refund (VLF)
$19,306.15 Total amount payable, with XXX Insurance Company Retaining the salvage of the vehicle. First dollar does go to the lease company. We do need your lease company payoff department contact information along with your account number ASAP. So we can secure the final number and a Letter of Guarantee for payment.
You will need to secure your personal items form the vehicle and advise the shop you are releasing the vehicle to XXX Insurance, so we can move it to a storage free location.
We will only be able to provide the rental an additional 5 days.
The residual value of my car is currently $14,590 and next month is my last payment.
I’m confused because my dealership said the cost would be 15K but here I’m seeing 17K. I’m assuming “First dollar does go to the lease company” means the 17K would go to my leasing company. Would the $1669.15 and $67 go to me? Could I just purchase the broken (though not that broken) vehicle for $15K and keep the rest of the fundsc for a new car? Confused as to why my dealership didn’t mention it being totaled and seemed on board with moving forward with the repairs.
Also wondering should I negotiate for a higher amount with this insurance company? I was left without a car until 2 days ago and now they’re saying I can only have it for another 5 days. Wondering if I should negotiate a higher rate to cover the days I’ve been without a car and the days I will continue to be without a car (will probably have to get some Uber/Lyfts). Also, wondering if I should negotiate for them to pay for my car registration that is due.
Basically want to make sure I’m getting the best deal I can get. I will also need a new lease, hoping with the same dealership, so trying to make this all work in my favor.
Thanks in advance!