Hiro

I'm not sure what to do so any help or advice with this situation would be definately appreciated. Basically I totaled my 8. I'm actually lucky to be here typing this message. So rather than go into details I'll get to the point...what could I expect to see as far as coverage. I have full coverage with USAA with a $500 deductible. I purchased the vehicle the beginning of dec 03 and currently have 20000 miles on it. Before the accident it was in excellent condition. Its black with the red/black leather gt package. I have both rear and front rotary accents, tinted windows and the mazda chome wheels. If I paid full price including 6% tax it would have come out to right around $37000. I did pay less of course but with the msrp price, tax, doc fees, a few extras and, $3000 for the chrome wheels (which at this time cost that much) would be the price for this car.

What I'm worried about is my insurance company not caculating everything correctly. I currently owe $19500 on the car and I'm wondering if the know this...will the tend to lean towards a smaller settlement amount. I've had all my regular services documented and the accident was due to bad weather. No one else was involved in the accident which I thank god for....this is the first accident I've been involved in and up until now, had a clean driving record.

The agent already checked out the vehicle and I'm currently awaiting the settlement decision. Is the anything I should tell my insurance company? I think they have everything but with the 8 being fairly new maybe they don't have much info on it. How much should would be a realistic amount I might expect?

Tayninh

I gather bluebook value. Around $24,000 or so. At lease I hope so for you. Did you get Gap Insurance with the loan? Sounds like what you owe is less than what they will give you for it. Take the check and get another 04 on the lot new or a used one. You should get a good deal I think since the dealers would like to get the 04s off their lot. Man sorry this happend to you and certainly glad you are ok. Did the air bags deploy as designed? Are you sure its totalled? Pics?

Hiro

yes the airbags did deploy as intended as far as I know. I not sure about air bags from the front but the side ones did. My guess is that because of the safety features of the car and an angel watching over me I'm still here today. I will post some pics as soon as I get some developed. Damn, I loved my 8.

clyde

It depends on what "full coverage" actually means. That term can be different from policy to policy even within a single company. Depending on your policy, it may mean that they will give you what it would cost to replace the car in similar condition and mileage. It may only mean what the trade in value would be. If you had fewer miles, it could also mean that they would give you whatever you paid for it. (For instance, my policy calls for full purchase price reimbursement if the vehicle is a total loss, less my deductible, in the first 12 months or 15,000 miles of ownership.) You may or may not get much back on the wheels, depending on whether you told them about the wheels before the crash. If there is a lien on the car, they will probably pay the lienholder directly for whatever you owe and give you the balance. If you owe more than the insurance payment, you'll be responsible for the outstanding balance.

USAA has a pretty good reputation for paying quickly and fairly, but they are still an insurance company. Be prepared to hear an initial offer that is lower than you would like, though.

Good luck!

jisoo26

Just wanted to give my condolences to your poor RX-8 and to say you're one lucky bastard from the sound of your accident. I hope the insurance stuff works out for you!

rotten42

I trhink this is the first post where the RX8 wreaked wasn't silver.


Glad your OK.

Hiro

From what USAA told me...they said that I would get Fair Market Value. I'm not sure what that means but, I'm guessing that taxes, titleling and doc fees, are pretty much out as far as they are concerned. Oh ya, and destination charge as well. So that drops it a few thousand off the top. The do they go off of invoice or the msrp price.
So, if I can expect their initial offer being lower than I like....do I have a choice to accept this offer?
Oh ya, I did not purchase gap insurance because it wasn't really necessary in my situation. I could be wrong but, from information I gathered and the credit union which holds the lien...when putting down a large downpayment such as say $10,000 gap insurance doesn't really cover anything since I won't be upside down on the loan. Please correct me if I'm wrong.

The part that really upsets me is that even if I wanted to...it would be very difficult for me to get another 8. I'm in the Air Force here in Germany and I hold the only RX-8 on the base. There are a few german spec ones running around but very rarely do you see one here. So, for us americans...its not something we can get unless we bring it from the states. The warranty is still honored but, Mazda germany can't get US spec 8's here. So, that made the car a bit exclusive.
I guess I can always go buy a BMW 325 or z4 because of the large discount they offer military stationed here in Germany. The 325ci is around 26,000 and the z4 is around 30,000 excluding taxes which I would be exempt being an oregon resident. So, I would look for another one but, I don't know I think Im a bit depressed and hopefully all this insurance stuff works out. I'll keep all of you informed. Thanks for all the quick responses and I really enjoyed visiting this forum even though I wasn't a frequent poster. I've owned an old mazda truck since 93 so being this was my first new vehicle and it was an RX-8, well you know, I've kinda grown attached to it.

Labop

Hiro, I've had a few claims with USAA (only minor, not totalled). They have always treated me fairly.

I'm taking it that your 8 is totalled (I can't imagine what you feel, it hurts me just to type that), which falls under comprehensive..., you have a $500 comp? Mine's $1000 with them. I do have the gap, didn't really need it, but USAA loans come with it automatically. From what I understand, they're going to reimburse the value of the car and accessories, plus anything that was ruined that you were transporting, but not tax and stuff.

From what I hear, if you're not happy with the estimate of replacement you can request another estimate. It will take longer, but if you're persistant it should happen. Wouldn't worry though, USAA is a great company, they really do support us troops.

Were you at fault, or is some one else? Glad you're physically OK. Good luck brother.

Phlash

glad to see you are okay. Any added parts you may be able to salvage? If so, drop them in the store....

Fireman

I am very sorry to hear about your 8 Glad to see you didn't get too seroiusly hurt!! I am looking to purchase one soon. It sounds like the car protected you well. I will look forward to viewing the pictures you post. I hope you get treated fairly by the incsurance company. Keep us up to date.

Cheeze

I totalled my previous car in a similar circumstance (no injuries, just my car). I had state farm insurnace. They gave me a number based on similar vehicles for sale in the area. They found vehicles with my options and engine type or made additions/deducts to my price based on the value of my options. They just took a bunch of adjusted vehicle prices and took the average. They then subtracted my deductable and the amount I owed on the car and cut me a check. Luckily I didn't owe much.

If I would have tried to go out and sell my car there would have been no way I coulda got what I was paid for my car before they took out for the deductable and amount I owed. I had a lot of minor boby work, the paint job needed some work, the interior was crap, my review mirror was held on by some epoxy. I actually made money by crashing my car.

Tayninh

I had a car totalled once. A Ford Feista!! no puns ok? Just made my last payment and this lady in her late 80s pulled out in front of me on a highway. The Allstate folks gave me the book value and with that check I could not even come close to a used car with the same options. I had to buy a used tank (79 Impala) a couple years older and I still owed some on it!!! I would say in Germany the RX-8s are around there somewhere but you might need the US emissions on it. I bet some dealer there can get you an RX if you inquired or take that great mil discount and get another sports car. Gap insurance covers you in the event your loan balance is higher than the car is worth and it makes up the difference. In your case the large downpayment erased the need for it. Good luck in your next vehicle (get another RX-8) and let us know what you decided!!! Glad you are ok.

zoom44

hiro you mentioned that your insurance is with USAA but is your loan through them also? what's the payoff amount for your loan?

Rob Tomlin

That's right, you are entitled to "Fair Market Value". Not a penny more not a penny less! (that was a bit of a joke, because the real question is what the Fair Market Value actually is)

You are not entitled to recover things such as taxes and destination charge etc.

I am assuming the accident was your fault?

Hiro

My loan is through my credit union in San Antonio. The payoff is 19,500.

At fault...I guess so. I don't know whom else it could be. Basically someone pulled out in front of me and I hit the brakes a bit harder than I should have. The road conditions were wet but, it wasn't barely if at all, raining. No one else was involved fortunately, just me and the siderail. So, I guess I'm at fault...not sure exactly.

Rob Tomlin

Where did this accident take place?

This is important because if you are in a "no fault" jurisdiction, it won't really matter whose fault it was.

zoom44

Are You Sure They Are Going To Total It And Not Fix It? How Fast Were You Going That A Guard Rail Caused As Much Damage As You Are Suggesting?

Rob Tomlin

Totally off topic, but every now and then I see a post like this one where every single word is capitalized.

I can only assume this is not intentional.

So, what's happening?

Tayninh

He's in Germany and a military guy so not sure how the insurance is taken care of over there with US citizens. I think he will get more than he owes by a few thousand. Not sure he had the DSC on or it had that option and he does have or had ABS. I guess we all need to be careful on wet roads with these cars then?

RotaryNoob

I thought the 8 had ABS... That would mean you can hit them as hard as you want right?

Icemastr

All insurance companies I have ever dealt with (which is quite a few) pay the fair market value of the vehicle based upon the options and mileage of the vehicle at the time of the accident. Depending on how good of an insurance company you are with it can vary between wholesale kelley blue book or retail kelley blue book. Generally most cases I have seen with customers their insurance companies or paid out wholesale blue book of the car, but I have heard of some higher end insurance companies paying retail book. About 90% of the auto loans I see today the purchaser of the vehicle will have an amount financed substantially higher than the value of the vehicle for a large percentage of the loan term. This is why almost all of the customers I contract for financing purchase GAP protection. The GAP I sell covers up to 10,000$ of the deficit for the entire loan term, pays up to $1000 on the deductible, and the customer can come back and receive $1000 towards their downpayment on a new vehicle with our car dealership if their vehicle is deemed a total loss. This is especially important in todays market where we have high interest auto loans, low monthly payments and longer terms (60months is my average loan term, 72 fairly common). I have heard of one insurance company offering this type of protection as an additional monthly payment along with their insurance premium, but the customer still has to pay their deductible.

zoom44

some sections of the forum have the ability to stop all caps posts. i am frequently caps locked because of a program here at work and forget to switch it when i post. this new feature disables the all caps to caps on first letter of each word or letter group. it does not work on all parts of the forum yet and i dont know why.

[/confusion]

if you get a loan through USAA you get free gap insurance included

Rob Tomlin

Thanks Zoom-

Very interesting!