Total loss 22 MYP

[Tuccing]

Hello all,
Anyone had to go through a total loss situation with your Tesla? Was rear ended yesterday and Allstate said it’s a total loss. They will let me know this week what they value the car at. It’s a 22 MYP 17,000 miles. Ordered 11/21, picked up 2/22, and to buy the same car now is ~$7k more. Here’s a pic to show what a Ford Raptor will do at 45mph.

 

[ScottNY]

In NY, if you get rear ended, the other driver is automatically at fault as long as you didn’t cut them off. Yours looks like a straight-on hit, so I’d go through the other driver’s insurance. Happened to me, and I got paid enough to be a bit ahead of the game and replace my Model Y with a lower payment or shorter term. One downside is my finance charge is going from 2.49 to 4.7x since rates went up from Aug. ‘21. My new EDD is December.

 

[Tuccing]

In NY, if you get rear ended, the other driver is automatically at fault as long as you didn’t cut them off. Yours looks like a straight-on hit, so I’d go through the other driver’s insurance. Happened to me, and I got paid enough to be a bit ahead of the game and replace my Model Y with a lower payment or shorter term. One downside is my finance charge is going from 2.49 to 4.7x since rates went up from Aug. ‘21. My new EDD is December

In NY, if you get rear ended, the other driver is automatically at fault as long as you didn’t cut them off. Yours looks like a straight-on hit, so I’d go through the other driver’s insurance. Happened to me, and I got paid enough to be a bit ahead of the game and replace my Model Y with a lower payment or shorter term. One downside is my finance charge is going from 2.49 to 4.7x since rates went up from Aug. ‘21. My new EDD is December.

Here in NC same law applies. I was rear ended and other driver is at fault. I was more curious on how you ended up with the payout amount. Sounds like you came out ahead.

 

[nate704]

Used Tesla prices are tanking now. OP might not be that successful in terms of how much OP can get from the insurance.

 

[SpicyPaneer]

If you were rear ended , then you will get more from the other party’s insurance to replace your vehicle. Find a Good lawyer and they will take care of it.

 

[sleepydoc]

Ouch! Sorry this happened to you. As others have posted, the other driver’s insurance should pay 100%. The question is how they value your used car. Do some research and find comparable cars in your market so you can arm yourself with information if they try to lowball you. When our son totaled our car State Farm’s estimate was actually pretty accurate but the market’s been crazy the past year or so, so they may be off.

 

[Evpowerdan]

That's a frappin hard hit. Did the Ford Raptor driver not hit the brakes? Regardless, as long as you are ok (and any others in the Tesla at the time), the Tesla can be replaced. Wait time for a new one have come down significantly too. Not sure how insurance works - but I'd be pushing back big time to get replacement value if the accident was not your fault.

 

[RSpanner]

How is your neck?

 

[tesstuff]

Oh dear, hope you are okay.

 

[Bonelaw]

I handle personal injury cases. In my state you are able to recover actually cash value of the car including taxes and title fees for total losses. And any medical bills, pain and suffering, etc.

 

[Mateo83]

How are you feeling after the impact? Seems pretty severe.

 

[EXOTIC1]

Used Tesla prices are tanking now. OP might not be that successful in terms of how much OP can get from the insurance.

on some models but pricing is more now on used cars than it was 2 years ago

 

[Hiline]

Used Tesla prices are tanking now. OP might not be that successful in terms of how much OP can get from the insurance.

If you’re selling yes. If you’re looking to buy, prices are holding strong.

 

[CyberGus]

If you’re selling yes. If you’re looking to buy, prices are holding strong.

I don't understand your math lol

 

[Hiline]

I don't understand your math lol

Try selling a car on Carvana, and see what they quote you. Compare this against what Carvana is selling the same car for.

 

[sleepydoc]

I don't understand your math lol

My guess is the used car market is slowing along with higher interest rates so there’s actually a surplus of used Teslas waiting to be sold. The companies paid top dollar for these cars and are trying to break even but they don’t want to add any more to their inventory.

 

[thesmokingman]

Try selling a car on Carvana, and see what they quote you. Compare this against what Carvana is selling the same car for.

The point in there that you missed is that Carvana used to overpay when you sold a car to them, but now they've gone back to low balling as the market has come down to reality. When they are selling a car, they still have a crapton of overpriced cars they overpaid for so their pricing on sales will reflect that. They had close to new MYP's at near 80K two months back lmao. They still have some low mileage ones at 75K. A new one is 69K. Their pricing will not adjust as they bought high and have to sell high.

 

[Hiline]

The point in there that you missed is that Carvana used to overpay when you sold a car to them, but now they've gone back to low balling as the market has come down to reality. When they are selling a car, they still have a crapton of overpriced cars they overpaid for so their pricing on sales will reflect that. They had close to new MYP's at near 80K two months back lmao. They still have some low mileage ones at 75K. A new one is 69K. Their pricing will not adjust as they bought high and have to sell high.

The point is that when you talk to the insurance company about the cost of replacing the car, you can rely on the still high listed price on sites such as Carvana. So even though the market has turned, you can still take advantage of the artificially high prices listed.

 

[ScoobyDoo82]

Try selling a car on Carvana, and see what they quote you. Compare this against what Carvana is selling the same car for.

I just did. Carvana offered $16k more than what I paid for my ‘21 Model Y with over 30,000 miles. Stop spreading FUD.

 

[saj070]

I just did. Carvana offered $16k more than what I paid for my ‘21 Model Y with over 30,000 miles. Stop spreading FUD.

They can offer you what ever they want
Perfect example friend of mine received $67k offer new MYP 8k miles
He went in there they said sorry we can't offer this anymore new offer was $56k

Yes until you go in physical try to sell it they will always give you high offer