> By law, if repair estimates exceed 75% of the
> "fair" market value the car must be totaled.
What state are you in? This sounds wacky to me. Is this info that you got
from your insurance company?
David Oliner
I got that information from the insurance company along with the Kentucky
statute number. The agent cited the provisions in neighboring states, Ohio &
Indiana, which are 80%. He told me that most states have such provisions -
wacky as it sounds. Some companies use the Blue Book value but since that does
not reflect regional price variations many companies use the NADA Guides found
at
http://www3.nadaguides.com/SectionHome/ClassicCars.asp?UserID=54073F246B1BE&;
DID=37904&ColorId=&wSec=2&wPg=1184
I guess in theory if "they" determine the fair market value of my car is $3999
and the estimated cost of repairs is $3000 (which is close to the parts costs
by my estimates) they can total the car, offer me the money in exchange for
the title, which I can get back as a salvage title. Then I must go through
process of making my car roadworthy and all the crap that that entails. There
are other fairness issues as well.
Dale
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