Question about Carfax & Insurance - what would you do?

Fountainhead

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ray
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Yeah, but dealers will use it as an extra excuse to screw you even harder on your trade.
and screw you hard they will. Actually you'll be screwed by several different people. I'm always amazed when I'm there haggling with them the amount of people that walk in and smile and sign anything....
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Caestus

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Hi folks, I hit a turkey vulture the other day which resulted in very minor damage to my Type-R (headlight broken, and buff marks on the headlight trim).

I filed an insurance claim & have a $500 deductible. The repair estimate for all OEM parts is $1133.00

The bad news is that this will now show up on my Carfax.

Even if I cancel the claim and it shows $0, it will be on the CLUE\Carfax.

I'm kind of screwed each way & wish I had thought a bit more before contacting my insurance company.

Q: Would you cancel the claim & pay out of pocket knowing there will still be something on Carfax, or let it roll, and simply show potential buyers the repair that shows the limited damage?


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I would wager this is a comprehensive claim that will not show on your CarFax. I cannot say for certain though.


Edit:

I had a total loss on my last Type R. It was flooded (No fault of my own) I woke up and it was half way under water. This happened on December 23rd of last year. My rates DID go up, but only marginally, They increased 10 dollars per month. Despite them paying me 36k after taxes.
 

Fountainhead

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I have a dumb question, I've never had a payout on a car with a loan, will the insurance company pay me what the car is worth or will it simply pay the loan, screwing me out of the large down payment?
Out SUV was paid for and sandwiched in a multiple car rear end, and the insurance paid us actually a little more than than KBB, which was good, but as I said I've never had to claim any car not paid for.
 

willskiGT

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I have a dumb question, I've never had a payout on a car with a loan, will the insurance company pay me what the car is worth or will it simply pay the loan, screwing me out of the large down payment?
Out SUV was paid for and sandwiched in a multiple car rear end, and the insurance paid us actually a little more than than KBB, which was good, but as I said I've never had to claim any car not paid for.
It will pay you a heavily downward adjusted amount. There is a company called CCC that exists to provide these skewed valuations and screw customers/benefit insurers.

You will get something around the KBB value, likely below it.

If that amount is less than your loan amount, you either have to come out of pocket or have GAP insurance, which will pay any difference so you are not underwater.
 

BryanCO

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I have a dumb question, I've never had a payout on a car with a loan, will the insurance company pay me what the car is worth or will it simply pay the loan, screwing me out of the large down payment?
Out SUV was paid for and sandwiched in a multiple car rear end, and the insurance paid us actually a little more than than KBB, which was good, but as I said I've never had to claim any car not paid for.
Not a dumb question.

On a total loss, the insurance company will pay you the value/replacement cost (someone may correct me on the specific terms). Payment does to the lien holder first then any remaining goes to you (minus your deductible). Value isn’t dependent on whether there is a lien or not on the vehicle.
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