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Vehicle Deemed total loss by Insurance Company, take the full payout or keep the vehicle

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2011 Toyota Sienna LE 230K Miles, Auto. No OBD Codes. 224K miles 2nd owner since 86K oil changes every 5K have performed all scheduled maintenance. Just put 4 brand new tires on it, new struts shocks, brakes, spark plugs fluid changes, etc. and all for not since getting rear ended. Insurance company deemed total loss due to Iowa law if damage over 50% of value. Can't even tell rear hatch bumped in a little but the seal under the bumper got dented in enough the rear liftgate does not meet the seals so it does get water intrusion. Est. 4500-5500 repairs to new condition. Guessing FMV somewhere around 6300-7300. Not sure if I let the insurance company take the van and receive the full payout or keep it less the salvage value. Not sure of the salvage value or insurance company offer yet. Based on damage there is no safety issue that would prevent it from getting titled with DMV with branded title (not concerned with reselling since we were keeping it until the wheels fall off, just need inspected by state officer). Just with the water intrusion (from carwash hasn't rained or snowed yet to see if I get any from that yet) thinking it will always leak if not fully repaired and for this reason should let it go. Just sad it doesn't look like much damage from the photos only a dent in bottom of liftgate and a crack in the bumper the damage was behind the bumper and the lower tub area where it seals up against the liftgate. Just sad to let go of a perfectly running vehicle otherwise. Anyone with body or insurance claims or salvage vehicle experience let me know your thoughts on what I should do. After I pay the small balance owed to the bank, I do not think I will be able to find anything in this condition for the money I have left.  

This topic was modified 2 years ago by Jknighter77
2 Answers
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Wait until you have all the information before making a decision.

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As @doc said, wait until you find out more. it may be that you can get it fixed for much cheaper, and even make some money off of it.

I know my friend got in a wreck and it was easily fixable front end damage, no frame or anything. She was able to fix it all, and came out ahead a few thousand. She plans to keep her sequoia forever anyway, so she doesn't care if it has a rebuilt title.

The tow truck guy sure wanted her to have it totaled, he said nobody would fix it, it was a too badly damaged. Likely he knew that if she totaled it and walked away, he could get it for nothing, fix it, and make a bunch off of it. Beware of jerks like that, get a few opinions from different places.

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