Auto Insurance question: Fix or sell?

Discussion in 'SF Lounge' started by AlbertaCowboy, Nov 26, 2012.

  1. AlbertaCowboy

    AlbertaCowboy Member

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    Hello,

    I have a 2007 Toyota Yaris. In August, there was considerable hail damage during the big storm. My window is cracked, and my hood, roof, and back have dozens of nickel-sized dents in it.

    We went to our insurance company, and they said they are giving us the option of fixing it, which they would pay $7000 for body work, or $9800 to write it off. It's more convenient to have it fixed, but I'm worried that I will not get as much, if I ever try and sell it.

    I am relatively new to Alberta, but what would you suggest I do in this situation? The Yaris engine runs great, and it has just under 150,000 km on it. Any advice would be greatly appreciated.
     
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  2. Madman

    Madman Administrator
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    Hey there, welcome to the site.

    My question would be, can you buy a similar Yaris for the same price as the write off value?
     
  3. iso_55

    iso_55 Member

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    I'd take the $9800. You have a lot of repairs to get done. Take the money & try to buy a similar car or put the $9800 towards a newer vehicle thereby lowering your payments substantially. Unless you still have bank or lease payments on the Yaris. Trying to fix that car with 7 grand worth of repairs doesn't make a lot of sense to me.
     
  4. AlbertaCowboy

    AlbertaCowboy Member

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    I agree. I'll take the $9800
     
  5. iso_55

    iso_55 Member

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    Let us know how things go.
     

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