My Tesla Cybertruck Got Totaled After It Was Sideswiped by an E-Scooter. All-in, I paid $198K, but Insurance is Only Offering Me a “Fair Market Value” of $77K. I Still Owe the Bank $171,500
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TL;DR: man does not understand how Insurance works; that vehicles are depreciating assets.
What kind of fucking idiot does not understand that a vehicle is a depreciating asset!?
Yeah, the minute you buy a vehicle for $200,000 and you drive it off the lot, it is now worth $135,000.
Furthermore, insurance does not give you back “what you paid” you get “replacement value”. So if you were stupid enough to pay $200,000 and it’s depreciated to $70,000, that’s what you get, because that’s what it cost to replace your stupid toy.
Why is this even an article
It was never even worth $200k they paid an extra $50k to get it earlier.
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I got hit in a parking lot by a little old lady cutting acrros the parking lot. They wanted to total my car and I told them no. They subtracted the salvage amount and cut me a check for the rest. A oem fender and some color matched paint cost less than 500. So this story is bullshit.
According to another comment:
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
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At least 2mph.
Probably.
to a cybertruck it might as well go 2mps, 2 miles per second.
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Cybertrucks are really, really bad for repairability. Consider the fact that on a normal car you can fix a dent by getting the panel most of the way back to the correct shape and then fairing it the rest of the way with Bondo before painting it. But with a Cybertruck, you’d have to metalwork the panel all the way back to perfect and then somehow figure out how to match the surface finish. It’s a lot more labor, if it’s even possible.
It could be that the insurance doubts that the vehicle can be completely restored to its pre-loss condition at any price.
i think insurances are either not covering it, or they double, triple the cost of preniums.
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This is why you also need gap insurance for anything but the cheapest cars. It exists to prevent this situation.
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Why is this even an article
Rage bait. It got you to interact with it
Rage bait? Read like a feel-good story to me.
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TL;DR: man does not understand how Insurance works; that vehicles are depreciating assets.
What kind of fucking idiot does not understand that a vehicle is a depreciating asset!?
Yeah, the minute you buy a vehicle for $200,000 and you drive it off the lot, it is now worth $135,000.
Furthermore, insurance does not give you back “what you paid” you get “replacement value”. So if you were stupid enough to pay $200,000 and it’s depreciated to $70,000, that’s what you get, because that’s what it cost to replace your stupid toy.
Why is this even an article
Why is this even an article
Because it’s designed to make us feel good at the cost of a fool’s misfortune.
Just like 50% of the “news” out there.
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Yes every month I don’t use it. The month I did use it I’ll be pretty happy won’t I.
You “won” the lotto, good for you?
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Probably hard to find any recycled parts because there are so few of them on the road, and buying a new part is probably expensive and timely. I’m sure Telsa isn’t allowing any LKQ production either. And even if you get a part, you have to go to a shop that can work on the car, which will be expensive because who’s going to want to work on a vehicle that rusts when you look at it? Even if it seems fine, once someone is in an accident, every single thing that happens next will be the accident. Rear ended six months ago? Yup, that’s why your tire blew, not the nail in it. So that person will keep coming back. The new piece is rusted, the new piece isn’t as straight, the new piece buckled. An insurance company will absolutely total a car not just because the repairs are over the costs, but if it seems like it’s always going to have issues, they’ll make a decision to total it as the cheaper option. They do that with rodent issues all the time. And during all this, depending on his coverage, he’s racking up rental. And rental always runs out.
He’s complaining about standard insurance practices. They don’t owe you the overpriced amount the dealership talked you into, they owe ACV/Actual Cash Value. The moment you leave the lot, it’s losing money. It doesn’t matter how great you took care of it, or if it’s like new. You don’t get the brand new, off the lot price, for a vehicle that’s no longer brand new, off the lot.
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I don’t know who is the biggest moron here the idiot buying a cybertruck or the idiotic banker approving a 200k loan for a cybertruck.
Either way… LMFAO
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This piece of shit costs $200k???
I read earlier on this page that they paid $50K to get it early. Doesn’t make it any less insane though.
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imagine spending 200k on a cybertruck and getting totaled by an escooter this guy is a fucking moron
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200k to blow on a car but doesn’t have 30 bucks a month for gap insurance
well he’s gonna be paying that off for the rest of his life now
good investment! -
According to another comment:
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
By a ebike no less. What a POS those things must be.
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So I saw something about this.
Apparently the Cybertruck is way more unibody than most cars, their “gigamold” technology or whatever where the truck is made out of a small number of unusually large parts means a bolt-on bolt-off repair on most cars is “the entire cab is bent, it’s done” on the DePlorean.
Zach at Jerry Rig Everything snapped the hitch and nearby frame off his cybertruck with an excavator (for science!), and Tesla repaired it for him and let him film the repair. They have a really impressive adhesive that lets them replace partial panels. (One neat engineering speck in the sea of Tesla awfulness.)
It might not be that the truck is truly unrepairable, but it’s a relatively expensive repair, and insurance weighed the immediate cost plus future liability (the repair will always be blamed for future problems even if it’s not really the culprit) and decided totaling was the best decision for their business model.
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Probably hard to find any recycled parts because there are so few of them on the road, and buying a new part is probably expensive and timely. I’m sure Telsa isn’t allowing any LKQ production either. And even if you get a part, you have to go to a shop that can work on the car, which will be expensive because who’s going to want to work on a vehicle that rusts when you look at it? Even if it seems fine, once someone is in an accident, every single thing that happens next will be the accident. Rear ended six months ago? Yup, that’s why your tire blew, not the nail in it. So that person will keep coming back. The new piece is rusted, the new piece isn’t as straight, the new piece buckled. An insurance company will absolutely total a car not just because the repairs are over the costs, but if it seems like it’s always going to have issues, they’ll make a decision to total it as the cheaper option. They do that with rodent issues all the time. And during all this, depending on his coverage, he’s racking up rental. And rental always runs out.
He’s complaining about standard insurance practices. They don’t owe you the overpriced amount the dealership talked you into, they owe ACV/Actual Cash Value. The moment you leave the lot, it’s losing money. It doesn’t matter how great you took care of it, or if it’s like new. You don’t get the brand new, off the lot price, for a vehicle that’s no longer brand new, off the lot.
I know you can for houses, but can you insure a vehicle for replacement cost?
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This is why you also need gap insurance for anything but the cheapest cars. It exists to prevent this situation.
Or you just don’t spend 200K on a cybertruck if you don’t have that kind of money. What is a cybertruck going to do for you that a 10K second hand truck can’t? Even if your second hand 10K truck burns down after a year, you can still buy a new one every year for 20 years for 200K.
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77k + 171k = 198k. This guy should not own anything.
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It is likely a fake story.
- The E-Scooter would have needed to hit that Cybertruck at like MACH 3 to do enough damage to warrant a total loss.
- He can refuse the total loss and demand they do repairs … yes, that is an option.
- The article is adding a $50k delivery fee to the value of the vehicle. This guy allegedly agreed to pay and finance Fifty Thousand Dollars to have a car delivered … everyone involved in doing this could be considered stupid.
- There is no way this guy is stupid enough to not have Gap coverage (unless he is MAGA, then I take it back).
In a case like this the guy would have insurance over a barrel. He could turn down the total loss and demand repairs for so many reasons; The total loss is financially ruinous He could claim an emotional impact is involved in losing the vehicle and it needs repaired.
If this story is true, no one is dumb enough (except MAGA) to just accept the total loss payout and not sue the insurance company.
