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Originally Posted by Efthreeoh
The amount of the check the insurance company pays your parents is "settlement of the insurance claim". You said the insurance adjuster valued the Toyota at slightly higher than KBB private sale value, so if your parents decide to settle the claim at full value, they will get that (KBB+) price for the car. Your parents sign the title of the vehicle over to the insurance company and the company comes to pick up the vehicle.
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Yah I believe that is what $X is. And to clarify, it was on the higher range of the KBB private sale but not over. I also want to confirm that the $X shown was after the deductibles and whatever fees have already been accounted for.
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I'm not sure what "owners retain" is. Buyback is the generally used term for when the insured settles for a lesser amount and retains the vehicle and has it repaired out of pocket. Assuming "owners retention" is the difference between the full claim settlement and what lesser amount your parents receive from the insurance company and they keep the Toyota, that delta is the buyback amount.
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Yah I'm not sure about this part either. The way I read it, is that they issue the $Y amount (which is a few grand less than $X), the insurance coverages are dropped, and we retain the car and figure out the repairs on our own.
I admittedly know absolutely nothing about insurances and the mechanics/nuances of coverages & deductibles so we need to do a bit more digging around.
All that said, we all know what the smart thing to do is when we remove the emotional factor.