Wrecked 914 part 2: The insurance offer, Hold your nose Options

[Dr Evil]

I just got a call from my insurance company. For a 73 914 with an estimated 144,000mi, bucket seats, targa top, power steering, power breaks (IMG:style_emoticons/default/av-943.gif)

$4770 with $500 taken away if I keep it for salvage (IMG:style_emoticons/default/dry.gif)

(IMG:style_emoticons/default/WTF.gif)

I am not accepting this.....time to check my options.

[Allan]

Tell them they are either missing a 1 from the front of the numbers or a zero on the end.

See which one they prefer.

Look like it's time to do a little research.

[Joe Bob]

Blow me......

Did ya tell them it was a 914/6?

Get a free eval from PCA.

Start downloading ads from evilBay, I also heard Rick Ollah had some help from various sources.....

[brer]

(IMG:style_emoticons/default/av-943.gif)

[dr914@autoatlanta.com]

not in a million years.

[Jeffs9146]

This happened to me in 1984 when I wrecked my first 6! I had to show documentation of what it would cost to build it bact to the condition mine was "excelent like new condition" I was able to show that with the flairs and 6 and everything it would cost approx:$12,500. Keep in mind this is in 1984! They gave me $12,000 and the car for $500!

[rick 918-S]

For All my friends. This is not professional advice just one friend making a suggestion to another. Never meet with an insurance appraiser without having done your homework first! You do not want to have to enter into a negociation from an offer like this. Nicely ask your appraiser to take a copy of your research. Some will refuse.

EDIT: I will add more info here. I'm working, getting calls and jumping back and forth from my software to the net.

First thing: You will aways need to give a statement. Do not volenteer info. Only answer what is asked of you and be brief but factual.

Second: only give this to your carrier unless they advise you otherwise. Anyone else contacts you, refer them to your carrier.

Next: Be prepared. Next after that, be prepared. Some appraisers will call and advise you they are going out to inspect your car. Most prefer to just inspect it without you there. Don't let this happen!

Then: Be prepared! do research before your meeting. Get copies of at least 3 comparable vehicles in writting! Ask the appriaser to take copies with him. Some will not want them, make them take them if you have to sneak them in his car.

I don't know how many times I've had someone tell me on the phone; "there's no effin way I'm settling for that! My effin car is worth way more that that" Then when I instruct them on what it will take to change my figures they cant' produce info showing more value.

I'm going to let you guys in on something. Most auto appraisers have no clue about cars period! I worked with a whole dept. of college educated pencil pushers that wouldn't know the difference between a Sunbeam Imp, Renault Gordini and a Ford Escort. Can you imagine asking what kind of projects they were working on and having every one of those guys look at me like...Huh?
They were trained to write an estimate in a one week class, and rely on data they can get off the internet. Granted, they can't tell if the vehicle they have sourced is actually the same as yours but hey, if it came up on the search we'll go with it!

And finally, be prepared! Don't give the appraiser a bullshit letter from some bull shit dealer saying they think your car is worth $XXXXX.XX because they know so much. Get the letter but have them refer to actual cars they have, either the value of these cars or the price they are currently FOR SALE for.

BTW: I no longer work as an auto damage appraiser.

Auto Damage Appraisers will not intensionally give you a low ball offer. It happens to be against the law. However they will not put a lot of time in doing research if they get a couple quick and dirty hits during a search. These guys are required in many cases to present an offer to settle within 24 hours. That's why I express the importance of doing your own research.

[Spoke]

^^^^ I Agree!!

make a list of all your expenditures and gather info from other cars. I gave my insurance guy 3 want ads for an ok, very good, and concourse 914. The lowest was about $4500, the middle $9000, and the concourse was about $17000. My expenditures list came out to about $7500 and the insurance co. offered $7800 for my 71 1.7L 4-lugger 914.

Keep working with these guys to get what you want.

[r_towle]

Evil, Contact Dr 914...he has a repuation, he can be checked by insurance, and he should be able to help access your car.

Rich

[blitZ]

Not too surprising. Most insurance companies will give you a low ball offer initially, hoping you will bite. Now, it's time to haggle. Stay solid and get what you want.

[GWN7]

Nov 2007 Excellence values:

914 2.0 1973

so-so $9,835
Good $11,184
Excellent: $14,970

Nice, they set the salvage value at $500

My 72 Westie was in a accident and my insurance company decided it was a writeoff. (Total parts to fix it were under $200) They offered me what I had payed for it, less my deductable and the salvage value. I had to hire a independent appraiser (cost $550) as they refused to use the figures I supplied (ebay and Samba averages to like year and model). Ended up they payed me 4X there initial offer and then they tryed to raise the salvage value to recoup some of the settlement. The final settlement was within $300 of what I told them it was worth.

Thank them for offering to pay for the wheels & tires and ask them the procedure for disputing the settlement. Start asking around for the names of independent appraisers in your area. Local car clubs are a good source.

[ConeDodger]

In 2001 I was hit in the right rear by an idiot trying to pass between the lanes on the 580 in Fairfield. He spun me and then tagged the right front on his way by. I spun around probably 4 times before coming to a stop next to the Armco on the inside shoulder. That 240Z was perfect. The engine had not had its first oil change. The car was covered from front to rear with road rash from the rocks that came up as I spun. The impact damage was minor. I drove it home...

I had to get the insurance information from CHP a month after the fact as he was arrested at the scene. Seems he was a little lit up on Friday after work. I called California AAA and asked when I was going to hear from them and they were shocked to find that their insured had been in "another" accident the same day as the last one. Seems he didn't mention either me or the woman he punted through the fence and into the field on the outside of the highway. That woman was cut out of her Camry and airlifted to UCDavis in Sacramento. I guess he told them he spun and hit the gaurdrail. His POS Firebird had already been repaired!

After all of the apologies for the behaviour of their insured and the assurances he was cancelled and would be prosecuted for fraud they dug in...
They offered me $2000 and I could keep the car for $700. Ahhh no. I had an appraisal done just 3 months before the accident and they had placed the value at $14000.00. Well, AAA said, we will have to look into this. They sent an independent appraiser who placed the value at $15000.00. Well, now they were willing to settle for the $14000.00! Ummm no, I said. I will take the $15000.00 from the more recent appraisal and keep the car. They knew they were screwed so they settled.

I am pretty sure that I got another $15000.00 from selling the parts. I know I got $5000.00 for the engine alone and a guy even drove down from Oregon to get it.

They want to settle. The are in fact under pressure at my own insurance company to settle within a fairly short period.

Be reasonable in your manner but steadfast in your intention to get what your car is worth. You are a good deal smarter than the insurance adjuster. As Rick said, most of them are pretty clueless.

PCA Valuation, Excellence November issues, Statements from owners of similar cars.

Glad you weren't hurt... Behave out there Mike. It sounds like black ice to me...

[dw914er]

yea, that offer is way to low. Update us on the haggling.

[Gint]

I haven't read the post yet Mike. I just saw the title of the thread. Let me guess... $5k? I'll go read your post now.

Edit: (IMG:style_emoticons/default/av-943.gif)(IMG:style_emoticons/default/av-943.gif)(IMG:style_emoticons/default/av-943.gif)

I was only $230 off!

I have to go read Rick's post.

Sorry Mike. Give 'em hell!

This post has been edited by Gint: May 5 2008, 04:44 PM

[Dr Evil]

OK, I am home now and can elaborate on what happened.

Their adjuster has already gone to the car and "assessed" it. I was unable to be there and it sounds as if it wouldnt have mattered any how. My company consults an appraisal company to look at the wrecks and that appraiser reports back. Then one of them enters the year, make and model plus mileage and extra "factory" features (more on this later) into a computer that searches the local area for "similar" vehicles to generate a value. My car has no equal around here, but they are having a problem seeing this.
When they called me and started saying "power steering and power brakes" I was like, "whoa, I see a major problem in your valuation algorhythm." I tried to explain that my car was not your ordinary 914 and the lady said that any thing I did to it that is 3 years old or more is not considered towards the value and that the car will only be valued against similar stock models for that year (I am still trying to figure this one out).
I asked a hypothetical question about "what if the car had a $1M engine in it" and the lady got all snippy and said that I should have it insured with classic car auto insurance. I told her that my car is worth about $35K since that is what I was offered for it (just a working figure) and she again got pissy and mentioned the classic ins. I answered her back saying that $35k is the price for a nice new honda and you wouldnt put classic insurance on that. The car is not worth a mint, but it is damn sure worth more than $4.7k.

Soooo, I told her that I have a licensed appraiser on retainer already and that he would be willing to talk with their appraiser to help come to a more reasonable settlement. She said that their regional appraiser would contact my appraiser and I gave her the info. then I asked for the contact info for their guy and she got all weird and said that she would have to email her guy and see how this was to go down. I was pretty put off by this, but I am in NO hurry so they are gonna hate me as I am not gonna be mean or rude, just tenacious and patient. I will contact George and see what he has to offer as well as my buddy who just sold a stock /4 1976 for $20k that is headed to Barret-Jackson.

The only concern that I have is that they will say my car was insured as a /4 and that it is not going to be covered with the /6 engine. Even if, as a /4 that car was still easily worth $15k on this coast being that it was good paint, no rust and lots of upgrades.

If the adjuster and appraiser can not reach an agreement I have to go to an umpire for which I have to pay 50%. The umpire will hear both sides and his decision is final. The lady told me that the umpire generally settles lower then their initial offer (to scare me off I am sure). I told her that no one in their right mind would offer the original amount and no one with any knowledge of these cars would then lower it.

Input?

[rick 918-S]

I haven't read the post yet Mike. I just saw the title of the thread. Let me guess... $5k? I'll go read your post now.

Edit: (IMG:style_emoticons/default/av-943.gif)(IMG:style_emoticons/default/av-943.gif)(IMG:style_emoticons/default/av-943.gif)

I was only $230 off!

I have to go read Rick's post.

Sorry Mike. Give 'em hell!

We should have a "So you crashed your car, now what?" Thread. Maybe in the Classic threads or something.

[BKLA]

Mike -

If it would help, I just sold my 6 conversion. I have a bill of sale plus a sh*tload of photos to give your appraiser for a "similar" car. Just email if you need the info.

[sixnotfour]

We should have a "So you crashed your car, now what?" Thread. Maybe in the Classic threads or something.

Or Be sure your insured for what you think its worth.

Good Luck Mike.

[Joe Bob]

Well then....we now go to the agreed/replacement value which has different definitions in each state.

There's a REASON Insurance companies are rich.....

I have an agent who's my brother in law....I tell him every upgrade I have and to make sure that it's covered....in writing....prior to me stuffing it.

But that's 20/20 hindsight and you don't need to hear that.....

[Dr Evil]

We should have a "So you crashed your car, now what?" Thread. Maybe in the Classic threads or something.

Or Be sure your insured for what you think its worth.

Good Luck Mike.

I am not expecting anything close to $35K, but fair and reasonable would be great. Classic car insurance has restrictions, often. I have no interest in that. You can not get a rust free car out here for $4.7k.