Wrecked 914 part 2: The insurance offer, Hold your nose |
|
Porsche, and the Porsche crest are registered trademarks of Dr. Ing. h.c. F. Porsche AG.
This site is not affiliated with Porsche in any way. Its only purpose is to provide an online forum for car enthusiasts. All other trademarks are property of their respective owners. |
|
Wrecked 914 part 2: The insurance offer, Hold your nose |
Dr Evil |
May 5 2008, 11:34 AM
Post
#1
|
Send me your transmission! Group: Members Posts: 23,002 Joined: 21-November 03 From: Loveland, OH 45140 Member No.: 1,372 Region Association: MidAtlantic Region |
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. |
Dr Evil |
May 5 2008, 05:13 PM
Post
#2
|
Send me your transmission! Group: Members Posts: 23,002 Joined: 21-November 03 From: Loveland, OH 45140 Member No.: 1,372 Region Association: MidAtlantic Region |
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? |
Lo-Fi Version | Time is now: 10th June 2024 - 12:58 PM |
All rights reserved 914World.com © since 2002 |
914World.com is the fastest growing online 914 community! We have it all, classifieds, events, forums, vendors, parts, autocross, racing, technical articles, events calendar, newsletter, restoration, gallery, archives, history and more for your Porsche 914 ... |