Flood damaged 914, Ouch Options

[GeorgeRud]

A friend of mine just moved down to Baton Rouge, LA last month, and had his cars in storage as they were having a large garage built at their new home. Of course, they were involved in the flooding up to the top of the windows. Besides his 914 2.0 and his Porsche tractor, he last a Jaguar XKE, Jensen Healy, 67 Ford Mustand, and a 35 Ford Coupe. At least their home is on higher ground and didn't flood so they are OK!

Has anyone ever had any luck resurrecting a flood car? Since his was nice and straight, I wondered if it could be stripped to a bare chassis then rebuilt? Same ? about he Porsche tractor.

[GregAmy]

So let's think about this is purely economic terms. Let's say the car is a primo 2L and worth $15k, and is insured for $15k. Ins co pays out $14k after deductible, you're down $1k. Let's say you can buy it back for $1k, now you're down $2k.

How much work, time, money, parts, effort, repairs are you going to have to do to that thing to get it back to a $15k level? Can you completely strip and restore a 914 2L for $13k just to break even?

Maybe you're bored, maybe you look forward to doing that and it's a hobby, but how much in repairs and parts are you going to spend out of pocket? I mean you're talking major disassembly here, maybe even an engine overhaul, just to get it back to a level of what you could buy if you took that $14k and bought another one. And then you have a car on a salvage title.

I cannot even imagine the value of taking on such a project, unless it's just something you want to do.

Just jet it go. Put the VIN in the database with that photo and walk away from it. There's another one just like it around the corner.

[mepstein]

So let's think about this is purely economic terms. Let's say the car is a primo 2L and worth $15k, and is insured for $15k. Ins co pays out $14k after deductible, you're down $1k. Let's say you can buy it back for $1k, now you're down $2k.

How much work, time, money, parts, effort, repairs are you going to have to do to that thing to get it back to a $15k level? Can you completely strip and restore a 914 2L for $13k just to break even?

Maybe you're bored, maybe you look forward to doing that and it's a hobby, but how much in repairs and parts are you going to spend out of pocket? I mean you're talking major disassembly here, maybe even an engine overhaul, just to get it back to a level of what you could buy if you took that $14k and bought another one. And then you have a car on a salvage title.

I cannot even imagine the value of taking on such a project, unless it's just something you want to do.

Just jet it go. Put the VIN in the database with that photo and walk away from it. There's another one just like it around the corner.

Mr. insurance man, can I have $50K to restore my $20K car.
Well, that's how much it will cost if you hand it over to a shop for a restoration. Do the restoration yourself? Why shouldn't insurance pay for a complete repair? Did you pay for DIY insurance? Like I said, my vote is to take the money and use it to buy a comparable car to what you had.

[dakotaewing]

So let's think about this is purely economic terms. Let's say the car is a primo 2L and worth $15k, and is insured for $15k. Ins co pays out $14k after deductible, you're down $1k. Let's say you can buy it back for $1k, now you're down $2k.

How much work, time, money, parts, effort, repairs are you going to have to do to that thing to get it back to a $15k level? Can you completely strip and restore a 914 2L for $13k just to break even?

Maybe you're bored, maybe you look forward to doing that and it's a hobby, but how much in repairs and parts are you going to spend out of pocket? I mean you're talking major disassembly here, maybe even an engine overhaul, just to get it back to a level of what you could buy if you took that $14k and bought another one. And then you have a car on a salvage title.

I cannot even imagine the value of taking on such a project, unless it's just something you want to do.

Just jet it go. Put the VIN in the database with that photo and walk away from it. There's another one just like it around the corner.

Mr. insurance man, can I have $50K to restore my $20K car.
Well, that's how much it will cost if you hand it over to a shop for a restoration. Do the restoration yourself? Why shouldn't insurance pay for a complete repair? Did you pay for DIY insurance? Like I said, my vote is to take the money and use it to buy a comparable car to what you had.

You can have $50k minus your deductible if you have an agreed value policy for $50K. Otherwise, you would be lucky to get your $20K.
The point was, long term, you might be financially better off buying the car back for salvage value. That does not mean you are required to repair the car -