Does anybody know the price for a 1973 914 - 4 in, EXCELLENT CONDITION?? Options

[Howard]

After being in the car insurance business in CA for 40 years, some of these comments really crack me up (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)

Forget 'blue book' or any other similar publications, or what happened to your buddy's next door neighbor 10 years ago. The terminology on comprehensive and collision coverage is 'actual cash value'. Look at your policy; ACV less xxx deductible. So what the adjustor will look for is an item of LIKE KIND AND QUALITY to determine your car's value. If the damage to your car exceeds 50% of that amount, most companies will try to total the car.

Not because they're evil, it's just that once the shop gets into the guts of it, more damage may be found, and they don't want to write an open ticket or try to fix a car that will never be quite right. And for the value of a typical 914, they just want to make you happy and go away. This gives them more time to settle to $100k+ losses.

I am not an adjustor, appraiser, or body guy, but I look at enough of these to tell you that we have about $3500 worth of damage (SoCal prices) and a car with an ACV of $7 to $9K. They're gonna fix it.

Some disclaimers, of course. You should let your company or agent know that this is a special car before problems arise. Each state is a bit different, and if you're insured with WildLife Mutual out of the Cayman Islands, you may experience difficulties (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)

The main thing is to be able to show what your car is worth. A formal appraisal, similar cars on eBay or Collector Car Trader are the ticket.

[LvSteveH]

Great insight Howard, I do have one question though. As a matter of habit, I've always covered minor incidents out of pocket, say under $2000 to keep my insurance premiums low, is there any merit to that? Especially when you figure that you would have had to pay the deductible ranging anywhere from $500 to $1000.

At what point does that balance out? It seems like it may simply be a case of pay now or pay later... Thanks

Oh, and I think your repair guesstiment seems about right for a quality high end shop, although I can easily see them hitting the ACV of the car at more like $5000 due to the rust on the hood and preexisting need for paint work.

[redshift]

heh WildLife Mutual.


M

[Howard]

QUOTE (LvSteveH @ May 22 2005, 10:31 PM)

Great insight Howard, I do have one question though. As a matter of habit, I've always covered minor incidents out of pocket, say under $2000 to keep my insurance premiums low, is there any merit to that? Especially when you figure that you would have had to pay the deductible ranging anywhere from $500 to $1000. At what point does that balance out? It seems like it may simply be a case of pay now or pay later... Thanks Oh, and I think your repair guesstiment seems about right for a quality high end shop, although I can easily see them hitting the ACV of the car at more like $5000 due to the rust on the hood and preexisting need for paint work.

Steve, you get the idea. (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif) Never insure an item (or put in a claim on your own policy) for less than your monthly income. It will just beat you to death.

Based on Kenny's statement of the car being in really good shape, and figuring the rust was just under the bra (don't use those things, guys!) not knowing if it's a 2.0, overestimating the damage, yada, I'll still bet it's no total.

My claim was a bit different since it was covered by the other party's liability insurance. He came down the wrong side of the parking lot and couldn't stop. So I could always threaten them that if they didn't fix my car just right, my neck was going to start to hurt (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)

But going back to what I said Kenny, just give the adjuster a easy way out to pay what you want by providing documentation of value. He could care less about a $5k claim as long as he can justify the payment to his manager.

[Porsche Rescue]

Howard, your explanation caused me to better remember my experience with my company (USAA). When I call to insure an old Porsche the agent cautions me that they will only pay "actual cash value" implying that I will not be fully protected. I assumed that they decided ACV by their own "book". Last time she also asked the new cost of the car, which seems to be a set-up for the day when I tell them the current value is about the same as the 1974 sticker price. Are they just trying to avoid insuring the car? If so, why? I would think any premium is good premium to them. They steer me to American Collectors (Am.Bankers of FL) for an agreed value policy. Premium is less but I have to accept the condtions.

[mudfoot76]

(Sorry to wander a little OT)

USAA seems to have some funny reservations about insuring "weird" cars. I got the same lecture about 'what was the original sticker of the car?' and my reply being that the car was a 1973, I had only a vague idea of what it cost. When I tried to talk to them about the disparity between what the original sticker was, and how much I actually paid (not to mention what it is actually worth considering the overall condition, mods, and it being rust free in Indiana), my rep pretty much shut down and said that none of that mattered in terms of them covering the car. My 914 might as well have been a 1989 Chevy Cavilier for all they cared (IMG:http://www.914world.com/bbs2/html/emoticons/dry.gif) (lesson here -- go with a company that specializes in collector cars)

They also were very funky with me when I was looking into buying a motorcycle.

We now return you to regularly scheduled programming...

[MecGen]

IMHO

I do not want to affend anyone, especially people in the insurance industry. I can only give you my opinion, of my experiences, in my area...10 years of dealing with Auto Insurance.

Do all the research, cut and paste Ebay auctions, ads in these forums and others....build your case, arm yourself.
Insurance Comp and Ajusters, private or not, ARE NOT THERE TO HELP YOU !!! They are there for the people that sign thier check, I know it all deppend on the people involved, but take no chances. They will offer you shit, refuse the first offer, don't sign the check till you talk personally to the Body shop, in detail about the estimate. You cash that check and you are fucked. As of last year I refuse all insurance jobs strait out, one leaving my garage tomorrow, because of the politics above and beyond the scope of a simple repair. Bitter - maybe. My last accident , 30 min after I was on the phone to my Atty, Funny, everything went smoothly (IMG:http://www.914world.com/bbs2/html/emoticons/cool_shades.gif) and we can't sue here, it was for my protection of MY rights.

If my 914 was hit like that, in my home town, I would accept $$$ plus the car, with no declaration of "total loss", like this you can fix it to your liking, even if you have to spend $.

Good Luck and glad to see you are ok, that is the most important part (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif)

Later
Joe

(IMG:http://www.914world.com/bbs2/html/emoticons/beerchug.gif)