Stolen 914-6 GT insurance help Options

[rick 918-S]

If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim.

[MCShack]

Never had a claim on a GT, but have on a 914/4 many years ago. I know some things have changed, so keep us posted and let us know how this turns out, well we all hope of course, but there may be a BIG lesson for some us in here. Good Luck! Insurance Companies and Attorneys, are NOT two of my favorite things. (IMG:style_emoticons/default/mad.gif)

[windforfun]

Never had a claim on a GT, but have on a 914/4 many years ago. I know some things have changed, so keep us posted and let us know how this turns out, well we all hope of course, but there may be a BIG lesson for some us in here. Good Luck! Insurance Companies and Attorneys, are NOT two of my favorite things. (IMG:style_emoticons/default/mad.gif)

(IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/agree.gif)

I'm glad I didn't go to law school.

[infraredcalvin]

Thanks for the response guys.

The question though still remains unanswered, here it is again: How is "actual value" determined by an insurance company on a 50+ year old collector car?

Let me be clear I am not talking about "agreed value" such as is done with Hagerty.

Marv

When I got into my accident my insurance (not Hagerty) used the NADA guide to determine value, they asked me to submit accrued bills, detailed pictures and close comps to increase what they came up with. My car was fixable, but values were lower at the time and I wanted the car fixed vs totaled.

It was not easy, I had to fight for everything. Took 2-3 months of calls and e-mails almost every day to get them to write me an additional check of $3500 for parts/pieces not correctly replaced or installed by the shop.

[r_towle]

If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim.

This ^^^^

Put in the effort to show a large enough data set so the insurance company cannot argue.

Actual Value == sold within the past 6 months (I’m guessing)

This represents the true value in todays market to the average person reading the stated terms of the contract.

So, find 10 cars, sold, globally.
Produce the proof.
Be patient.

[mepstein]

If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim.

This ^^^^

Put in the effort to show a large enough data set so the insurance company cannot argue.

Actual Value == sold within the past 6 months (I’m guessing)

This represents the true value in todays market to the average person reading the stated terms of the contract.

So, find 10 cars, sold, globally.
Produce the proof.
Be patient.

Not an easy task. When I sold real estate, 98% of sales were listed in the mls. I’ve sold quite a few Porsches and none of those sales have been listed in easily available records.

[eric9144]

How is "actual value" determined by an insurance company on a 50+ year old collector car?

As others have said comps, which are going to be very few and far between...or perhaps you can leverage a letter from James Patrick stating reconstruction cost for your VIN as they had records on file for your car....??? Might be a bit of an ask as I know you did some work yourself and some there but then again always worth a try...

Man this sucks (IMG:style_emoticons/default/dry.gif)